What is Auto Title Loan?
An auto title loan , also known as pink slip loans, auto equity loans, car title loan is a simple interest loan that caters to borrowers with immediate cash needs for their emergencies and sudden expenses.
As the name implies, the essential collateral for an auto title loan is the pink slip or the clear title of your vehicle—whether it be a car, truck or van. A pink slip may be used by the car owner as collateral for an auto title loan for a base amount of $2,600 if the vehicle is at least $4,000 in value. Cash car title loan also has special loan programs for vintage and luxury vehicles. So, the higher the value of the vehicle is, the bigger the amount of pink slip loan that the borrower could get.
Auto title title loan is the preferred lending system in California right now because of the fast, safe and secure processing of the documents. Waiting time for the approval of the auto equity loan takes only an hour and release of the car equity loan is made within the day. This is because auto title loans enjoy same day funding and has less restrictive underwriting. The borrower has to make sure that all the required documents are in order to pass the documentations check by the lending officers of pink slip loans. Basically, these would include:
- • Clear title of the car, registered under the borrower’s name
- • Full insurance coverage of the vehicle
- • Valid driver’s license
- • Proof of employment and steady income
- • Proof of residence
Auto title loans could, likewise, assist the borrower in resolving DMV issues such as payment of tickets, securing insurance coverage and other documents to comply with state regulations and the requirements for pink slip loans.
Auto title loans do not do strict credit checks so even borrowers with bad credit standing may still qualify for a cash car title loan. The borrower, may then, choose a payment scheme most convenient to him. It could be on a short term, long term or prepayment arrangement. Pink slip loans do not also charge prepayment penalties for borrowers.
Responsible payment of the auto title loan would also mean improved credit standing for the borrower.
Another beauty ofauto title loan is that the borrower could still retain possession of his vehicle because the pink slip or the car title sufficiently serves as the auto equity loan collateral.
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