Getting a short term loan can be difficult especially if you have bad credit or spotty payment history, but now there’s a way for you to get cash by using the vehicle’s pink slip as collateral. A pink slip loan works by allowing you to keep driving your vehicle while you hand over the pink slip or “car title” for the lender to hold as collateral for the secured loan.
How Do Loans For Pink Slips Work
These types of title loans typically allow you to borrow around 50% of the value of the car while paying back over time. Payments are often made each month and you can expect the term to last anywhere from 1-3 years, based on your ability to pay back the amount borrowed.
When doing loans for pink slips keep in mind that this is not something that should be done lightly and only after running all other options through financial analysis and weighing out how much it will cost vs how much it would benefit you. The lure of this type of financing is that you can borrow a larger amount than what’s typical with unsecured loan offers like a payday loan or even a loan from your bank.
How Can I Get A Pink Slip Loan
Once you decide a pink slip is what’s best for you the good news is that these loans are easy to get. Now, you’ll have to reside in a state where online title loans are permitted, but if your state allows them you can apply and be approved in less than one business day. Pink slip loans from Premier Title loans are available from $1,000 to $30,000. Compare that to the average loan amounts we see from registration loans at less than $1,000! You’ll have a fixed interest rate and perfect credit or having full time employment is not required for approval of the loans so anyone can get one.
How Much Money Can I Get From A Pink Slip Lender?
Of course, this question varies from client to client as there’s a variety of factors that influence what you can borrow when using a vehicle title as collateral. Pink slip title loans will generally require a car with a clear title that has been paid off. You can’t have any other liens or loans on your car title and the car also needs to be “newer” and in good condition with generally low mileage to have a fair resale value. If your vehicle no longer qualifies the good news is some lenders allow those with low vehicle values to take out online title loans as well, albeit at a lower amount with a higher APR.
Pink Slip Car Title Loans With Bad Credit
These pink slip car title loans are designed for people with bad credit. You’ll still need to verify your past payment and loan information, but we understand that poor credit happens, and having a few blips or issues on your credit history won’t cause you to be rejected for a pink slip title loan.
Unlike other loan offers from banks, credit unions, and personal loan companies we know that most people who apply for pink slip loans have bad credit and they have already been denied for other loan offers. As long as you own the vehicle outright and have valid insurance coverage, you should be okay even with a bad credit score!
Should I Apply For Pink Slip Loans Near Me Or With A Lender Online
Whichever method you chose, we highly recommend that you do your research to determine what offer is best for your unique situation. A direct lender near you can make you feel more comfortable with the entire situation and this also lets you see the paperwork and title lending details in person. Compare that to an online service that can process your title loan in 24 hours or less, but doesn’t give There’s also the possibility that a title loan company in your neighborhood might get cash as quickly as an online service as they don’t have to wait for ACH or bank funding.
When you apply for a pink slip title loan online you can skip a lot of the paperwork requirements as everything is streamlined and faster. Each situation is different but applying for online title loans can be much quicker and you can wrap everything up in an hour or less from the comfort of your home!
All loans have different payment requirements and terms so it’s best to speak with a Premier Title Loans loans advisor today to find out how much money you can borrow and what kind of terms are available to you. Take advantage of our quick online application process today and we’ll do our best to get you money with a pink slip car title loan!