car title loans FAQ’s

Car title loans frequently asked questions

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Looking for fast cash? Using a car title loan (also known as pink slip loans or auto title loans) is a quick and easy way to borrow money without the hassle of getting a personal loan or using pawn shops.

Below is a quick guide to car title loans:

What are car title loans?
·     Car title loans are a loan in which you use your car, van, truck or suv as collateral for a loan.

How much can I borrow?
·    Depending on the lender you can borrow up to 50% of the value of your car. Some lender even approve loan of up to $50,000. Most lenders (depending on the value of the vehicle) will lend you from $2,000 and up.

How much does my car have to be worth to get a title loan?
·    Your vehicle must have a trade in value of at least $4,000. A low gas mileage vehicle may have to be worth higher. You can find the trade in value of you vehicle by checking out Kelly’s blue book online.

How do I qualify for  car title loans?
·    Qualifying is very easy. You will need to be a resident of the state you are borrowing in. Your vehicle must be registered in the state. You need to be employed or be able to show a regular source of income that allows you to pay the loan and have money to live on.

What does it cost to apply for a loan?
·    A reputable lender will not charge you to apply for a loan. Only deal with lenders that do not charge to apply for the loan. It should cost nothing to apply for an auto title loan. After your loan is approved, there may be an origination charge (which is normal) applied to it. These fees should be explained to you when you apply for the loan.

I have bad credit and a past bankruptcy; can I still get a loan?
·    Car title loan lenders lend based on the value of your car and your ability to repay the loan, so you shouldn’t have to worry about your past credit.

Can I pay off my loan early? Will I have a penalty for paying it off early?
·    Most lenders don’t charge a prepayment penalty. Be sure to ask.

How soon will I be able to get my money?
·    Depending on the lender in as little as 15 minutes to 1 hour or by the next day at the latest. Ask.

Can I get  Car Title Loans while still making payments?

Yes you can.  It will depend on the lender, some will, others won’t. It will also depend on the value of your car and how much of a loan you already have on the car.

What are Pink Slip Loans?

A pink slip loan is the same thing as a car title loan. Pink slip loans, auto title loans, auto pawn loans are all just another name for car title loans.

You are now armed with information and questions to show the lender you are prepared and have done your research.

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