Automobile equity loans are debt instruments, which allow borrowers to get cash quickly, using auto equity as collateral for the loan. The borrower must provide a title. Loans on the vehicle must also be paid off or nearly paid off in order to qualify. Since this is easy to show, these loans are frequently approved within minutes and processed in hours, provided all the requisite documentation is available.
Don’t worry if you happen to lose your pink slip or auto equity! Loans are still available, as long as you can replace it. It’s the same situation as if you need to sell that old car that has been lying in your garage for ages but you are unable to find the car equity, you can still sell the car, and you just have to replace the auto equity first.
How to Replace a Car Title to Use as Loan Collateral
If you have lost or misplaced your pink slip, there are steps that you can take to get a new one issued. To replace a pink slip that is lost, stolen or destroyed, the owner can go to the Department of Motor Vehicles (DMV) and have them reissue your car equity. Loans on the car must already or nearly be paid off to get a clear title. In both cases the borrower must fill out two forms and return them to their DMV either in person or online. The procedures may differ in other states.
The most important piece of information needed is the Vehicle Identification Number (VIN#) that can be found on the driver’s sidecar door or dashboard. You will be charged a fee of $15 for the replacement service. For an additional $5, rush service can be requested, and you can get your certificate in hand within three business days.
If your state offers online replacement services or instant in-person title replacement, you’re lucky, because this is the fastest way to get a new pink slip. When you’re trying to borrow money, car equity loans are not available but auto equity loans are. In both cases you have to give the lender the pink slip as collateral, getting your document replaced can prove to be very useful.
Sometimes you are in urgent need of cash and getting a conventional loan could be an impossible task thanks to your credit score. But you don’t have to worry anymore; with an automobile equity loan you can regain your credit and get the emergency cash you need quickly using you automobile as collateral. Just provide the lender with your clear title.
Loans on the automobile must be paid off or nearly paid off to get a clear title that is needed to qualify. However, to get a car title loan you must turn over your car title to the lender. The lender becomes the lien holder on the title and will keep it until the loan is paid off. If you default on the loan payments, they will repossess and sell your car.
There are many lenders who offer equity loans regardless of your credit score. Your pink slip with a clear title on the vehicle can get you quick cash within hours. So if you require emergency cash, apply online and see how easy it is to get approved in minutes.