Pink slip loans are a loan solution for people who need some extra money using their car title as collateral. Such borrowers must allow the lender to place a lien on their car title. The borrower also surrenders a hand copy of their vehicle title to secure a loan. When the borrower repays the loan amount in full, the lender removes the lien and returns the car title to its owner. If the borrower defaults on the loan, the lender can repossess the vehicle and sell it to repay the outstanding loan balance. Additionally, most lenders require that the driver must insure the car to secure a pink slip loan. Read on to discover why you should consider trying pink slip loans:
One of the primary reasons that you should consider getting a pink slip loan is that they are swift. Instead of waiting for days or even weeks for your bank to approve a loan, you can have your money the moment you finish the paperwork on a pink slip loan. Depending on your lender or other circumstances, the process can be as quickly as an hour. When you make a decision, and you reach an agreement with your lender, you will get your money immediately.
- Automatic Payment.
When making your monthly payments, you can choose from the various programs available. Some lenders can link you up with an automatic withdrawal out of your bank account. This option ensures that you will never make late payments and you do not have to think about the loan again. Pink slip loans can set up small and budget-friendly amounts to suit you.
- No Credit Check.
If your credit score is terrible, you will find it challenging to secure a loan with other lenders. Most lenders will check your credit first and refuse to approve you if they do not like what they see. However, pink slip loans do not check your credit. The loan you are about to secure is not about any score, but your car. Your credit does not dictate your approval. Lenders use the value of your car as a measure of your credit. You can get the amount you want as long as it does not exceed the resale value of your vehicle.
- Better than a Sale.
If you face a financial crisis, you may feel like selling your car is the only option. However, you will have another problem because you will lack the transport convenience you need to get you to where you want. As such, you need an alternative that will get you the money you want and still keep your vehicle. A car title loan will ensure you get the amount you wish while driving your car. The good news is that if you are in the market to sell your vehicle and buy another one, some lenders can pay you the top money to buy the new car.With such advantages, it is clear why you should consider getting pink slip loans.