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Monday, 13-Aug-2012 09:29 Email | Share | | Bookmark
How To Get A Car Title Loan in Sumter, South Carolina

If you need money fast and you live in Sumter, one of the options you can take is a car title loan. Also known as auto title loans, car title loans let you borrow money in exchange for your car title as collateral. Take note that we said “car title” and not “car” – although the loan is secured by the title, you will still get to keep and drive your car while the loan is active.

There are a lot of vendors today that offer car title loans in Sumter, South Carolina. You can find these companies in the phone book or by browsing the web. You can even fill out a loan application online through these websites, and the company will go over your application and will inform you whether it is accepted and give you an offer.

Although it varies from one loan company to another, the common requirements to apply for a car title loan include ID with photo and date of birth (to determine if you are of legal age), a current phone or utility bill in your name, driver’s license, vehicle registration, proof of income (to show that you are capable of paying off the loan), and contact information for at least three references. Your car title must also be free from liens and any previous loans. The lender may also request that you purchase insurance if the current coverage of your vehicle is inadequate.

How much you will be able to avail from a car title loan in South Carolina depends largely on how much your car is worth in the market. Typically, you can get a maximum loan amount equal to 40% to 60% of the car’s total market value. Some vendors, however, may not accept cars with a total value of less than $1000 or are more than 10 years old.

Getting a car title loan in South Carolina is easy, but there are several things you should do if you want to get the best loan. First of all, you need to be disciplined when in terms of how much you will borrow from the loan. A lot of people get tempted to borrow more than what they originally planned to simply because the value of their car allows it, and they end up paying for more not only on the principal but also on the interest. It is also recommended that you shop around first and compare at least five loan offers before deciding, so that you can make a good choice. Finally, make sure to understand the terms and conditions of the loan agreement, and have a plan for repaying the loan.


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