Pink Slip Title Loan

Consider A Pink Slip Title Loan If You Need Cash

Have you ever considered taking out a pink slip auto loan? Of course, no one will hand over their vehicle for some fast cash. A car is your primary means of transportation, your best friend on the road, and sometimes even your most prized possession(especially if it’s a Mercedes!). However, sometimes, there is no option but to tap into your vehicle’s equity. This type of loan involves using your car as collateral. This way, the company has some assurance that the online loan repayment plan should fall through. If something like that happens, you will still take responsibility and cover the loss with your pink slip.

Most applications for online title loans are evaluated according to the fair market retail value. Some companies will run a vehicle value and damage report for an updated comparison value. A few larger operations in Georgia and Tennessee rely on vehicle history data and use their vehicle reports. The vehicle’s condition, appearance-wise and mechanically, will also be considered. If everything is in good working condition, you will be offered an amount from the online title loan company. The loan amount is typically capped at 65% of the vehicle’s current resale value, and that means you can borrow up to $15,000 with your pink slip as collateral.

 

Pink Slip Loans And Cash Advances

You could put someone on the spot and ask to borrow money or ask for cash in advance from your employer. However, the most reasonable solution would be to borrow money from a professional lending company or pink slip lender. This is the type of “saving face” that helps. You don’t want to ask for money from your co-workers as this could indicate some measure of irresponsibility. Nor do you want to put any family members on the spot, as borrowing money can test good relationships. Securing a car title loan is an excellent way to assume responsibility if you have bad credit. There’s no need to panic thinking that using a car title loan amounts to giving your car away.

What are the advantages of taking out car loans in times of financial difficulty? If you’re looking for a title loan online in Florida or Mississippi, you undoubtedly see many retail lending companies offering same day funding. Miami and Daytona Beach have hundreds by themselves! In case you’re not sure what a car loan is, this type of instant credit loan is secured by automotive collateral. If the contract isn’t fulfilled according to an agreement, you hand the title to the company, and they take possession of your car. A licensed pink slip lender will sell the vehicle and collect profit to cover their loss.

Consider different outcomes if you approach a lending company with an automobile to put down. You usually get more favorable terms and less hassle over credit or work/home history. The decision on whether to extend this loan will all depend on the value of your automobile. A newer vehicle or truck in good running condition may merit relatively high loan amounts, especially with bad credit. Compare the interest rate and payoff that you see with a payday loan. Most cash advance services will hit you with high fees, but you run the risk of repossession with online title loans.

 

 

Companies that offer pink slip loans online or in person near you

The first advantage of car title loans for borrowers in the Southeast to consider is fast approval. You will not have to wait weeks or months to get the lending company’s support. Some online companies claim they can offer car loans in a few hours based on the person’s application and a copy of the title. This leads us directly to the second advantage of a title loan: the fast transfer of funds.

Does your application check out with the collateral to back up your account during underwriting? You can receive a loan via a bank wire or ACH within a business day. The disadvantage of car loans is obvious and involves possibly losing your car. However, this scenario doesn’t have to happen if you are careful to keep the terms of the agreement short. Short-term loans happen fast and are repaid quickly. They are usually paid within 2-3 weeks after the borrower gets a new paycheck. Ultimately, this saves everyone money, including you, who will only have to pay minimal interest.

 

Repayment options for a pink slip loan & title loan

Can you not afford the repayment terms because of a bad credit score? This means that you haven’t sat down to calculate the costs. Another factor to consider is whether your state allows online auto title loans. West Virginia and Arkansas have strict restrictions against companies that give cash for a pink slip. Other states like Alabama and South Carolina allow you to use a vehicle as collateral with some rules. Don’t take out a pink slip car loan unless you plan to repay the balance!

 

Apply For A Pink Slip Title Loan

Why wait to see how much money you can get with the equity from your pink slip? Call Southeast Title Loans at 1-800-308-1905 or apply online for fast funding with your car’s title. As long as your pink slip is in your name, you should be able to qualify!