South Carolina Auto Pawn Loans

Auto Pawn loans require the borrower with a clear car title as collateral. Depending on your needs as a customer and the policies of your auto pawn lender, you can structure an auto pawn loan in a variety of different ways. Some lenders offer flexible repayment options and end of term options of an auto pawn loan.

Pros & Cons of Rollovers at the End of Auto Pawn Loans

Some lenders offer agreements that permit the loan to be rolled over into another term if it is not fully repaid by the end of the term. This end of the loan option is a common result called a balloon payment.

While the rollover will give the borrower more leeway to follow the repayment agreement and prevents the car from being repossessed if payments are not made on time, a rollover will also lock the borrower into continued debt and multiplies the total cost of the loan with interest payments. This is one of the reasons consumer organizations do not recommend auto pawn loans. A number of states have taken proactive measures to protect the consumer's interests by limiting the number of rollovers. According to the laws in South Carolina, only six rollovers are permitted.

Borrowers should work towards repaying their debt before the end of the agreement. If they cannot do that, they should take all the steps necessary to limit the number of rollovers on an auto pawn loan.

Wilshire Consumer Credit is a licensed and certified auto pawn lender that operates in South Carolina. If you want to put up your car's equity as collateral to borrow money, you can benefit from this lender's flexible term options, customized to suit your needs.

Fill out the easy two-step form here you can get approved within minutes!