These loans are generally short term loans and can carry a higher interest rate than other types of loans. The reason is because since you are using your car as collateral for the loan, some lenders do not need to do a credit check on you. As long as you hold a clear title to your car (or truck or SUV) and the wholesale value is at least $4,000, you should be able to get a loan.

One of the many benefits of a title loan is that while you have pledged the car as collateral for the loan, you are allowed to still keep the car and use it while making payments. Compare that to using say a pawn shop where you would have to surrender your car and be with out it. Also since this is a secured loan, your interest rate will lower than an unsecured loan, plus you may have as long as 36 months to pay it off. All while still driving and enjoying your car.

Often times you don’t even have to drive to the office to obtain a loan. Some firms can do it all online or by phone as long as you provide the proper documentation (I’ll discuss that later in this article.

Even if you have bad credit you can still be approved for car title loans as long as you have a job (in fact some lenders will accept disability payments as income) and own your car.

Here is all you need to obtain a loan:

-Clear car title—your title must show it free and clear of any loans on it.
-A valid drivers license
-Social security card
-Proof of auto insurance
-In some cases a recent pay stub

It’s that simple.

So here it is, if you have a job and own your car you will be able to get a quick and easy loan on your car. You can usually get a loan in under an hour (some offer in 15 minutes). That’s much faster then going to a bank and the rates are less than personal loans.

If you need cash quickly to help you get over some recent unexpected bills, or thinking about the holidays coming up, now is the time to get a car title loan and getthe money you deserve.

·    You must have proof of residency. This could be a bill form your electric company, water company, telephone bill etc.
·    Proof of income. Usually this will be a pay stub or 2 to show you have an on going income. Some lenders will accept disability payments or social security payment as income. You just need enough that you can pay the loan and still have money to live on.
·     Drivers license or a state issued ID card.
·    A clear car title. Proof that you car is free and clear of any liens on it. Depending on the value of you car, some lenders may lend you money even if you have a loan on it already.

After you have submitted the information, the lender needs to appraise your car. You can get an idea of the value of your car by checking it out on Kelly’s Blue Book.

When the lender inspects your car.

The lender will give a quick appraisal of the car based on its appearance.

·    Exterior- How is the paint on the car? Is it in good condition, been waxed and taken care of? Is it worn with paint chips and road nicks in it? How is the glass on the car? Does it have curbside appeal when you look at it?

·    Interior-How does the interior look? Any rips in the seats? Condition of the carpet? Stains? The lender will also check to see if the lights work, radio and air conditioning are properly working and of course the odometer to check for the miles on the car.

·    Mechanical-This involves the lender starting the car and listening for any noises.

Obviously before bringing the car to the lender, give it a quick check to make sure its looks and sounds right. Bring it to a car wash or do it yourself to really make the car stand out and to add value to it.

After the lender has inspected your car and checked the above documents, they should be able to make a quick decision on your car title loan and hopefully you can be driving out with your money.

You now have to information to get your loan today.

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.

Now what?

Getting your car ready for the lender

The value of your car will help determine how much of a loan you can get. If you can increase the value of your car, you can possibly get a larger loan.

How to increase the value of your car to your lender.

• Since the lender is using your car as collateral for the loan, you will want it looking its best, right? If the lender sees fast food wrappers piling up in the back seat, he’s not going to think much of your car or you perhaps.

• CLEAN YOUR CAR. Sounds obvious right? You’d be surprised. I’m not suggesting you go a spend money on getting the car detailed, but take the time to wash it or maybe bring it to the car wash. Make the exterior sparkle. Make sure the tires are clean and make the wheels shine. Fix any molding that may have come loose while driving. Have your license plate screwed on correctly and not hanging.

• Clean the interior. Yes get rid of the fast food wrappers and cups. Give a good cleaning to the dashboard and windows. Empty the ashtray. Don’t have your CD’s lying all over the car. Clean the glove box. Vacuum the seats and carpets well. If necessary, hang an air freshener in the car.

• Make sure things are working. I’m talking about the radio and CD player. Windshield wipers. Air conditioning. All of your lights. The horn. Make the lender believe you are giving him great collateral.

Now that you car is looking sharp, let’s get the paper work ready for the lender.

What documents you will need to get a car title loan.

• Clear title. Most lenders want to see your car title free and clear of any loans.

• Car insurance. You should have your policy up to date.

• A job. Lenders will want to see a pay stub or 2 to show you have an income to pay for the loan

If you have these items all taken care of, then getting that loan should be that much easier to get.

There you have it. Now its up to you to start today to get a car title loan or pink slip loans.

What is a car title loan? It is simply a loan where if you own you car free and clear (no loans against it) you can put it up for collateral and get a loan for up to half its value. Best of all you can still drive and use your car as you pay the loan off!

Car title loans are relatively easy to get. As long as you have a job, a driver’s license and a clear title and your car is worth over $4000, you should be able to qualify.

How a title loan can help your credit score.

First if you have outstanding debts with other creditors, you can use this loan to pay them off. This way those loans are satisfied and can be report to the credit bureaus as paid.

You can use the loan to help budget your monthly expenses and to get your spending under control.

If you have a bad borrowing history, you can change that by showing you are responsible by paying a title loan promptly and even paying it off ahead of time. Auto title loans are a secured loan for the lender because he accepts your car as collateral for the loan. This helps make the interest rate you pay lower than a payday loan or a personal loan. Both have no collateral and are subject to higher interest rates.

When using title loans to improve your credit score, it is very important to remember that you need to make payments consistently and on time. If you are late with your payments, it may increase your interest rate, subject you to additional fees are even repossession of your car.

Summing up, getting a title loan can help correct a bad credit history. By getting this loan and paying it off on time, it shows lenders that you are a good credit risk and could possible help improve your credit score.

Take action now and start improving your credit today.

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.