What Is an Auto Title Loan
Auto Title Loan is simply a collateral loan secured by your vehicle. The title certificate often called pink slip usually the ownership certificate (pink in color) proves you are the rightful owner of the vehicle which can be used to secure the loan.
When you purchase a vehicle or use a vehicle for a new loan the lender adds their name on the owner’s title as a lien holder and the certificate is recorded. When the loan is repaid, the lenders name is removed as lien holder.