Pink Slip Title Loans
With Fast Funding
- Keep driving your vehicle
- Borrow up to $20,000
- Bad credit is ok
- Most low mileage cars qualify
- Keep driving your vehicle
- Borrow up to $20,000
- Bad credit is ok
- Most low mileage cars qualify
Apply For A
Pink Slip Car Loan Online
Consider A Pink Slip Title Loan If You Need Cash
Have you ever considered taking out a pink slip auto loan to cover unplanned expenses? Of course, no one wants to hand over their vehicle for some fast cash, as that would leave you without a way to get to work. A car is your primary means of transportation, your best friend on the road, and can be your most prized possession(especially if it's a Mercedes or Ferrari!). However, sometimes, there is no option but to tap into your vehicle's equity, especially when you get a loan because of a poor credit score. This type of secured loan involves using your car as collateral. This way, the company has some assurance and security if you miss a payment and eventually default on your loan. If something like that happens, you risk having your vehicle repossessed and sold to cover the initial loan amount.
Most applications for online title loans are evaluated according to the fair market retail value of their car or truck. 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 type of "saving face" gets you through a situation where you need to borrow more than $1,000 but don't have the necessary credit required for a personal loan. 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, and some companies offer same-day funding where you can pick up the cash in person. 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 title loan
Can you not afford the repayment terms because of a bad credit score? Or perhaps your title loan's monthly payment is so high that you have little cash to pay other urgent bills. This means that you haven't sat down to calculate the costs, and there can be an option to refinance your existing loan. 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. Most low-mileage vehicles can be used as security for a title loan, and you can borrow $5,000 or more with minimal paperwork required. As long as your pink slip is in your name, you should be able to qualify!