The procedure for how to get a pink slip loan can also be called auto title loan. In California, you can get a pink slip loan, but there are some rules and regulations that are involved in the process. For example, based on the California state law, the least amount you can get on a car title loan is nothing less than $2500, we will let you know how car title loans work.
Consequently, lenders cannot loan you the money lesser than that. This means your vehicle has to worth at least $4,000 or less, because the lenders did not always loan the full amount of vehicle.
The car you’re borrowing is against the collateral for the loan you need and if you don’t pay the money to the lender, according to law, the lender can legally possess your vehicle. Call TFC Title Loan to get more information on how to get quick cash!
The lender will want some of the following:
Proof of insurance on your car- Liability insurance will not work since the lender wants to ensure that when your vehicle has an accident, they will be able to get their money back. Because they have a financial interest in your vehicle.
According to the department of business oversight in California, your monthly income should not be below $1200.
You need to provide a vehicle that qualifies. Contact TFC Title Loan to get more information and know whether your vehicle qualifies.
Car title loan. Your vehicle must have a title. In some cases, you can get a loan, if you have a balance. The car title loan will pay off the loan on your vehicle. But, you must know that, generally auto title loans have high-interest rate than other types of loan.
Personal references- Companies want to know your history and reputation.
Professional references. It will really help, if you have a reputable job.
The above are the basic things you need to know on how pink slip works. If you need further clarifications or you need answers to your questions, contact TFC Title Loan. Call us today for your pink slip loan needs.
You’ll find our experienced, knowledgeable and friendly staffs, who are ready to work with you. Our objective is to educate you; this will help you in making the best decision in getting pink slip loans in California.