Pink Slip Loans in Southern California
April 8, 2012
If you’re in the market for a loan in Southern California, consider a pink slip loan.
A pink slip loan is a loan against the value of your vehicle. It may also be called a car title loan, title loan or u-drive loan. Such a loan can be very useful if you do not qualify for a traditional loan or would rather skip the hassle that banks and other traditional lenders tend to require.
So, what is required to get a pink slip loan? How much money can you borrow? Will credit trouble matter? Let’s explore the answers to these and other questions.
What is Required to Get a Pink Slip Loan?
To obtain this type of loan, you’ll have to have your vehicle’s pink slip (certificate of title) and meet a few other requirements. These requirements vary from lender to lender, but are generally less stringent than those that you’d find at a bank. For example, at Car Cash Loans, you’ll need your vehicle’s pink slip and the following items:
Proof of registration
Proof of insurance (full coverage)
Driver’s license or other form of photo identification
Extra set of keys
Remote switch (if vehicle is equipped with an alarm)
Those are all items that you probably already have if you own a vehicle, anyway, which makes getting a pink slip loan a relatively easy process.
How Much Money Can I Borrow?
The amount of money that you can borrow through a pink slip loan depends on the lender’s policies and the value of your vehicle. For example, Car Cash Loans offers loans as low as $500 and as high as $50,000, giving you flexibility to borrow just the right amount of money. They’ll generally lend up to 50 percent of the value of your vehicle, so keep that in mind when figuring out how much you may be able to borrow.
What if I Have Poor Credit?
If you have poor (or no) credit, you don’t have to worry. At Car Cash Loans, you won’t be disqualified for a loan based on your credit history. They won’t bother checking it at all.
What are the Payment Terms?
The payment terms on a pink slip loan will vary from lender to lender.
A common term length is 30 days. However, payment plans can be worked out to allow for several months or even years to pay the loan back.
In terms of interest, the average rate is 25 percent per month. However, you can find rates that are lower than that. In fact, Car Cash Loans offers loans at less than half that rate, meaning that you can save on interest expenses when compared to other lenders.
Will I Have to Surrender My Vehicle?
In many cases, you will not have to surrender your vehicle to obtain a pink slip loan. Often, you can get a pink slip loan by handing over the title. So, you’ll typically be able to drive home with cash – not ride a bus.
Where Can I Get a Pink Slip Loan?
Car Cash Loans is conveniently located in Los Angeles. Their address is 1919 S. La Cienega Blvd., Los Angeles, CA 90034. Look them up on an online mapping service to see if they are within driving distance to get some quick cash.