Every Platinum VIP title loan carries an APR of no more than 35.99%. APR (Annual Percentage Rate) is the yearly cost of credit, including interest and any finance charges, expressed as a percentage. It lets you compare loans on an apples-to-apples basis.
Representative example
A $1,000 loan at 35.99% APR repaid in 12 equal monthly payments: monthly payment $100.45; finance charge $205.40; total of payments $1,205.40. The $15 SC lien fee is added to the loan (principal $1,015.00 at a 32.99% note rate) and counted in the finance charge, so the APR, measured on the $1,000 you receive, is 35.99%. Calculation: payment = 1,000 × r / (1 − (1 + r)−12) with r = 35.99% / 12, rounded down to the cent.
More examples
| Amount you receive | Term | Monthly payment | Finance charge | Total of payments |
|---|---|---|---|---|
| $1,000 | 6 months | $184.59 | $107.54 | $1,107.54 |
| $1,000 | 12 months | $100.45 | $205.40 | $1,205.40 |
| $2,500 | 12 months | $251.14 | $513.68 | $3,013.68 |
| $2,500 | 24 months | $147.60 | $1,042.40 | $3,542.40 |
| $5,000 | 18 months | $363.51 | $1,543.18 | $6,543.18 |
| $5,000 | 24 months | $295.21 | $2,085.04 | $7,085.04 |
Examples assume a 35.99% APR, equal monthly payments, simple interest, payments made on time, and the $15 SC lien fee financed into the loan (included in the finance charge and APR). Rounded to the nearest cent. Your terms may differ; see your loan agreement.
Fees
The only fee is a $15 South Carolina lien recording fee. It is added to your loan principal and included in the finance charge and APR. No origination, application or prepayment fees. Any other terms are set out in your loan agreement.
Loan amounts and terms
Amounts depend on your vehicle's value and your ability to repay. Terms: 6 to 24 months.
Consequences of non-payment
Late payments may result in fees per your agreement. If you default, we may repossess your vehicle as permitted by South Carolina law. Contact us early if you anticipate trouble.
See also responsible lending and terms of use.
More from the Platinum VIP team
Now let’s say you had the loan out for 2 weeks. That would be $189 to borrow $5000 and that’s not so bad at all for getting money, sometimes in hours 1.
A good thing to remember when it comes to loan interest is that generally the longer it takes to pay back the loan, the more interest will accumulate. Paying back the loan as quickly as possible could save a person thousands of dollars. Comparing lenders may help you find the best repayment plan to keep the accumulated interest low. In addition, drawing comparisons may help you find the best terms fit for your unique situation.
A good way to ensure receiving the best interest rate on a car title loan is by comparing several lenders. Each lender works differently, and some may have offer better interest rates than others. It may be helpful to know that monthly income may impact the amount of interest on a car title loan.
Once we receive a client’s information, we make an initial call to establish contact. We verify a client’s information and ask any additional questions if anything needs to be cleared up.
After verifying a client’s information, we call lenders and start searching for compatible title loans. We ask questions, ask for better rates, and make loan offer comparisons.
After our thorough research, we may be able to acquire loan offers for the client. Once we perform comparisons, we present the most compatible loan offer to the client. After reviewing the loan details, a client could decide to proceed with a loan offer.
Your title lender will then need to verify some personal information before proceeding to inform you about your loan amount, monthly payment plan, and overall loan terms.
One of the things you need when you are trying to get a car title loan is, well, your car’s title. But what if, for some reason, you have a missing title?
Ready to get started?
Need some extra cash? Platinum VIP Title Loans from 1st Capital Finance can help you explore your options. Apply online. Maximum APR 35.99%; repayment terms 6–24 months.
Start My ApplicationAPR disclosure: The Platinum VIP Title Loan carries a maximum Annual Percentage Rate (APR) of 35.99%, which includes the $15 South Carolina lien fee. Your actual APR, finance charge, payment amount and term are disclosed in your written loan agreement before you sign. A title loan is secured by your vehicle; if you do not repay as agreed, your vehicle may be repossessed. Borrow only what you can afford to repay. Loans are made by 1st Capital Finance of South Carolina Inc, the lender, 3420 Hwy 21 Ste B, Fort Mill, SC 29715. 1st Capital Finance of South Carolina Inc is licensed by the South Carolina State Board of Financial Institutions, Consumer Finance Division, as a Supervised Lender (License No. SL-1966027) under S.C. Code § 37-3-503. Loans are available only to South Carolina residents and are originated online. Submitting information on this website does not guarantee loan approval.