The Facts About Auto Insurance for Car Collateral Loans
When you take out car collateral loans also known as pink slip loans, most lenders will hold on to the car title while allowing you to keep and drive the vehicle. However, in order to protect their collateral, almost all car collateral loan lenders will require you to provide proof of auto insurance.
An auto accident could devalue the vehicle or expose the borrower to legal action if there is no auto insurance on the vehicle. To prevent this from occurring, most lenders will not grant uninsured drivers pink slip loans.
Auto insurance is required by law in most states, although the specifics vary from state to state. For example, South Carolina mandates a bodily injury liability of at least $25,000 per person and $50,000 per accident. Its also requires a property damage liability insurance of at least $25,000 at the minimum.
Depending on the state and the car being insured, your monthly payments on auto insurance will fluctuate greatly. However, you can get discount insurance almost everywhere. Getting the basic minimum auto insurance coverage required by law will satisfy the requirements of most auto collateral loan lenders and help you get quick approval for your loan.
Wilshire Consumer Credit offers pink slip loans in South Carolina. They are a reputable lender that approves most applicants who have a clear vehicle title and auto insurance. Contact them here and get approved within minutes when applying online during normal business hours!
You could be approved and receive your cash in just a couple of days!