South Carolina Auto Equity Loans

Though policies vary from lender to lender, anyone who takes out a cash title loan should expect to have to make the lender a few "good faith" promises about their future. Cash title loans cater to borrowers with a history of credit problems. As such, these loans are particularly risky for the lenders. Consequently, lenders often require borrowers to sign statements declaring their current plans for the future.

Lender-Mandated Cash Title Loan Promises

Most cash title loan agreements require the borrower to promise not to file for bankruptcy during the term of the loan and certify that they are not considering bankruptcy at the time of the signing. If a borrower were to declare bankruptcy, the lender could lose its entire investment. Lenders work hard to protect themselves from fraud.

Additionally, because auto equity loans are guaranteed by a vehicle, most lenders take steps to keep track of the location of that vehicle should repossession be necessary. To that end, loan agreements often include promises that the borrower will not change residences during the term of the loan without notification. Otherwise, it could be difficult for the lender to find the car if the loan became delinquent. A handful of lenders take even further precautions to prevent losing track of the vehicle by installing auto GPS tracking systems on collateral vehicles.

Anyone in South Carolina looking for a reputable auto equity to finance a cash title loan should consider Wilshire Consumer Credit. This lender promises flexible term agreements and is licensed and certified to operate in South Carolina, Oregon, Arizona, California and New Mexico.