What is a Pink Slip Loan?
Do you want to borrow money but have a low credit score? Do you need fast cash? A pink slip loan will prove to be the perfect option for you in many different situations. Also known as a car title loan, this service is suitable for those who are outright owners of a vehicle such as a car, a motorcycle, or a truck.
Cash-N-Go is a 20-year-old company based in Phoenix, Arizona. It offers short-term loans ranging from $200-$100,000. It is a trustworthy founding member of the Arizona Title Loan Association and it is accredited by the Better Business Bureau.
The method for lending money is quite easy. The company assesses the value of your vehicle. It then lends you the corresponding amount of money. After this, depending on one of the two modes of payment you choose, you pay once or twice a month to pay it off. If you fail to repay your loan, the company becomes the legal holder of your vehicle
It is important to note that you are responsible for license fees and car maintenance during the term of the contract. You are also required to have minimum liability insurance for the state of Arizona. You need to get full coverage, depending on your circumstances.
Do you already have a pink slip loan from a different company? Another good thing about Cash-N-Go is that it even offers to help you pay off your debts faster. Cash-N-Go offers two payment methods. These are interest only and amortized payments.
Interest only is when the company decides the amount you pay twice a month. This way, you are able to repay your loans in either a few weeks or months. But, if you decide to pay extra principal, your future interest payment also decreases. This means that if you pay extra one month, the following months, you are able to pay less than you did before.
Amortized payments are perfect for those who want to know exactly when they will pay off their loan. The company decides the amount of money, and you pay once a month. Even if the client pays extra principal, the amount stays the same. But, this shortens the term of the loan.
There are two other factors to keep in mind before choosing the best model for you. First, you can always switch to another one even if you have started paying. Second, the client pays interest payments every month on the 1st and 16th.
Steps of the Application Process:
- You need to fill out the pink slip loan application that is available on the company website. After completing it, you need to send it either by email or fax. You can also take a hard copy with you to their office.
- After Cash-N-Go evaluates your vehicle, it will assess the amount of loan for you. It will be based on your application and car title. If you are approved, they will then hand you some documents to sign.
- They will ask you to choose one of the two payment models mentioned above.
- The company will become a lien holder of your vehicle. The company will copy all the documents you sign and give you your loan.