DO I GET TO DRIVE MY CAR WHEN I DO A PINK SLIP LOAN?

Posted by Malini Somra on August 16th, 2019

The answer to the question here is a YES!!! You can drive your car when you get a pink slip loan. It is that flexible and you can get the pink slip loan in few hours after your application has been approved. It is fast, simple, and convenient for individuals who own a car free and clear to apply for a loan using their pink slip.

The pink slip serves as a means of proving to the lender that you are the true owner of the car, you do not owe any amount on the car, and there is no lien placed on the car. With this, your lender can be assured that they are taking less risk in borrowing you the money you applied for.

A lien is placed on your car by your lender just so they can have a means of repossessing your car in case of any eventuality or when you default based on the agreed terms. Once, they can take possess your pink slip, which in this case is serving as your collateral to get the loan, then you can get to drive your car whenever, and to wherever you wish.

Getting Funded for Pink Slip and Paying Off the Loan

When you get approval for a pink slip loan, you will get full details of information like the interest rate, fees, and the principal that is expected with the pink slip loan. Usually, pink slip loans are spread out longer than what is obtainable with a registration loan or payday loan. These other two loan types require that the borrower pay back by the next paycheck. This is not the case with pink slip loans as the lender makes it easier for the borrower and the borrower can negotiate the payment terms; the lender creates a flexible, and customized loan repayment terms and schedule to ensure that you are comfortable while repaying the loan. This will go a long way in helping the borrower not to be put under further financial pressure.

Paying off a pink slip loan is easy because in the first place you will get a loan amount that is within your capacity to repay and you can negotiate your payment plans to suit your needs and income so that you do not default on the agreed terms.

If you are asking, “Do I get to drive my car when I do a pink slip loan?” - the bottom line here is that you can still drive your car anytime and to anywhere you want when you are servicing a pink slip loan. This is one of the major advantages of pink slip loans aside from the fact that it is fast, simple, and convenient. Also, it doesn’t matter whether you have good or bad credit, you can still qualify for pink slip loans as far as you own a car of your own free and clear, then you can get a pink slip loan and you will still be able to drive your car while you repay the loan. Pink slip loans are that simple, convenient, and straightforward.

Learn more about loans - https://www.investopedia.com/terms/c/car-title-loan.asp