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Have you ever thought of how you can get some money despite poor credit rating? Then getting a pink slip loan is the way out.
A pink slip loan (also known as a car title loan) is a type of secured loan where borrowers can use their car title as collateral to secure the loan. Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title in exchange for a loan amount.
When the loan is repaid, the lien is removed and the car title is returned to its owner. If the borrower defaults on their payments then the lender is liable to repossess the vehicle and sell it to repay the borrowers’ outstanding debt.
When a lender approves a pink slip loan for a borrower with bad credit, unlike a pawn broker, they do not keep the car, but hold on to the title only.
If the vehicle is involved in an accident, it could damage and devalue the vehicle or expose the borrower to legal action, especially if there is no auto insurance on the vehicle.
To prevent this from occurring, most lenders will not grant an uninsured driver a cash equity loan. If you can get the basic minimum coverage required by law, it will satisfy the requirements of most auto collateral loan lenders and help you get quick approval for your loan.
There are times when you find yourself in financial crisis and you need to get out by all means. Getting financial assistance from banks or some other financial institution prove abortive due to poor credit rating.
Get a pink slip loans for your emergency needs today!
The way this works is very easy and without any stress and with pink slip loans, you can get a loan sum on your title and still keep your car.
You would bring the car and your title together to us and we would look up your car by year, make, and model, and then determine what the resale value of the car might be.
We will also then look at the actual car to determine its condition. In general, you might qualify for a loan up to fifty percent of the total resale value of the car.
Upon receiving the funds, you either will be required to make a lump sum payment or may be able to make payments upon the interest, if you cannot make a full payment. There are interest rates charged on this type of loan and generally, it is somewhere close to 300% interest.
Some credit institutions tend to have higher interest rates than us, but not with us, we will get you the best rates
In order to qualify to get a pink slip loan, you have to have your car paid off so that you are not still making payments on it. The largest amount of the loan you can get is based on the resale value of the car, so if you have a newer car in good condition, you can get a larger car title loan. You must also be the person on the title of the car in order to be approved for the loan.
Unlike a traditional or conventional loan, a pink slip loan usually has a term of 30 days, although some can be made for longer. In reality, you don’t want to make it for longer because the interest rate charged reflects the convenience and relative lack of required paperwork for this loan, which means the interest rate is usually quite high.
The reason for this is the price you are paying for the convenience, the speed at which you can usually get your money, and to encourage you to pay it back on time, plus create a revenue stream for the company providing the car title loan.
If you need cash in a hurry, a pink slip loan can be a great way to accommodate that need. With the greatly reduced amount of paperwork required, plus the fact that these loans can usually be approved the same day, sometimes within hours, a car title loan can get you the money you need quickly. Even a conventional loan with a bank or credit union can take days to process and get a check to you, and sometimes you need the cash NOW and cannot wait for several days.
The following documents, items and information should be provided in other to apply through our secured website:
Although, there are some predatory moneylenders out there that are keen to take undue advantages of the innocent consumers. With car title loan Boise, you are safe to apply for the loan as we give favorable terms to our customers.
Give us a call now or apply online for your pink slip loans. Our friendly agent will be waiting to assist you out!
Well, there may be a lot of reasons that you would want to use your pink slip for this purpose. For example, maybe you have some bills that really need to be caught up.
On the other hand, perhaps you simply need some extra cash to make it through to the next payday. Maybe you have an emergency that makes quick cash necessary.
Either way it goes, this gives you the ability to make use of your assets and get cash when you need it.
If you need cash in a hurry, a pink slip loan from TFC can be a great way to accommodate that need. With the greatly reduced amount of paperwork required, plus the fact that these loans can usually be approved the same day, sometimes within hours, a pink slip loan can get you the money you need quickly.
Even a conventional loan with a bank or credit union can take days to process and get a check to you, and sometimes you need the cash now and you cannot afford to wait for several days
It is of greatest importance to acknowledge that TFC issues direct loans straight from our office to customers the same day of application. We commit our service to seeing your troubles lifted and do not want to strain you financially, hence our title loans are very fast and easy.
Asides from the fact that TFC pink slip loan offers easy application, they also offer the fastest way for you to get hold of the loan.
Once the application has been submitted, you should expect a quick online approval as well. You can also get your loans in a maximum of hours or a day.
You can immediately pay your bills once the money has been transferred to your account or once you pick it up.
Irrevocably, pink slip loans have been a great substitute for those people who are in need of money and were not able to get the assistance they need from traditional institutions.
It has also provided people with the opportunity to address their needs in the easiest and fastest way possible. Lastly, loan seekers would no longer keep on seeking because they have finally found what they are looking for with TFC pink slip loans.
You also need to have a very good repayment plan. Although some lenders might not ask for a proof of employment or quiz you on how you plan to pay back when approving your loan but it is seemingly important you have a sure means of paying back by having a solid payment plan before you sign off on any document. You do not have to wait for time to run out to pay. It is far better you pay on time, earlier if possible, so as to avoid a late payment penalty.
Paying more than the minimum payment per time might be tasking but it would also help you offset the debt fast. It is better to choose a company that does not charge a repayment penalty so you can save on interest charges by making payment on the loan before it is due.
Once you pay off the loan fast, the interest doesn’t become much and the borrower pays less. Some arrangements are based on interests’ alone monthly payment but it is better to make payments every month to avoid a massive payment at the end of the day or face the possibility of losing your car title and consequently, your car. This kind of loan can take you down fast.
If you fall into the category of those who can’t seem to remember when to pay their bills or have a hard time doing it altogether then you should opt for direct debit from your bank account or post-paid checks. Failure to make payments on time could make you lose your title and give room for the lender to repossess and sell your vehicle to recover the debt.
Mostly, people with bad credit are the ones who opt for pink loan. Lenders would majorly check the borrower’s credit before giving out any funds but bad credit in itself is not a major problem for lenders as the debt is secured by pink slip. Qualifying for a car title pink slip loan requires that the borrower must own the car he plans to use as collateral and the car must be paid off or nearly paid off. The proof of ownership and repayment of the previous loan must be shown to the lender to enable the borrower qualify. They may also consider if you are employed or what your source of income is- whether a job or self-employed.
Before applying for a pink slip loan, you should know how much your car is worth. You should at least have an estimate of the net worth of your car after whatever time of use. There are resource materials and online means to do this and significantly, The Kelley Blue Book (KBB) is a popular one to help determine your car’s value. This particular research tool helps you identify your car’s model and years of production as well as all other options that will help you arrive at the car’s value.
The trade-in value will be the one that guides you more when approaching a lender, he will use this information to determine how much he will be parting with as what he can afford to lend you. If you are able to know your car’s worth beforehand, helps you maximize the loan properly as you can borrow the most amount possible on your car equity.