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What is a Pink Slip Loan?
While you may be accustomed to the term car title loan, there are many different names they can be associated with. A pink slip loan is one of the many names that lenders will use to refer to car title loans.
If you are on the market for a title loan, it can be helpful to learn the terminology that lenders will use to describe them.
Here are some of the more common names that car title loans can go by:
- Car Equity Loans
- Auto Title Loans
- Pink Slip Loan
- Automobile Title Loan
- Auto Equity Loan
The names may be different, but they are all terms for car title loans! Pink slip loans are somewhat unique among car title loans, however. To understand how pink slip loans work, it is important to understand how car title loans work. Car title loans are when a borrower uses the equity in their vehicle to obtain funding. A car title loan is secured through the vehicle’s title, which is collateral for the loan. The vehicle’s title is usually the color pink. This is where the term “pink slip” loan came from. In other states, the term may not be as common, as the titles are usually green or a light blue.
A pink slip for a vehicle is considered proof of ownership. If you are searching for a loan to obtain fast cash in a financial emergency, a pink slip is your collateral for the loan and the solution for your financial woes. A car title loan can be the easiest way to obtain fast cash in a hurry! Whether you are looking to consolidate debt or make ends meet this month, a pink slip loan may be able to help.1
Applying for a pink slip loan can take just minutes to do online!3 Skip the in-person vehicle inspection by answering a few short questions about your vehicle.
How Do Car Title Loans and Pink Slip Loans Work?
Pink slip loans work similarly to car title loans. Your vehicle’s title is the “pink slip” and collateral for the loan. Title loans are often repaid in installments, and they can be scheduled in the amount that appropriately fits your income.
As a borrower of a pink slip loan, you are using your vehicle’s equity to obtain funding. Equity simply means the difference between the current resale value of the vehicle and how much is still owed. The more your vehicle is worth, the larger your loan amount will potentially be.1 To estimate your vehicle’s value and loan amount, use this title loan calculator to obtain a free quote!
Pink slip loans are secured loans, meaning that your title has a lien placed on it for the duration of the repayment process. During this process, your chosen lender becomes the lienholder. A lien simply means that the lender, or lienholder, has the legal right to repossess the asset if a borrower should fail to repay the loan. Loans that are secured through collateral are much more flexible in the approval process since the collateral is a form of security that the loan will be repaid.
If you are facing a financial emergency, a pink slip loan can be the solution you’ve been searching for! A pink slip loan may allow you to access your vehicle’s equity and turn it into cash you can easily borrow.1 The process to apply for a title loan is as easy as answering a few questions about your car. The best part? It takes just a few moments to do with title loans serviced by LoanMart!3
Are Borrowers with Bad Credit Eligible to Apply for a Pink Slip Loan?
With secured loans like pink slip loans, even borrowers with a bad credit history can still apply for the loan! Instead of solely looking at a borrower’s credit history during the online application process, a lender will focus on:
- The Equity in the Collateral
- The Borrower’s Income and Ability to Afford the Loan
Even if a borrower has a poor credit history, they are eligible to apply for a pink slip loan if they have a qualifying vehicle and a reliable income source. Title loans are known for accepting those from all different types of financial backgrounds and credit histories!1
If your car has enough equity and your income is sufficient, even your bad credit history may not stop you from getting the financial help you need.1 Here at LoanMart, we strive to help educate customers about the advantages of using title loans. LoanMart agents are available to answer any questions a borrower might have about the loan process online, or over the phone today at 1-855-422-7412.
How Much Can I Borrow with an Auto Equity Loan?
When applying for a pink slip loan you are accessing your vehicle’s equity and turning it into cash you can borrow.1 Generally, you will be able to borrow anywhere from 25%-50% of your car’s value. Title loan amounts will vary depending on the borrower’s income and vehicle value, however
If you are eligible for a pink slip loan, getting your money is easy! Qualified borrowers can often receive their cash in as little as 24 hours!1, 3 The application process is free, and you could receive a loan estimate in just a few minutes.
If you are experiencing financial hardship and need fast cash, let the LoanMart team help! Our team of experts is standing by on the phone to answer any questions you might have about title loans. If you are still unsure about how the process works, our team of qualified agents is more than happy to walk you through it.
What are the Benefits of Auto Title Loans?
Take a look at some of the most advantageous benefits you can look forward to when you are approved for a title loan serviced by LoanMart:
- Affordable Monthly Payments: With title loans serviced by LoanMart, borrowers will receive a payment plan that is personalized to fit their lifestyle and finances. There is no need to worry about missing payments with a personalized installment plan!
- Competitive Interest Rates: The interest rates with pink slip loans are usually competitive. This helps your wallet in the long run and keeps your monthly payments affordable.
- A Long Time to Repay: Pink slip loans are usually short-term loans. Title loans serviced by LoanMart may be able to help you find a loan with a longer repayment plan if needed!1
- Fast Process: Even if you have bad credit, obtaining a title loan can take a short amount of time! The entire loan process is just a few steps, and your money can be sent to you in as little as one business day.1, 3
- Flexible Qualification Requirements: Title loans are designed to help borrowers from all financial backgrounds that need fast cash! If you are not confident with your credit history, you can still apply for a pink slip loan.
How Can I Apply for a Pink Slip Loan?
While other types of traditional loans can be a hassle to apply for, a pink slip loan is different. Getting started on a car title loan is much simpler than you think! LoanMart has a streamlined three-step process that helps you find your funds fast.1
Here’s what you can expect:
Apply Online or Over the Phone Today
Getting started on your car title loan application is as simple as calling an agent toll-free today at 1-855-422-7412. Or you can get started by inquiring online and filling out a short information request here. The form will ask simple questions to find out:
- Your Name
- Your Current Address
- Your Vehicle’s Make, Model, and Year
- The Email Address You Wish to Be Contacted On
- Your Estimated Yearly Income
With this information answered, you’ll be able to begin the quick evaluation process! A loan agent can use your information to prequalify you for the next step.
Submit a Few Documents and Get Approved
After filling out your information request, a loan agent will contact you and inform you of your car title loan quote! At this point, you’ll be able to discuss the details of your pink slip loan and have all of your questions answered. Your quote is always free, and there is no obligation to continue!
There are a few documents you’ll need to submit to your loan agent if you want to proceed. These documents can help a loan agent approve your information and speed up the process.
Here’s what you can expect to submit to your agent:
- Proof of Address
- Proof of Income or Alternative Income
- Recent Photos of Your Vehicle
- Proof of Insurance and Registration
- The Title to Your Vehicle, or Pink Slip
Choose How to Get Your Cash
After successfully submitting your documents, your loan agent will review your submitted information and draw up your contract. After signing your contract, the last step is to choose how to obtain your funds! Many borrowers can choose between:
- A Check in the Mail
- Direct Deposit to Their Bank Account
- Pick it Up from Any Local MoneyGram Location
After picking up your funds, you are free to spend your cash! Qualified borrowers can get their funds in as little as 24 hours.3
Why Wait to Apply? Get Your Cash Today
If getting cash is as easy as three steps, why wait to see if you qualify for a pink slip loan? Apply today for a Title Loan serviced by LoanMart by going online and filling out a short form. Or call a loan agent today at 1-855-422-7412 to get a free quote!