How Do Pink Slip Loans Work? The Ultimate Guide
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If you’re reading this article, chances are you’re in need of quick cash. Unexpected life emergencies hit and can knock out your life’s savings. When life hits you hard, you need to find access to a quick cash resource. Unfortunately, banks won’t do the job because their application process can take up to a week for approval, and that’s not even a guarantee. However, pink slip loans, also know as a car title loan, title loan, or auto title loan, can help you get money quickly. Pink slip loans allow you to access quick cash by borrowing money against the equity in your car.
How do pink slip loans work?
So how do pink slip loans work? Here’s what the process looks like.
Every state has different laws concerning lending and borrowing, but in general, car title loans provide borrowers quick access to cash by allowing borrowers to use their car as collateral for the loan. In order to qualify for a pink slip loan, you must be the sole owner of your car–it must be paid off and cannot have any holds or liens on it. The pink slip, or the car title, must be under your name (the borrower). When you take out a pink slip loan, you’ll be borrowing against your car’s resale market value and can get a loan up to that amount. For example, if your car is currently worth $8,000, then you can get a loan up to $8,000. This is why pink slip loans are more preferred than a payday loan. You can get loans in higher amounts and you’ll be able to get cash immediately. When you call in for a pink slip loan, you can get your loan as fast as the next business day! Best of all, with a pink slip loan, you’ll still get to keep and drive your car. The pink slip will be transferred under the lender’s name as collateral for the loan, but when you pay off the loan, it will be transferred back under the borrower’s name.
How to get a pink slip loan
There are a few required documents for a pink slip loan:
- Proof of insurance and registration for your vehicle
- An income of at least $1,500 a month, This can be from social security, disability, etc.
- A vehicle that qualifies with enough equity. When you call (888) 663-7074 or fill out the application form on the website you can find out right away if your vehicle qualifies.
- The title or pink slip to your vehicle, which must be under the borrower’s name. The car needs to be paid off and free of all liens.
- Identification or driver’s license
These are the basic things on how pink slip loans work. If you have further questions you can check out the FAQ on TNL.
Call us today if you need a pink slip loan. You will find our staff polite and easy to work with. We have a no-pressure, no hassle, policy in place. Our goal is to educate you so you can make the best decision so you understand how pink slip loans work. Call today: (888) 663-7074 to learn more.
Other questions regarding pink slip title loans:
How do I get my pink slip back?
Your pink slip will be transferred to the lender’s name to hold while you take out the loan. While you are still paying off the loan, the lender has a lien on the vehicle. When you pay off your loan, the pink slip will be transferred back under your name and returned to you. However, if you somehow default on your loan, the pink slip will stay with the lender until the loan is paid off.
Who holds the pink slip?
When you get a pink slip loan, the lender will hold the pink slip to the vehicle. Once you pay off the loan the lender will give you back your pink slip or “title” to the vehicle.
What is the difference between a pink slip loan and a title loan?
Pink slip loans are the same as title loans, which are also called auto title loans, and car title loans.
Can I get an instant pink slip loan?
In order to get an instant pink slip loan, call in today or apply online to see if you qualify for the loan. If you qualify for the loan, you can get immediate cash by gathering the needed documents quickly. How quickly you can get the money depends on how quickly you get the paperwork and other information required. In most cases you will have your money within 2 days, but if you are on top of the process and move quickly you can sometimes get your money in as little as under 24 hours or even on the same day.
How do I find pink slip loans near me with bad credit?
The great benefit to pink slip loans is that you can still qualify for a loan even if you have poor or no credit. Call 888-663-7074 and speak to one of our representatives. Since most of the work is done online you can get a pink slip loan by calling or by filling out the application on this site. You do not have to have good credit to qualify since the loan is not based on your credit score.
