by nedrah | Mar 25, 2022 | Auto Title Loans, Car Title Loans, Title Loans
Do you know- how car title loans started?
If you are new to it, then you are at the right place. Yes, in this blog, we will introduce you to the history of car title loans and how it all started.
Early 1990s was the time when title loans came into limelight and that opened a new market, where individuals with poor credit could seek loans. This specific feature of title loans grabbed eyeballs and since then it has grown increasingly popular.
According to studies by the Center for Responsible Lending and Consumer Federation of America, auto title loans have been one of the most popular forms of fundraising amongst people in the west.
Since these are unsecured loans, such as payday loans, they need collateral. For those who owned a vehicle, the car titles were the most reliable way to secure the loans. However, it came with a risk that the borrower could lose their vehicle if they can’t repay the loan. Irrespective of the circumstances, it invited high interest rates that always have APR in the triple digits. These huge sums of money are sometimes called “balloon payments”.
When it comes to the working then similar to a traditional auto title loan, it uses both the car title and the physical vehicle to secure the loan. And, it has the same risk and factors involved for the borrower but the best thing is that the borrowers get easy cash with quick approval.
by nedrah | Mar 21, 2022 | Auto Title Loans, Car Title Loans, Title Loans
Auto title loans allow you to put up your vehicle as collateral and take instant cash which could be up to 50 to 60% of the total value of your car. Such loans can be paid off in a single shot or can be paid in EMI’s which would attract an APR.
Title Loans in SC
Applying for auto title loans in SC is relatively easy and fast as well compared to other places. Title loans in SC can be applied through various companies such as 1st Capital Title Loans. If there is an urgent requirement for cash or if your debt is increasing, then it is recommended that you apply for title loans in SC via any reliable company.
When you are applying for auto title loans in SC, you need to have before you approach a lender or title loan provider:
- Vehicle
- Clear Vehicle Title
- Valid Government-issued ID card.
You can apply for auto title loans in SC via a variety of ways: using your motorcycle or car as collateral. The first step would be to find a reliable and trusted lending company. It is also important to compare offers from various companies. You can then apply for a loan online or In-store.
For In-store, applicants must have:
- Valid government identification such as passport.
- An active bank account statement from within past 60 days.
For online process, applicants must provide:
- Personal info including e-mail, SSN and valid ID
- An active bank account statement from within the past 60 days.
- Must be a resident of SC
Life is full of unexpected situations and sometimes we are not fully prepared to meet short term financial needs. It is best to choose auto title loans especially when you are not eligible for traditional loans.
by nedrah | Mar 17, 2022 | Car Title Loans, Title Loans
Before we get to Commercial truck Title Loans, let’s first try and de-mystify what a Title loan is and is not! A title loan is a type of short-term loan but with a very high rate of interest. This type of loan is most ideal for those who might not have a very high credit rating or salary figure yet are in need of money and want to sign-up for a loan.
A Commercial Truck Title loan is one in which your commercial truck or trailer will be used as collateral. It is an ideal option for truck drivers who spend most of their time on the road and have an independent style of living.
This kind of a loan gets sanctioned both on the ability of the buyer to payback and a lot more on the existing value of the commercial truck being used as collateral.
Few important points that must be understood about Commercial Truck title loans is as follows:
- A good or bad credit quotient is not a parameter basis which such a loan is granted.
- With a Commercial truck title loan, you get a much higher loan amount than any other vehicle title loan.
- If you meet the complete criterion, you may get a loan in less than 30 minutes. It’s that fast!
- Such loans however come at a very high cost and rate of interest.
- There is a very high-risk of loosing your truck if you continue to default on your payments.
A commercial truck title loan is an excellent option to procure a large sum of money to meet your financial obligations. You can get the Title loans without heavy documentation and paperwork as well as keep your vehicle during the payback period.
by nedrah | Mar 15, 2022 | Car Title Loans, Title Loans
Sometimes, we land up in a pressing emergency and require funds to support our short-term and long-term expenses. These funds may bee needed by us urgently however we might not have a strong credit quotient or salary figure to be eligible for such a loan.
A Commercial title loan or car title loan could be the answer to our problem and these loans are the best quick-fix solution to help us get out of a financial crisis.
A Car title loan is given on the basis of the value of your existing vehicle. Similarly, a commercial title loan is granted on the basis of the existing trailer OR truck that is in your possession. Both loans are rather simple to procure and require very little documentation and paperwork.
Commercial Title Loan Process
Even though this is a relatively simple and fast process, we need to understand the key steps involved in procuring a Commercial Title Loans or Car Title Loan:
- Firstly, it is important to know and confirm that the Commercial Vehicle Title is in your name as only then would you be eligible to even apply for a loan.
- Choose the lender and this could be your nearest bank or lender. A bank may seem to be the safer option but this could also mean that you face some delay and inefficiency, especially in the short run.
- Even though your vehicle may be worth a lot of money, it’s best to only take a loan amount that is exactly as per your requirements.
- Negotiate the best terms with the lender before signing the final contract which will include roll-over options and duration of loan amongst other things.
For more details related to Title Loans, visit now.
by nedrah | Mar 9, 2022 | Auto Title Loans, Title Loans
Auto title loans are tempting for those who need fast cash to meet their urgent requirements right from health expenditure or unexpected bills. However, you should be able to manage your expenses, debts, and cope with any emergency smartly.
When you act smart with your finances and the amount you get out of SC title loans, you can save yourself from the loop of debt that people usually claim in title loans. Well, you don’t need to worry much about them because those are the ones who can’t manage their finances properly and end up paying high debts.
If you have a vehicle, you could get fast cash through SC title loans because that would be kept as collateral against which you will raise funds from the agency that grants auto title loans. Make sure that your vehicle is in working condition because it is counted at the time of granting the loan. Also, you should have 100% ownership of the vehicle without any third party stake in it.
Money management is the most important aspect of title loans that nobody might have told you. If we dig deep into the rates of interest and the entire cycle of auto title loans, you have to be judicious while spending money. In clear terms, stop being a spendthrift and spend money according to your needs.
If you can’t control your expenses and repay the SC title loans, then you may lose your car because that car is the security against which you raise funds. We would recommend you to be cautious even if you are raising loans for domestic expenses. You have to be smart with the expenses.
