How Do Pink Slip Loans Work?
A pink slip loan is also known as an auto title loan. So how does this type of loan work? When you get an auto title loan you give the auto financing company the pink slip or “title” of your vehicle in return for a cash loan. Once you pay off the loan then your cars pink is returned to you. This is a fantastic alternative to bank loans for many reasons listed below.
5 Benefits of Pink Slip Loans
If you are interested in getting a car title loan, take a look below at several benefits for why this may be the best option for you.
You don’t have to have good credit
If you need a loan, but don’t have good credit then a pink slip loan is the best solution for you. A huge benefit of auto title loans is that they don’t require good credit. As long as you own a vehicle, you can qualify for a loan. This loan will be based off of the value of your vehicle. So when you apply, the amount of the loan you receive will generally reflect the value of your vehicle.
Fast and easy process
The approval process is really quick and easy. You will most likely get approved for your loan within the same day that you apply. After you apply, the auto title company will discuss your loan with you and answer any of your questions. Because it’s such an easy and painless process, many people prefer this type of loan.
You can keep your car during the loan
Even though you are using your car as collateral, you can still drive it during the length of your loan. This is convenient for you, as you most likely need your car and won’t have to change your daily routine.
You get paid right away
Once you apply and get approved, you will receive the money right away. This is really convenient if you need a sum of cash right away. We understand that things come up in life such as unexpected bills, debt, tickets, emergencies, etc. And when you need cash fast, a pink slip loan is one of the easiest and quickest ways to get that cash.
You get what your vehicle is worth
Like we stated earlier, a pink slip loan is generally the amount that your vehicle is worth. This means that the higher value your car is, the more you will get for your loan. Other factors that the amount may include are:
- Total mileage of the car
- The overall condition of the vehicle
- The make and model of the car
We hope that you have a better idea of what pink slip loans are and how they can help you get the cash you need right away. Of course, if you have more question or concerns about car title loans, we will be happy to answer you the best we can.