Vero Lending – Car Title Loans office in Greenville
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Looking for the Best Car Title Loans in Summerville
Carolinians who are in bankruptcy or facing a foreclosure may find car title loans Summerville as a fast way to obtain needed cash. However, they need to understand exactly what is involved in a car title loan before seeking one.
The Principles of a Car Title Loan
A loan generally involves the borrower putting up some type of collateral. In this type of loan, the collateral is the vehicle on which the owner has completed his or her payments. The loan will be based on the value of the car, perhaps even the full amount. Car title loans are normally for amounts between $500 and $50,000.
These types of loans are usually completed with relative ease because the risk is minimal for the lender. This is because the vehicle being used as collateral is easily accessible to the lender for review and, if necessary, for repossession. The loan will allow you to continue to drive the vehicle and act as its owner, although you will have to give the lender a duplicate set of keys. If for some reason you are unable to repay the loan, expect to lose your own keys and the vehicle itself.
The Advantages of a Car Title Loan
Car title loans Greenville offer an advantage over other types of loans because they enable you to borrow money in a hurry. You in fact should have your cash within a day or two. Since the collateral is accessible and the risk is minimal for them, lenders are normally willing to make an offer to a would-be borrower. These types of loans are ideal for those with bad credit or those who have no credit history. This is because the person’s credit score in no way affects the value of the vehicle that is being used as collateral.Car title loans are considered short-time and are usually made for a period of no longer than a month. The interest rate on such a loan can be in the range of 20 to 25 percent, although this can be manageable if the amount is quickly repaid. Many individuals who have been unable to secure a bank loan have found success with 90-day loans. However, the interest rate will rise dramatically if the loan is extended over such a period of time.
Understanding the Risks of a Car Title Loan
Car title loans Summerville can be more beneficial to the borrower than other types of loans in the way that they provide cash almost immediately, usually only a day or two after they are sought. These loans are particularly helpful to those with bad credit or have no credit history. Since the collateral is obvious and its value easily determined, there is no need for the lender to check the credit score of the borrower.
Car title loans are usually made for no more than a month. Although the interest rate of such a loan will be relatively high, normally in the range of 20 to 25 percent, the cost will be manageable if it is repaid in a short period of time. Those who have been unable to acquire bank loans often turn to 90-day car title loans.
The Disadvantages of a Car Title Loan
In the event that you default on the loan, the lender will confiscate your vehicle and sell it in order to refund the amount that was borrowed. If the price of the vehicle turns out to be less than is owed, you will have to make up the difference. If it is more, however, the lender will keep the additional amount as profit.
Car title loans are often considered dangerously inviting by the way they can lure desperate individuals into accepting them. Decisions that are made in haste or in desperation can often have disastrous financial consequences. Additionally, the high interest rates involved can greatly increase the costs of such loans.
The Smart Approach to a Car Title Loan
Scores of companies offer car title loans Summerville, but you should conduct some research in order to determine which one will offer you the best deal. Lenders who are willing to offer you a loan without excessive red tape and with a reasonable interest rate should be highest on your list to be considered. It is wise to examine what is offered by several lenders and, in the process, look into the companies themselves.
Online applications are accepted by some companies. The lender will request from the borrower the make and model of the vehicle, its mileage and the vehicle identification number. There will also be a request for proof of insurance, which is necessary in case the vehicle is wrecked or damaged before the loan is repaid. In the event that the coverage is considered insufficient, the borrower may have to purchase additional coverage before the loan can be secured.
Predatory lending practices can easily engulf a person or family seeking financial assistance. You should always want in writing information that stipulates the exact nature of the agreement. Additionally, the lender should be able to quote you the interest rate that you will be charged. It may also be wise to look for other potential sources of loans. Car title loans can in some cases make one’s financial situation worse. Done properly, however, they can provide individuals or households with needed cash.