What is Car Title Loan?

Car title loans is part of secured loans wherein the borrower pawns his clear pink slip or car title as loan collateral. A clear car title is what the car title loan requires from borrowers. The clear car title is your proof that you own your vehicle and that it is already paid in full. With a car title loan, only the pink slip or car title of your vehicle serves as collateral. You could still drive home with your car even when your pink slip loan has been released to you.

Car title loan takes very easy to secure. A borrower could apply for a pink slip loan right at the comforts of your home. If your papers are all in order, you could get approval for car title loan in as short as one hour. Upon approval, your car title loan gets released within 24 hours. The borrower could conveniently pick-up the pink slip loan in any of the branches all over California.

Requirements for a car title loan are very simple: Aside from the clear title of your vehicle, you only need to present proof of employment and proof of residence. Your vehicle must have a value of at least $4,000 to qualify for a car title loan. However, if the value of your car and your paycheck is bigger than the base requirement, you could also get a higher amount for your auto equity loan.

Car title loans are simple interest loans with less restrictive underwriting. This explains why a pink slip loan is processed much more quickly than other types of collateral loans.

Car title loans also offer flexibility in payments. A borrower may opt to pay the cash title loans for up to three years. The borrower could also choose to prepay the full amount of the automobile equity loan ahead of the agreed schedule with no prepayment penalties.

Car title loan is a lending facility that is designed specifically for borrowers with immediate cash needs.