If you have an older model car and you thought that you would not qualify for a title loan, then think again! First, let’s look at the traditional method of applying for a title loan. A car title loan is simply using your car as collateral to receive a loan that you qualify for.
To borrow against your car, truck, or motorcycle, there must be some form of equity in it. The more equity in your car then the more you can borrow against it. Car lenders are looking at your car to make sure that they too can get something out of your car if you default on your loan.
In this scenario, borrowers can receive between 25% to 50% of the car’s value. Car title loans are different than other loans because they are considered a ‘secured loan.’ What this means is that the lender already has a collateral item which is your car.
Unsure of whether you qualify for a loan, title loan specialists can provide that information at a no-cost consultation. However, a majority of title loan companies will approve you for a loan if you qualify in the following categories:
To answer your question about the age of your car, it does not matter! Classic car owners can even receive a car title loan because vintage cars have more value due to their age and running condition. In South Carolina it doesn’t matter the make, model, or year of your vehicle to apply for a title loan either in person or online.
The only difference that would be applicable is how much your car is worth according to the Blue Book value, then that would reflect on how much your title loan would be. Yes, an older car would qualify you for a title loan, just keep your car in good working condition, concentrating on the engine.
In applying for a car title loan, what paperwork is involved in the process? Car loan lenders require certain documents that consists of the following:
With South Carolina’s competitive interest rates and low monthly payments, your title loan when approved can be used to pay off any expenses you have or if you use the loan to take a vacation, that is fine, just remember to keep up your payments.
Due to budget concerns, your title loan specialist will discuss the different repayment plans and options that are available which works for you. Even after you have been approved for your car title loan, you can get in your car and drive off.
Yes, your loan involves the car, but they do not abscond with your car, you can still use it every day like you normally do. Following paperwork approval, voila, you receive your loan within 24 hours.
Speaking of payments, did you know that your credit score is improved even with a car title loan. As long as you show a good faith effort to pay your bills on time, then your credit score is improved. Also, if you miss an occasional payment, your credit score is not affected.
A credit score is only affected if you default on your payments and your car is repossessed. When repossessed, then your loan is reported to the credit bureaus which can be on your credit report for many years.
When you need a loan to help make ends meet, you don’t need to wait for weeks before you are approved. Just contact Goose Creek Title Loan who can let you know if you are approved the same day. Their services are better than loans you get from a bank or credit union. Your car title is the only security that online title loans Goose Creek needs to approve you for an instant loan.