Getting A Pink Slip Loan When You Need One
There may be a point in time where you need quick cash, and you need to weigh your options. You may know what a mortgage and a car loan is, but are you aware about pink slip loans? If you are considering a pink slip loan for your financial needs, you need to know exactly what it is, what it can do for you, and what you really have to do to get one. Here are the details you will want to understand before moving forward.
What Are Pink Slip Loans?
Pink slip loans, in essence, are auto title loans. They are one of the most popular alternatives to regular bank loans. They’re fast, affordable, and a convenient way to get the money you need. All you have to do is visit the lender with your vehicle for an inspection along with the pink slip, which proves your ownership. The vehicle acts as collateral for the loan. The amount you can get in the loan depends on the value of your car. You can keep driving your vehicle as you pay the loan off. There are no credit checks needed since the vehicle is the collateral the lender needs.
How Does The Process Work?
If you come to a point in your life when you need cash fast, for whatever reason, you can apply for a pink slip loan in a quick, easy manner. You just fill out a short application, either online or with the lender. You then present your vehicle for an inspection to find out how much money you can get on the loan. Keep in mind that you don’t have to accept the entire amount, if you don’t want to. If you only need $1,000 and are offered more, you can certainly take less if that’s all you need. There’s no wait and no credit check since the lenders is using your vehicle to back up the loan, not your promise to pay it back, which is what credit can help to prove. Once you are approved for the loan, you get the cash and a payment schedule based on your agreed upon rates and amounts.
How Can They Be Used?
That’s completely up to you. Most people don’t go for an auto title loan or pink slip loan unless they need money quickly. If you have an unexpected home repair pop up, for example, or you need to pay off a credit card or some medical bills, those could be good reasons to get a pink slip loan. The lender won’t ask and you don’t have to say why you need the cash quickly and you can use it however you’d like.
Getting The Pink Slip Loan
Receiving an auto title loan can happen in a matter of hours when you work with the professionals at Champion Auto Services. Whether you have a car, truck, SUV, motorcycle, or RV, we can help you get the cash you need to cover unexpected expenses in the same day. All you need is a completed application and your vehicle and you’ll have the money in your hand shortly so you can take care of business as needed.