When looking for a loan in South Dakota, a person may be wondering about the different cars that may be accepted for a title loan in the state. The great news is that title loan lenders typically accept a wide range of vehicles for lending in South Dakota.
Here is more information on the different kinds of cars that title loan lenders usually accept in South Dakota. Along with that, here are details on a unique type of title loan available for residents of South Dakota—title loans serviced by LoanMart.
Why is the Kind of Car a Borrower Has Important for a Title Loan?
The kind of car someone has is very important when it comes to applying for a title loan. For the lender, the car will act as the main source of security. The reason an asset is involved with secure loans is to provide flexible eligibility for the borrower and security for the lender in case of default.
And not too surprisingly, the title loan amount will be directly related to the value of the car. That way, if the borrower defaults on the loan, the lender may still have a way to get their money back. During the title loan process, the car will legally be owned by the lender, but the borrower could keep their car while making their monthly payments on time.
What Will Title Loan Lenders in South Dakota Look at When Accepting Cars?
Now that you know a little more about why the kind of car someone has matters, it will be helpful to know what details about the car lenders in South Dakota will look at when determining eligibility.
Here are some of the factors many title loan lenders will consider when accepting cars for lending:
- The Kind of Car—The body style of the borrower’s car matters. For example, most lenders will accept sedans, trucks, and compact cars. But not a lot of lenders will accept vehicles like tractors, ATVs, or pocket bikes.
- The Value of the Car—The value of the car will be determined by a few different things. The make, model, year, mileage, and condition will all be considered when a lender is determining the car’s value. The car may also have to meet the minimum value to qualify.
- The Car Title—Another important part of whether a car will qualify will be related to its title. The title of the car will be the only way that the lender can show legal ownership of it.
When there is an existing loan on the car (title loan, auto loan, or if the car is being leased), then there will be a lien on the car title. Some lenders may be willing to work around that (on a case by case basis) by refinancing the existing loan. However, some lenders simply do not work with cars that have a lien on the title.
Every lender is different, and the points above are generalizations, so it is always a good idea to talk to the lender about your vehicle in depth.
Why Choose a Title Loan Serviced by LoanMart for Funding in South Dakota?
A title loan serviced by LoanMart is a unique kind of title loan that not only comes with the standard qualities of a regular title loan, but with tons of extra benefits as well.
Here is what a borrower could receive with funding from a title loan serviced by LoanMart:
Competitive Interest Rates
Title loans serviced by LoanMart start off with highly competitive interest rates.
Transparency and Honesty
When working with a title loan agent, you’ll know exactly what you are getting into with the loan. Title loan agents are never pushy, just honest, and transparent.
Flexibility Throughout the Process
With title loans serviced by LoanMart, a person will get flexibility with every step—from the inquiry process, which only takes a few minutes to fill out— to repayment. Best of all, borrowers could receive years to repay the title loan.
To get the title loan process started in South Dakota, head over to the webpage and fill out the short questionnaire. Funding could even be made available for eligible borrower’s the same day they apply1!
The kind of car someone has will play a significant role with the title loan process. There are a variety of cars that will qualify for a title loan in South Dakota, and many factors that are considered. The good news is that most title loan lenders in South Dakota are pretty flexible with the kinds of cars that they approve for funding!