pink slip loans

Pink Slip Loans What You Need To Know

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What are Pink Slip Loans?

Pink Slip Loans are loans where your car is used as collateral to secure the loan. These are also known as Car Title Loans, Title Loans, Auto Title Loans and Auto Pawn Loans.

How much can I borrow?

Loans are anywhere from $500 to over $25,000 depending on the value of the car and the lenders policies. Loans are typically granted up to half the value of your car.

How much does my car have to be worth to get a title loan?

Depends on the lender. Some like to see a minimum value of $4,000.

How long does it take to get my money?

Most lenders can give you your money the same day. In fact many lenders can give you money in under an hour. You have the choice of either getting your money as a check or have it transferred to your checking account.

How do I qualify?

Usually the lender will require the following:

  • Proof of residency
  • You must have clear title to the car
  • You need to have a regular source of income. This can be either form your job or retirement or disability payments.

Can I apply for a pink slip loan online?

Yes! Many lenders now allow you to apply online to save time.

Are there any charges to apply for a loan?

NO. A reputable lender will not charge you a fee to apply or a fee if you are turned down. There may be fees charged once you accept the loan.

I have bad credit; can I still get a loan?

Yes. Depending on the lenders guideline you should be able to. Remember, you are using the value of your car to secure the loan. There fore if you have an income and use your car as collateral, you should be able to get a loan.

What documents to you need when I apply of a car title loan?

  • · A copy of a valid driver’s license.
  • · The Pink Slip for your car. Generally these are called car titles or auto titles. · A copy of your car’s registration.
  • · Proof of insurance on your car (comprehensive, collision, and liability).
  • · Proof of your residence. You can use a utility bill like your electric bill or gas bill
  • · Proof of income you specified in your application.

I’m retired or collecting disability. Do I still qualify?

Yes if the monthly income from those sources is enough for the payments, you should be able to qualify.

Hopefully this answered some of your questions. Pink Slip loans are great for people with bad credit and need cash for short term needs. As long as you have a pink slip, you can borrow money.

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