Have questions about pink slip loans? We have answers. Learn about the differences with auto title loans, pink slip loans, and title pawns; what is 'collateral' when it comes to loans, what happens if you're unemployed, how fast you can obtain a loan, prepayment penalties, and more.
Q: What's the difference between a pink slip loan and a car title loan?
A: Pink slip loans, car title loans, auto title loans, car title pawns, car equity loans, auto equity loans, auto title pawns, title loans, and title pawns - these terms are all used interchangeably depending on where you live in the United States and all mean virtually the exact same thing. These loans allow you to use your vehicle to secure a loan.
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Q: What is collateral?
A: In the case of a pink slip loan, collateral would be your vehicle, or the asset used to secure the loan. The equity in the vehicle is used as for security.
Q: What if I am not employed? Can I still secure a pink slip loan?
A: Most companies will require you to verify employment, so in most cases, yes, you do need to have a job. However, for those collecting disability or social security, you may be able to obtain a title loan that way because you are receiving monthly income. Contact a title loan company to find out if you are eligible for a loan, or fill out an online title loan application.
Q: How fast can I obtain a loan?
A: You can obtain one within one hour if you have all of the proper documentation. This documentation includes your drivers' license, vehicle registration, vehicle insurance information, proof of residency (you can use an electric bill, mortgage statement, phone bill, or other utility bill for this), proof of income (for this, bring in a recent paycheck stub), personal references, and an extra car key. Have all these materials handy (yes, it requires some hunting and gathering around the house) and you can be in and out within 30 minutes, with the money you need.
Q: I recently declared personal bankruptcy. Can I still obtain one?
A: People obtain these for a multitude of reasons, including bankruptcy. If you have monthly income, and enough monthly income to pay off your loan, you can obtain a title loan. If you have questions or are unsure if you qualify, contact a lender to find out. It never hurts to ask, especially if it means getting yourself out of a financial jam.
Q: What if I pay off my loan early? Will I incur a prepayment penalty?
A: No, you will not incur a prepayment penalty if you pay off your loan early. Most companies operate this way as well, however, if you have questions, ask.
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