If you are conversant with Car Title Loans, then “Pink Slip Title Loans” or what it is all about should not be strange to you. Nevertheless, it is important we discuss pink slip title loans, how they work, their benefits as well as any possible cons. The terms of a pink slip loan are also worth studying as well.
Pink slip loans are a guarantee when it comes to raising cash urgently, over a short period. And yes, you can get a cash advance for your pink slip. The loan comes with a lot of benefits. To enjoy these benefits in full, then it is required that you are familiar with and understand everything about pink slip title loans.
This loan has several advantages when compared to other alternatives. The adventures and stress with getting a loan from banks or credit unions are depressing.
If you approach a credit union or bank for a personal loan, they will take you through rigorous paperwork, and finally, at one point, they will tell you that you cannot obtain the loan.
To obtain a pink slip loan, first you need to own a car or have equity in it, and the car has to be worth something substantial when evaluated. This evaluation procedure is a vital part of obtaining a pink slip loan.
Loans come in different forms. There are open-ended loans, closed-ended loans, secured loans and unsecured loans. For a secured loan, the borrower gives up an asset as collateral. And a pink slip loan is a perfect example of a secured loan.
By getting this loan, the borrower is permitting the loan company to place a lien on his/her car or vehicle. This makes your lender the “lien holder” That is, temporary surrendering your pink slip to a loan agency in exchange for a specific loan amount.
You retrieve the car title and regain ownership of your car when you repay the borrowed loan amount in full. In other words, the loan agency removes the lien on your car or vehicle when you repay the loan, and the title returns to you.
It is important to note that this loan is not limited to cars only. In fact, you can also get a loan against the pink slip of your other vehicles such as SUVs, motorcycles, trucks, and vans as collateral.
You can access this loan by approaching a pink slip loan company near you. You can also apply for a pink slip loan online, or over the phone when you call the loan company’s customer service.
Pink loans are quick to obtain and are also easily accessible. It is quite simple. You use your pink slip to apply for a loan, and you will be able to get the funds the same day that apply.
What is a Pink Slip Loan?
According to the Urban Dictionary, when they first started manufacturing cars, the document (or paper) that says the car or vehicle belongs to you was the pink slip. This is where this loan derived its name.
A pink slip loan is a short-term loan where the borrower offers his or her pink slip or car title as collateral. It is a form of a secured loan which is also referred to as “title loan,” “car title loan,” “auto title loan” or “vehicle title loan.” We can also call it a collateral loan.
What this means is that you temporary give up the pink slip of the car (that is the ownership of your car or your car/vehicle title) to the title loan firm until you fully pay back the loan. The process is mild and involves fewer rigors to acquire, on like traditional lenders like banks and credit unions.
On like the conventional secured loans, you do not give up your car. On the contrary, you still keep possession of your car as long as you do not default on the agreed terms.
The car must be fully yours, or there must be enough equity on the car for you to be granted a pink slip loan or title loan.
Pink slip loans are quick to obtain and easy to access. They are also means of escape in times of critical needs, granting you access to funds based on your available asset – the pink slip or title of your car or vehicle. And in most cases, you will be able to get the funds on the same day of application.
How does it Work?
One of the possessions owned by most people today is a car (or vehicle). It is interesting to know that your vehicle or car can rescue you at the time of critical financial needs or when you are running out of cash. Car title loans are the ideal solution for people with poor, bad or no credit worth.
The value of the car and your capability to pay back the loan at the stipulated time (as contained in the agreement) during the time of securing the loan determines the amount of loan you can get.
Have you tried to acquire a loan from a traditional bank before? Or have you seen somebody who tried? You would agree that getting a loan from conventional lenders like banks and credit unions can be a very stressful and tedious adventure.
The reason for the stress with other conventional lenders is that the traditional banks and credit union are credit-based lenders. And, your credit has to be perfect before a bank or credit union can decide to give you a loan that is unsecured. But, with a title loan, it only gets easier.
Wondering how you can get an instant pink slip loan? Here is how a pink slip loan works;
As pointed out earlier, your car title is what you will give to your lender when you take a car title loan. This car title document is what indicates your ownership of the car. And this document is what you tender to the lender when acquiring an auto title loan.
The lender will only ask to hold on to the title until you pay back the loan. And depending on the agreed period for repayment, the lender retains possession of your car title as the “lien holder” throughout the entire loan period as long as you don’t default the terms of the agreement.
You approach a pink loan company (the lender) near you with your car and title. The lender then inspects your car; checks the year, make, model and overall condition of the car. This inspection process is commonly required to ascertain some facts about your car, and also how much money you can get.
Some of these facts are your car’s roadworthiness, the proof of ownership to the vehicle and if you have active insurance policy titled in your name.
The information gathered will determine the loan amount you are entitled and also determine what the resale value of your car might be. Then, the lender will document the title of your car, place a lien on it, and hand over the requested loan money to you.
In general, the lender assesses your car and lets you borrow a percentage of the value.
Some lenders do not carry out any background checks on credit or employment, others might. In fact, you do not need excellent credit to get a car title loan. Pink slip loans were designed for these categories of people.
You do not need to be employed to be qualified for a car title loan (though some loan companies prefer proof of income from you). And if your question is “do I get to keep my car?” the answer is YES! You keep your car while repaying the loan.
Though pink slip loans are overseen and regulated by the Department of Business Oversight, interest rates vary between lenders. Typically, you can access funds between $2,500 – $50,000, depending on your car’s worth.
Car title loans are a short-term loan by design. However, the time length to pay back completely can be agreed on with your lender. Some lenders may also offer you a longer loan payment plan. And, you can completely pay up the loan in time by making larger payments each month, with no prepayment charges.
What are the Advantages?
Anyone can benefit from getting a pink slip loan. And a pink slip loan can significantly improve the life of anyone with poor or bad credit history.
The application process is quick and straightforward, and you enjoy quick approval as well. It can be done online or over the phone.
On like traditional lenders and other title loan agencies, the application process also eliminates too many documentation and sticks to the basics, which are; identification, car title and sometimes, proof of residency and insurance.
Title loans offer more friendly and mild terms with no hidden charge. You can discuss the repayment plan with your lender till you both reach a convenient payment plan that fits your budget and schedule.
You will even be allowed to pay back your loan as early as you can without paying any prepayment charge.
It is of utmost importance to maintain punctual and regular payments after securing the money you need to avoid facing the dilemma of repossession.
Think about using what you have to get what you want; a pink slip loan perfectly describes that situation. And it is important to choose the best auto title loan company to enjoy the maximum benefit of this loan.
To get the most out an auto title loan, you first have to approach and apply to the right title loan company. You want to be sure that the auto loan agency will be able to give you the maximum loan amount on your title and at the lowest interest rate possible.
So, if you need a quick and efficient means to pull the cash you need out of your car within the shortest time possible, you need a pink slip loan.
To enjoy the best auto title loan experience, you will have to do a few things. You need to choose and present the right car, in good working condition, for inspection. This is because the Kelly Blue Book will be used to evaluate your car or vehicle, and the value of the car or vehicle determines the loan amount that you will receive.
To ensure a smooth and fast auto title loan application, do well to provide accurate information to the title loan company. If there happen to be an upgrade package or any new future you added to your car (like an up-to-date digital stereo system or high-grade wheels), do well to inform your lender as well.
Again, it is easy and simple to access and get a quick auto title loan. Once you own a car, as well as a clear and authentic car title in your possession, you are eligible to access an auto title loan. The outcome of the inspection process, your ability to repay the loan will determine you are getting the auto title loan.
An auto title loan guarantees your getting quick funding whenever you are broke or in need of money fast to handle a critical need. Acquiring a loan is no longer difficult if you are stuck or constrained due to lack of cash, have bad credit or need money for any financial emergency. An auto title loan is typically a bad credit loan.
Is There Any Downside?
Well, anything that has an advantage is bound to have some cons. And while some may argue that the drawbacks overshadow the benefits, it is important to realize that the loan is the surest way to get access to quick cash and solve urgent needs.
Some of the disadvantages of a pink slip loan are;
- It is typically a short-term loan. That is you only have a short period to completely repay
- The interest rates are relatively high. It may even get higher when trying to make payments when you default. Even when some title loan agency extents your payment period, you may be paying at a higher interest rate. The interest rate could even skyrocket when referring to it per annum.
- Unforeseen circumstances which could hamper your ability to fully repay.
The Reasoning: If the need for the money is very urgent, and you need financial support fast, then a pink slip loan is your best shot. Therefore, no matter how threatening these cons may appear, the critical situation of the financial burden might just make the title loan your only choice.
At Car Title California, you enjoy the best title loan experience. Our Policies are very efficient. We are your trusted car title loan lender in California. Come to us, and let us put that money you need in your pocket, while you repay comfortably and conveniently.
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Pink Slip Loans in California
We have a pool of knowledgeable staffs with a wealth of experience readily available to attend to you. Our title loan officers and representatives are available to promptly answer all your questions, as well as provide you with the necessary information in details on how to get a pink slip loan in California.
At car title loans California, we will get you more money than any other lender. We also get you approved and funded same day (in minutes). You can get title loans online fast.
We will get you lower payments than any other lender. We will get you a no pre-payment penalty title loan. We will only hold back your pink slip while you continue to drive your car until you pay up the loan.
Get funds from $2,510 to $50,000 and receive approval in minutes. So, whether the problem is bad credit or no credit at all, we’ve got you covered. You can get your loan request grated on the same day and still keep driving your car. It is fast, easy and convenient, with no hassle process whatsoever.