When you are on the verge of borrowing money to fund the essential needs in your life, it is always devastating to be told that you have bad credit. Why? Well, having bad credit will reduce your chances of getting corporate lenders, it is a thorn in the flesh.
However, automobile title loan, also known as pawn loan can give any vehicle owner the privilege to borrow money. Since this is possible, one should endeavor to understand the legalities of title loan before getting into it fully. Hence, question like “what’s the maximum amount you can get on title loan” should be asked.
To determine the amount that a lender can release to a borrower, the lender will value the borrower’s vehicle which is used as the collateral. The lender can use either the Kelley Blue Book or any other proprietary valuing metrics – the purpose is to be in alignment with the current auction prices as at the time giving out the loan. After the value of the vehicle has been determined, the lender will offer the borrower anything from 25% to 50% value of the vehicle in cash. So the worth of the borrower’s car in the market will determine how much the borrower can get.
In Loris, South Carolina, lenders usually offer cash loan not less than $600, borrowers can get more loan depending on the value of their vehicles, but not less than $600. Reason for this is that the South Carolina law on interest rate applies to loan amounts that are below $600.
In Loris, the average loan amount ranges from $600 to $2,5000, although lenders can lend out higher loan amounts, and borrowers can get even up to $20,000 from a title loan.