First-Time Auto Loans

Titles are released once the loan balance is satisfied.

For loans paid off by certified funds (cashier’s check, cash, or money order), the title will be mailed within 48 business hours of receiving the release form if you request one when you pay off your loan.

Otherwise, your title will be mailed to you within 10 business days.

Our loans are calculated with simple interest, the calculation of daily accrued interest on your principal loan balance.

Simple interest is calculated and assessed by multiplying the account’s current principal amount (and only the principal) by the interest rate. But as you pay down your principal with each monthly on-time payment, that principal decreases, lessening the interest assessed. If you pay more than the minimum required payment, the principal will decrease even more.
For example, a $25,000 loan at a 7% interest rate would be calculated using the formula (Principal Balance x rate)/ 365 days:

• $25,000 x 7% = $1,750
• $1,750/365 days = $4.80 per day

For all loan requests you will be asked to provide personal information:

• Name of each applicant
• Physical address (P.O. Box does not apply)
• Length of time at address
• Phone number
• E-mail address
• Social Security number
• Date of birth
• Income information
• Name of current employer
• Employer's address and phone number
• Length of employment
• Salary
• Position held
• Other applicable income (for example, retirement and/or pension)
• Current mortgage or rent obligations
• Name and phone number of nearest relative not living with you
• Reason for loan application

To apply now, get started with an online loan inquiry, visit a local financial center or contact us.

For all vehicle loan requests, you will be asked to provide the following information:

• Year
• Make, model, and vehicle identification number
• Mileage
• Additional equipment or options
• A copy of the purchase agreement or bill of sale will be required at or prior to loan closing.
• A personal financial statement for all unsecured loan requests for more than $10,000.

To apply now, get started with an online loan inquiry, visit a local financial center or contact us. 

We issue monthly statements at the beginning of each month if the loan account has a checking or a savings account with monthly debits or credits, or has a Money Market account. Otherwise, quarterly statements will be issued.

Current loan information will always be available through Online or Mobile Banking¹.

Loans cannot be transferred; however you can sell your vehicle to another individual. For more information on how to sell your vehicle visit www.scdmvonline.com.

• For the current auto fee schedule, please visit the South Carolina DMV website at www.scdmvonline.com
• For the current boat fee schedule, please visit the South Carolina DNR website at www.dnr.sc.gov//boating/Titling_and_Registration/Fees.html
• South Carolina sales tax is generally 5% of the sale price with a maximum of $300. To calculate sales tax, use the calculator link below www.convertit.com/Go/ConvertIt/Calculators/Finance/Sales_Tax_Calc.ASP

Vehicles can be purchased out-of-state and online. To determine eligibility, an application must be submitted with all buyer and vehicle information in addition to:

• Name of dealership or individual
• Current vehicle financing institution or a clear title
• State vehicle is currently registered
• Certain documents may be required but are not limited to the following:
• Titling approval letter
• Original title
• Supporting titling documents
• Copy of buyer’s order with account number
• Form 400
• Power of attorney (signed by buyer)
• Property tax receipt or current registration card
• DMV titling fees

All South Carolina DMV forms may be printed from www.scdmvonline.com.
To apply now, get started with an online loan inquiry, visit a local financial center or contact us. 

Yes. South Carolina Federal offers the following coverage options through third-party vendors:​​

Payment Protection

• Pays, reduces, or waives the loan balance in the event the covered borrower dies, becomes ill or injured and unable to work, or becomes involuntarily unemployed. 
• Available on consumer loans, line of credit loans, and credit cards.
• Available for primary, co-borrower, and both borrowers on the loan (only primary coverage is available on credit cards).
• Choose from death, disability, or involuntary unemployment

Guaranteed Asset Protection (GAP)

• Relieves you of the responsibility for the remainder of the loan balance that the primary insurance carrier does not cover due to a totaled or stolen vehicle.
• Available on auto loans financed up to $100,000 and 84 months.
• Maximum GAP loss payout up to $50,000.
• Available on motorcycle, ATV, and jet ski loans financed up to $50,000 and 120 months.
• Low-cost protection with a 60-day free look.

Mechanical Breakdown Protection (MBP)

• Extends coverage to virtually all mechanical and electrical components of your vehicle in addition to the manufacturer’s warranty
• Available on new and pre-owned vehicles
• Cost and coverage vary based on collateral information
• Transferrable coverage
• Choose from Ultimate Guard, Preferred Guard, and Classic Guard

To add any of these coverage options to a new or existing loan, visit a financial center or contact us.