What Are Title Loans Lexington, SC?
Title loans are loans approved by merit of a vehicle that has been put up as collateral. Borrowers hand over the physical copies of the titles to their vehicles while retaining the vehicles themselves after receiving a cash loan. Then, once the loan has been fully repaid, the titles are returned to them.
During the repayment period, use of the vehicle is at the discretion of the borrower. Title loans in Lexington never require possession of the actual vehicle by the lender, even though it is a loan against your car.
Anyone with a vehicle may be eligible for a title loan, even if that vehicle has not been fully paid off. Whatever equity has been built into that vehicle can be borrowed against. Because of this, a credit check is unnecessary, making title loans a favorite for those who have a bad credit history.
Co-owners of a vehicle can apply for a title loan as well, so long as the other party is involved and offers signed consent.
How Do I Apply for a Title Loan?
Platinum Lending offers a website for its online title loans . At the top of the website, you will find a button that says ‘Apply.” Click on it to begin and have the year, make, model, and estimated mileage of your vehicle on hand.
Our computer will give you a free, instant quote on the loan amount you may be eligible for based on the estimated value of your vehicle. We can generally offer 30-50% of the value of your car, truck, or SUV.
If this amount is suitable for your needs, one of our representatives will contact you about scheduling an appointment for a car inspection at a Platinum Lending location.
On the day of the inspection, we will verify the information you have given to us online. Once your car has been approved, you will be able to drop off your registration that day and drive off with cash in hand.
That’s right! You maintain complete possession of your vehicle throughout the loan process.
What Are the Restriction on Title Loans?
- Title loans in South Carolina must not be under $600.
- You are eligible for up to six loan renewals, usually for a month each time.
- Repossession of a vehicle cannot happen unless a borrower is completely unable to make payments on his or her loan.
- Once a vehicle has been repossessed, it must be sold in a manner deemed commercially reasonable.
What Are the Benefits of Title Loans?
- Title loans do not require a credit check. If you have missed some payments in the past or even undergone a bankruptcy, it is nearly impossible to be approved for a loan through more traditional means. A title loan is an alternative path for financial emergencies.
- Title loans work more quickly. Because we have automated so much of the process, we are often able to get cash in our customers’ hands in under 24 hours. For financial emergencies, this can make a huge difference.
- Our repayment plans are fair. We are extremely upfront with how much you will owe and when you will have to pay it back. We have never had a problem with a customer being hit with a hidden fee or an extra payment he or she had not been informed of.
- You keep your vehicle, even though it is collateral. This makes living life much easier while you are repaying your loan.