If an unexpected expense has hit hard this month, it can be tough to catch up on bills. When these financial hardships hit, you might be searching for pink slip loans to help your situation. One of your best options for fast, convenient emergency funding is a ChoiceCash Title Loan serviced by LoanMart.1
What are the Requirements for Pink Slip Loans?
A pink slip loan can help cover the costs of unexpected bills or expenses. But what are the requirements for a pink slip loan?
- Age Requirements: To sign any contract such as a loan contract, you will need to be of age. In most states, that is 18 years of age. A loan is a big financial decision, and a minor will not be able to apply for a loan.
- Car Requirements: Your vehicle must have equity to qualify for a title loan. Equity is simply the difference between the market value of the car and how much you currently owe. Since your vehicle will be used as collateral for the loan, it must have a certain amount of value if it were to be sold. The title of the car must be in your name as well. If you’re curious about what your vehicle could potentially be worth, simply answer a few questions about your car here.
- Income Requirements: Any reputable car title loan lender will make sure that you can afford a monthly loan payment before they approve you for a loan.During the approval process, a loan agent will look at your income and your income-to-debt ratio to see if you can afford a consistent payment.
How Do Pink Slip Loans Work?
If you have a title to a paid-off car, you might be able to apply for a pink slip loan. Title loans can be called a few different names depending on your state, including:
- Auto Equity Loan
- Pink Slip Loan
- Auto Advance Loan
- Car Title Loan
- Title Pawn Loan
While the name may be different, a pink slip loan is still a car title loan. The term “pink slip” refers to the color of the title! In California, the car titles are printed on pink paper, so they are called pink slip loans in that state. Pink slip loans work just like car title loans do! The value of your car and your title will secure funding through a car title loan. The more value your vehicle has, the more you could potentially borrow through a car title loan.
When you apply for a pink slip loan, your vehicle’s title becomes collateral for the loan. The collateral helps make the loan a secured loan, which makes the approval process much more flexible!1 Secured loans can offer many advantages besides just cash:
- Bad Credit? Don’t Sweat it: Pink slip loans are secured loans through collateral. Unsecured loan lenders will use your credit history, income, and debt as the basis for loan approval. The more of a risk you are to an unsecured lender, the less likely you will receive approval for a loan. With a secured loan like a title loan, your collateral for the loan will assume most of the risk. This means that those with a bad credit history can still apply for a secured loan like a pink slip loan! While your credit is considered, it is not the most important part of the approval process.1
- Get More Cash: With pink slip loans, the value of your collateral is what your loan amount will be based upon. The more your car is worth, the higher your funding amount could be through a car title loan.1 That is, of course, if your income can support the monthly payment for the loan.
- Competitive Interest Rates: With a secured loan, the interest rates are often more competitive, which saves you money in the long run.2
Does My Vehicle Have Enough Market Value for a Pink Slip Loan?
One of the requirements for a pink slip loan is that your vehicle must have equity to qualify as collateral. Many car owners do not know what their vehicle is worth off the top of their head, however. That’s why ChoiceCash Title Loans has a helpful car title loan calculator! By answering a few short questions about your car, you could potentially become pre-approved for a pink slip loan. Afterward you’ll receive a free title loan estimate!1
To receive an accurate estimate and preapproval for a car title loan, you will need to be as accurate as possible when answering those questions. You will be expected to know this about your vehicle:
- The Year
- The Make and Model of the Car
- The Car’s Style
- The Current Mileage on the Car
- Your Current State of Residence
With this information, a car title loan agent can easily walk you through the steps to apply for a loan. There are many different types of cars that can qualify for a car title loan!
Call 855-914-2945today to get any of your questions about car title loans answered. Loan agents are available seven days a week to help you get more information about pink slip loans.
Do I Need a 9-5 Job to Apply for a Pink Slip Loan?
Most traditional lenders will require a borrower to have a traditional 9-5 job to apply for a loan. Pink slip loans can be a little bit different!
While you do need to provide proof of income, the income requirements with ChoiceCash Title Loans can be a bit more flexible. Here are some of the acceptable forms of alternative income with ChoiceCash Title Loans:
- Annuity or Retirement Income
- Social Security Benefits
- Disability Benefits
If you aren’t sure if your income will qualify for a pink slip loan, give a loan representative a call at 855-914-2945. Even if you do not have a traditional 9-5 job, you should be able to receive the financial help you need.1
Can I Keep my Keys While I Pay off My Auto Title Loan?
Your car is often your main source of transportation. With a title loan, you are using your vehicle as collateral for the loan. A lien is placed upon your title while you pay off your loan, and your lender becomes your lienholder. A lien is just the legal right to your asset if you fail to make payments.
While you will have a lien on your car’s title during the repayment process, your car is different! As long as you make on-time payments to your loan, you can keep driving your car. When you keep your keys and make on-time payments to your loan, your credit score also benefits! Payment history is a large portion of your credit report. The more on-time payments that you make, the more your score can potentially be raised.
That’s not all! With ChoiceCash Title Loans, when you make on-time payments you will receive extra rewards. 2 As you pay down your title loan on time, your monthly payments could get lower and lower.2
How Do I Apply for a Pink Slip Loan Online?
Pink slip loans could be an easy way to get quick financial help. It’s not surprising that they are also easy to apply for!
Whatever your financial emergency is, a car title loan can be the solution. The approval process is quick and flexible for your convenience. It has been streamlined into three quick steps:
Step 1: Call an Agent or Click Online
Ready to start the approval process? Your first step is to fill out a short inquiry form and answer a few questions about your income and car. This preapproval step can be done online, or over the phone with a representative at 855-914-2945. It can take just minutes to do through the website, or a quick phone call!1
If you are preapproved for the loan, the next step is just to send in a few documents to verify your identity and vehicle ownership. You can submit all of your paperwork online from the comfort of your home!
Step 2: Send in a Few Documents
Here’s what you can expect to need:
- Car Title
- Proof of Income or Alternative Income
- Proof of Address
- Recent Photos of the Car
- Government Issued Photo ID
If you have any questions about your documents, a loan agent is standing by to answer any questions you might have. Give them a call at 855-914-2945. Pink slip loans are easier than you think to apply for!
Step 3: Get Approved1
After your documents have been submitted, a loan agent will review them and verify your information. Once you have received your qualified status, you are ready to sign your ChoiceCash Title Loan agreement! At this time, a loan agent will walk you through your payment plan and help answer any questions you might have about your loan.
Get Your Cash Fast in an Emergency
Ready to solve your financial woes? With ChoiceCash Title Loans, qualified borrowers can get their cash in as little as one business day!1 If you have a financial issue that needs fixing, apply for a title loan today.