Pink slip loans are specifically designed for people who need cash fast. With a pink slip loan, you can borrow upwards of $10,000 with a pink slip loan. When you take out a title loan against your vehicle pink slip you are using the available equity in your car as collateral for a loan. You can be approved for a pink slip loan with bad credit and get cash in less than 24 hours.
A pink slip loan is easy and fast to qualify for as most applicants will have some equity in the car. That allows a title lender to have some security in case you miss future loan payments. Your pink slip will allow the lender to sell off your pink slip at an auction in case you can’t pay back the loan along with interest on time. Lenders do everything they can to ensure that every client pays their pink slip loans back on schedule but it just has to be mentioned because pink slip loans are always secured to your vehicle title.
When trying to get pink slip loans some things will make it easier for you. Let’s start with the pink slip. To be approved for pink slip loans, you must have a pink slip in your name or registered under your name. You can’t have a pink slip loan on a car that has two individuals listed as owners on the title. If both names are not on the vehicle title then one of them needs to get their name off the title before applying for pink slip loans. The last thing anyone wants is unnecessary drama or delays because someone’s name was left on the pink slip after they were no longer responsible for payment on the title loan.
Yes, pink slip loans are available regardless of your credit score. Most lenders won’t even check your credit report because they would instead want to know there’s enough equity available from your vehicle. Unlike personal loans, this type of loan is secured and there is collateral for a company to fall back on in the case of default. Several different pink slip loan companies will work to find a pink slip lender for people with bad credit. All secured lending companies have their own specific requirements and rates, so feel free to shop around and compare to see which finance company is the best fit for you and your needs.
Ensure you have all your documents ready for assessment by the pink slip lender. Early preparation can help speed up the process tremendously when there aren’t any delays or holdups due to missing information or paperwork. Remember that any licensed pink slip lender near you will require proof that you own the vehicle and some form of ID or proof of residence in the state where you reside. For example, secured title loan lenders in Texas will mandate that you have identification and an active checking account before you apply.
Another tip that most borrowers don’t realize is that it helps to communicate with your loan underwriter and processing department to help speed up the process. Let them know if you think there might be some delays before the pink slip loan is finalized. An honest and open conversation with your pink slip lender also helps you build rapport. That’s not to say that pink slip loans are difficult but it does help if you know what information they’re looking for before filling out any pink slip loan applications online or offline.
Note that pink slip car loans will have a high interest rate. While you can always negotiate with a lender, the introductory APR will be at least 30% and likely higher in states that don’t cap finance charges. These rates are so high because these loans are designed for risky borrowers and people who can’t get approved for personal loans because of bad credit scores. Negotiate a lower APR with your lender and see if they can approve an alternate payoff term after a few months of on-time payments.
The payments for pink slip car loans are made over a period of months and the term can be between 5 months and 2 years. Again, much like the finance charges, the payment term can be negotiated. While you want to pay off the total amount quickly, you don’t want to be in a situation where the amount due each month is more than you can handle.
The great thing about pink slip loans is that they are a short-term financial solutions that can help people get through these tough times, especially if the vehicle is worth more than the outstanding balance on their loan. Generally, loan amounts range anywhere from $500 to $10,000 so there’s no real limit on how much you can borrow and that amount will be based on the resale value of your vehicle.
Did we mention that pink slip loans come with fast funding? That’s right, pink slip loans are a quick way to get cash in your hand for any unexpected expenses or bills so you can worry less and focus more on the next financial issue. Expect access to cash as soon as you complete the underwriting process and finish the vehicle inspection. Get started on the path to fast cash with a pink slip loan from Car Title Loans 123. Contact us now to get going with a funding application!