Pink Slip Loans

By Author: Spectrum Titleloans
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What is a Pink Slip Loan and how does it work? A Pink Slip loan refers to an auto title loan in the state of California where the titles primary color is pink.

What is a Pink Slip Loan and how does it work? A Pink Slip loan refers to an auto title loan in the state of California where the titles primary color is pink. Pink slip loans are an easy way of getting cash with minimum paperwork required. All that is required is the title to the car (the car must be of a certain value depending on the company), a brief application, proof of address, and proof of income. The process takes less than an hour when all the necessary paperwork is brought in. The best part of these loans is that you are only surrendering the pink slip to your car so you keep driving your vehicle. The payments on pink slip loans are usually monthly and include principal and interest so as long as you are making the payments on time your balance is consistently going down.

Most pink slip loans do not require you to keep the loan for the full length of the contract and paying off the loan as soon as possible is recommended. The loan is a simple ...
... interest loan so you are only charged for the amount of time that you have the loan. The total amount you end up paying back is based on time, pretty much, the sooner you pay it off the less it is in total. Your payments include interest and principal but like any loan at first most of your payment is going mostly to interest. Making you payments ahead of time or for larger amounts is the best way to save on the interest being charged. For most loans anything you pay over the minimum payment goes to principal.

Once the account is paid off you receive your title back which should have the company’s stamp releasing the title back to you. Keeping the lien on the title is optional, as long as you have the title in hand and it is signed and stamped by the company it is as if they are not even there. The benefit of keeping it on is that if you ever get in a bind you can just go back with the same title and get another loan without the hassle of adding the lien over again.
Resource: http://www.loan4title.com/