A name loan, which some call a pink slide loan or name pawn

The loan, the car must either be paid off and free of liens or have enough equity — the amount the car is worth minus how much you owe on the auto loan — to cover the title loan because the vehicle title secures.

A name loan is typically simple to get with just minimal FICO rating and credit history needs, nevertheless the Federal Trade Commission warns borrowers to make use of care when it comes to a name loan. The FTC warns this kind of loan usually is