What Is A Pink Slip Loan?
A pink slip loan also commonly known as a car title loan, allows people to use the title to their vehicle as collateral to secure funding. Many times borrowers who need financial assistance and have less than perfect credit making it very difficult to receive a loan with traditional lenders. With a pink slip loan borrowers are able to use the equity in their vehicle for a loan. The loan amount is ultimately determined by the wholesale value of the vehicle whose pink slip is being used to secure the loan. Generally the loan amount of a vehicle is 50% of the Kelley Blue Book value.
Pink Slip Loans Are Short Term Loans
A pink slip loan can also be referred to as a short term loan because of the duration of the loan. Most payment terms are from 24 to 36 months, but our pink slip loans are convenient because they give customers the option to pay off their balance earlier than their terms without being charged the remaining interest.
In order to qualify, borrowers must submit the following documents:
Required Information to Finalize Your Pink Slip Loan
- • Free and clear ownership of the vehicle (Vehicle must meet state minimum wholesale value requirement )
- • Proof of Income
- • Proof of Residence
- • Valid Driver’s License
- • At least Six References
Pink Slip Loans Fund Quickly
Borrowers who meet these basic requirements are eligible to receive a loan starting at $2,600. A loan representative will process and review all submitted documents to ensure everything is in order. Approval for a pink slip loan can be released in minutes and funding can be released the same day. Customers are able to collect their money at the closest office location to them.
During the loan process, we maintain the title or pink slip to your vehicle. Trading Financial Credit becomes a lien holder on the title until the loan is repaid. Simply meaning, your vehicle cannot be sold and you cannot transfer ownership until the loan is satisfied. Once the loan is complete, we will remove ourselves as a lien holder and return the title back to you.
Apply online today and get what you need by the end of the day!
You can also give us a call at 800-737-0900 and we'll be more than happy to walk you through the process!