Pink Slip Car Loans - Cash For Your Car's Title

Pink slip loans are designed for people who need cash fast but can't qualify for a personal loan because of bad credit or other underwriting concerns. With a pink slip loan, you can borrow upwards of $15,000 and the equity value of your car or truck determines that loan amount. When you take out a title loan against your vehicle, you are using the available equity in your car as collateral for a loan and some applicants can see their loan approved and funded 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. While you generally need a vehicle valued at $3,000 or more to qualify, some states allow pink slip loans for as low as $1,000. These loans allow you to keep driving your vehicle and your lender keeps the pink slip as security for the loan. That gives a title lender security in case you miss future loan payments. Your car's title will allow the lender to sell off your car at an auction if you can't repay the loan and interest on time. Lenders do everything they can to ensure that every client pays their loans back on schedule, but it just has to be mentioned because pink slip loans are secured to your vehicle title.

What Do I Need To Qualify For A Pink Slip Loan?

To be approved for a loan on your pink slip, you need a paid off vehicle that's registered, insured, and titled in your name. You need clear ownership of the car, and the title must show there are no liens, cosigners, or anyone else who can challenge your car's equity value. The vehicle's age, make, and model will often determine your loan amount, but most vehicles that are 2014 or newer will qualify for a pink slip title loan of at least $1,500.

Other requirements for a pink slip car loan include proof of identity that can be verified with a state ID or driver's license. You need proof of residency, and some companies may ask for a spare set of keys. One last requirement for a pink slip loan is that you need to show proof of income. While loans are primarily underwritten based on the vehicle's value, many lenders still want reassurance that you can repay the loan. Income document examples include pay stubs, tax returns, or social security statements. Do you have irregular income or freelance income? You can still qualify for a pink slip loan, even with a side gig or inconsistent income sources. Show us you make enough money monthly to afford the payments, and you'll be one step closer to being approved!

Bad Credit Pink Slip Loans

Pink slip loans are available regardless of your credit score. Most lenders won't even check your credit history, and instead, their underwriting focus is on the equity available from your vehicle. Unlike personal loans, a pink slip title loan is secured, and your lender knows there is collateral in case you default on the payment terms.

Think of it like a home equity loan. People turn to home equity loans all the time to cash out equity from their houses. While a mortgage lender may check your credit, they're more interested in knowing that there's enough collateral backing up the loan amount, and they'll go after the home if you default on the payments. The same is true with pink slip title loans, as you risk having your vehicle repossessed if you can't make the payments. Bad credit pink slip loans are possible for anyone, but avoid the risk of having your vehicle repossessed by staying current on the monthly payments!

Find The Best Pink Slip Loans Near Me

Are you looking to cash out equity from your vehicle with a local lender? Many of the largest online lenders have local offices where you can meet with them in person. You can also complete the vehicle inspection during that same visit, and some pink slip lenders will offer cash in hand after you've signed over the title. Remember that any licensed pink slip lender requires proof that you own the vehicle, and they'll want to verify your identity and residency before underwriting a loan. For example, any company offering title loans in Texas requires valid identification and verification of your vehicle before signing off on a loan amount and the same is true with pink slip lenders..

Rates And Payment Terms With Pink Slip Car Loans

Pink slip car loans have a high interest rate, and in some scenarios, they can be much higher than other personal loans offered by banks and installment lenders. The introductory rate will be above 25%, with some companies offering an APR that approaches 125%. You may wonder why those rates are so, and the answer is simple! Your lender won't check your credit with most title loans on a pink slip, leaving them with substantial risk if you default on the payments. These loans are only possible with high interest rates!

The payments for pink slip title loans are made monthly, and the repayment term can last between 1 and 4 years. While you want to pay off the total amount quickly, you don't want to be in a situation where you can't make the monthly payments. Borrowers also have the option to repay their loan early with no pre-payment penalty. That way, you can use a pink slip car title loan for a financial emergency and pay the balance quickly without dealing with high interest charges.

Pink Slip Loans From Car Title Loans 123

Did we mention that pink slip loans come with fast funding when applying with Car Title Loans 123? These secured loans are a great way to get cash for unexpected expenses, and all it takes is your car's title and proof of employment to get pre-approved.

You can get your funds quickly after completing the underwriting process and the vehicle inspection! Apply online or call 844-567-5011 to start your application.