What is a car title loan?
If you find yourself in an emergency situation and need quick money, a secured car loan can be a good way out. With a car title loan, you will choose to borrow money using your car as collateral. This type of loan is short-term and is usually granted for 15 to 30 days.
To get a car title loan, you usually have to own your car, but some lenders will grant a loan if your car is almost paid off. Let’s say you own a car worth $5,000 and you need $1,000. You can get a $1,000 car title loan using your car as collateral.
The lender can repossess your car in case you can’t repay the loan.
Online Vehicle Title Loans on PaydayPlus
Getting an online vehicle title loans on PaydayPlus is easy. All you have to do is make sure that you meet some simple requirements. It is advisable to prepare all the necessary documents in advance if you want to get the loan as soon as possible.
In case you have any questions, you can always visit the loan office and consult with the lender’s representative.
Generally, you will be required to have ownership of the car, an ID card, and a proof of income. If all documents are in order, the loan process will go quickly and easily.
South Carolina Cash Loans On Car Titles
It is important to remember that each state has its own laws governing lending practices in its territory. These laws may limit title loan amounts, interest rates, repayment terms, etc. Make sure that you only go to legitimate South Carolina title loan companies that follow these laws.
A car title loan in South Carolina allows you to get money using your car as a collateral. You give the lender title to the car, and the lender becomes the collateral holder for the term of the loan. You will get the title back once you pay off the loan in full. Furthermore, you are allowed to continue driving your vehicle during the entire loan repayment period.
A few important facts about PaydayPlus: all PaydayPlus lenders operate under the law. All of them are legal and reliable companies. Technical support for PaydayPlus customers is available online 24 hours a day, 7 days a week.
Submit a loan request and the PaydayPlus team will review it in time for a generalization. It’s important to remember that 100% approval is not guaranteed for everyone. Make sure you are eligible for the cash advance you need beforehand.
PaydayPlus never charges any upfront loan fees. The company is not a lender. It is only an intermediary between you and one of the many trusted lenders.
Car Title Loan Statistics 2021-2022 From PaydayPlus
To get a full picture of U.S. auto loan debt and trends, PaydayPlus looked at payments, delinquencies, term lengths, and more. Find the auto loan statistics for the year 2022 below.
- Compared to the previous year, the average used car loan amount increased more than 20%, jumping to $26,230 in Q3 2021.
- Every month, U.S. citizens take out more than $60 billion in new auto loans. Americans under 50 take out $37.9 billion in auto loans each month, while those 50 and older take out $21.0 billion.
- In the fourth quarter of 2021, Americans in their 30s and 40s took out the largest loans, $41.4 billion and $42.3 billion, respectively. People over 50 took $10 billion less ($33.2 billion), followed by young people aged 18 to 29, who took $29.9 billion.
- Auto loan delinquency rates continue to decline at all levels. Compared to 5.3% in 2010, 4.0% of outstanding auto loans are at least 90 days past due. 5.0% are 30 days past due, down from 10.9% in 2009.
- Over the past decade, average car loan amounts have increased steadily, reaching $39,721 for new cars and $27,291 for used cars.
- New car buyers with a credit score of 601 to 660 have the largest loans – $41,843, on average. Borrowers with credit scores of 661 to 780 take out the most for used car loans, $29,065, which is considerably more than last year ($22,708).
- Overall, Americans have $1.46 trillion in auto loan debt, representing 9.4 percent of U.S. consumer debt. Auto loan debt is the third-largest debt category, with mortgages and student loans in the top two positions.
- Overall vehicle debt nearly doubled between the fourth quarter of 2011 and the fourth quarter of 2021 ($734 billion vs $1.46 trillion).
- Borrowers with 661-plus scores account for 65.2% of retail vehicle financing, versus 16.0% for subprime borrowers.
- Borrowers with the best credit scores borrowed a greater number of loans. In 2021, borrowers with credit scores above 720 took out $360.1 billion in auto loans. Other levels of creditworthiness will account for $373.9 billion.