What are Automobile Title Loans?
Automobile title loans are simple interest loans that releases cash within hours. A pink slip loan, in essence, It is both a collateral and a title loan because you pawn the title of your car as collateral to the lender in exchange for fast cash which you could use for any emergency that might have cropped up in your life.
Because automobile loans have less restrictive underwriting, approval of a borrower’s application for a car equity loan takes only an hour or less if all the requirements are in order. The basic requirements for automobile title loans are the following:
- • Pink slip or clear title of the vehicle, whether it be a car, a truck or a van
- • Proof of full insurance coverage of the vehicle
- • Proof of stable income
- • Proof of residence
- • Valid driver’s license
In order to qualify for automobile title loans, the vehicle should have a net worth of no less than $4,000. If the loan officers appraise the car higher in value and the borrower could show proof of higher income, automobile title loans amount could be much bigger than $2,600 which is the base amount of pink slip loans.
Automobile title loans are safe and secure because it undergoes full oversight and auditing by the Department of Corporations.
With automobile title loans, borrowers are not subjected to strict credit check, which means previous history of bankruptcies, tax liens, repossessions, bad credit and past denials from lending agencies would not affect the chances of approval for a pink slip loan.
Under auto equity loans, the borrower does not need to surrender the vehicle to the lender and he keeps possession of the car because only the car title or the pink slip serves as the cash car title loan collateral.
If you’re faced with an emergency and you need fast cash, automobile title loans are your best, quickest, safest solution.
