Is your car totaled but you still need money? Car owners who need cash for unexpected expenses can apply for salvage title loans online or over the phone. Through a salvage car title loan, you can borrow against your vehicle’s value.5
Although cars with salvage titles are often cheaper than used cars with clean titles, they typically require a lot of upkeep and repairs. The extent of the damage will vary depending on several factors. It is possible to fix a salvaged car -but be prepared to spend a little bit of money. If the cosmetic or body damage is significant, and the repairs will usually be a lot more pricey! Salvage cars may have damage and need expensive repairs, but in some cases, they have enough value to qualify for a car title loan. Keep reading to learn more about salvage titles and how to borrow against the value of a car with one!5
What is a Salvage Title?
If a vehicle has been severely damaged in an accident, a flood, or another natural disaster like a fire, may be given a salvage title. This means that the insurance company has declared the vehicle to be a total loss and verified that the cost of repairs exceeded its current value.
A rebuilt title is issued by the applicable Department of Motor Vehicles (DMV) or state equivalent after a salvage vehicle has been adequately repaired and inspected. This type of branded title indicates that the car has been rebuilt and is now roadworthy. Therefore, the title will no longer carry a salvage title brand.
After the vehicle is thoroughly inspected and has passed an inspection at a state-approved vehicle inspection facility, it is issued a rebuilt title. Both salvage title cars and rebuilt cars can have enough equity to qualify as collateral for a title loan!5
Should You Buy a Car With a a Salvage Title?
The pitfall of salvage title cars is that they come with a low price tag initially, but there are hidden costs down the line. Even if you only paid $500 for a car with a salvage title, you may need to spend a couple grand to get in roadworthy condition. Years down the line, you may need to take it to the mechanic to deal with hidden issues caused by the accident or natural disaster that previously totaled the vehicle.
Cars with salvage or rebuilt titles are also difficult to insure or resell in the future. In some states, you will not be allowed to drive a car with a salvage title on any public roads!
Until your car is repaired and inspected, it will need to stay on your property. Before purchasing a vehicle with a branded title, it is recommended to check the guidelines within your state regarding salvage and rebuilt cars.
What is a Rebuilt Car?
A rebuilt car is simply a car that has been declared a total loss by the insurance company but has been sufficiently repaired by a mechanic.
When you apply for an auto title loan for your rebuilt car, the lender will assess the value of your vehicle and offer a loan based on its overall value. You will typically only be able to obtain up to 50% of your vehicle’s overall value if you are eligible for a title loan.1
Generally, rebuilt cars are worth less than cars with clean titles because they have typically undergone a significant amount of damage. Although rebuilt cars have usually been adequately repaired and inspected by the applicable Department of Motor Vehicles, they are still previously damaged cars. In order to obtain a rebuilt vehicle title, you will need to have your car inspected by a state-approved inspection facility. It may need to pass certain tests before you can get it back on the road again! Rebuilt cars can still be good cars. But, it depends on the quality of the repairs and how well they were done. Some of the factors that affect the overall value of your car include its age, condition, and mileage. Your vehicle’s accident history can also affect its overall value, even if you have repaired it and it is back in working condition.
It is important to have a thorough inspection conducted on the rebuilt car before you consider utilizing it as collateral for an auto title loan.
You can usually get a great deal on a rebuilt car if you decide to purchase one from a private seller! However, you may find it tough to insure, since these types of vehicles can come with unforeseen mechanical issues.
How Can I Qualify for a Car Title Loan with a Salvage Title Car?
Title loans are a popular way to get funding, even if you have a bad credit history! To qualify for this type of secured loan, you will need the clean title in your name. Additionally, you must prove that you have the ability to repay the loan. Even if you have a salvaged car title in your name, title lenders could still approve you!5
Other types of loans like credit cards or personal loans will require a borrower to have a good credit score. But a title loan is a different experience. Title loans are secured through collateral, not just credit history! The collateral for an auto title loan is the title to your vehicle. Instead of just relying on your credit score for loan approval, a lender will focus on:5
- Your Ability to Make Timely Monthly Payments
- The Value of the Vehicle
Call 855-561-5626 to reach a title loan agent and learn more about salvage title loans.5
How Much Can I Get Through Salvage Car Title Loans?
Even if your car has a salvage title, some title loan lenders will still let it qualify for a title loan! Your loan amount, interest rate, and approval in the title loan process will depend on the value of the car and income.4
Generally, you can access up to half of your vehicle’s value through a title loan. With a title loan on a salvage car, you may not have as much equity to borrow from – if at all.1 This is due to the fact that car with branded titles, such as salvage or rebuilt titles, may be worth less than cars with clean titles of a similar make and model. But that does not mean you can’t access the financial help you need! In-demand vehicles can still have enough equity to use as collateral for emergency funding.5
Need to check out what your vehicle with a salvage title could be worth? Just use a quick title loan calculator! If you have any questions or need additional information, visit the FAQ page.
What Will I Need to Apply for a Title Loan on a Salvage Car?
Like any other loan, there are a few documents you will need in order for a loan agent to determine your eligibility. Salvage car title loans have a streamlined approval process. That means you can conveniently submit all of your documents online! It typically takes just a few minutes to do. A helpful title loan agent can walk you through it. Here’s the documents you can expect to submit besides the salvage title to your vehicle:5
- Valid, Government-Issued Photo ID: In order to prove your identity, a photo ID must be submitted during your inquiry. Your driver’s license or your U.S. passport are examples of acceptable identification.5
- Proof of Residence: Acceptable examples are recent utility bills, credit card offers, or your mortgage statements. You may also submit a recent lease agreement.
- Proof of Income: While you will not need a traditional 9-5 to apply for a title loan, you will need some form of proof of income. Paystubs, bank statements, and retirement account statements are some examples of proof of income. 5
- References May Be Required: Some title loan lenders will ask for a few references in order for you to qualify for a loan.5
Do you have any questions about the documents you will need? Don’t hesitate to reach out to a title loan agent today and get more information about getting title loans on salvage cars!5
Where Can I Apply for a Title Loan on a Salvage Car?
Here at Max CashⓇ Title Loans, we strive to make the title loan application process as easy as possible. You won’t need to spend hours searching on the web for the right title loan on a salvage car! With our network of thousands of verified car title loan lenders, it has never been easier to get the financial help you need.5 In some cases, we can connect you to the right lender for you even if you have a salvage car title!4 5 Our loan agents are even available seven days a week to take your call and answer any questions you might have about salvage car title loans.
To get started on the car title loan process, simply visit our website and fill out a short form. Or, feel free to give us a call any day of the week at 855-561-5626!5
Frequently Asked Questions About Salvage Car Title Loans
Finding salvage title loans can be straightforward if you know where to look. You have two main options to explore:
- Online Search: Many lenders advertise their salvage title loan services online. Conduct a quick internet search to find several companies offering these loans. It’s convenient and lets you compare options from the comfort of your home.
- In-Person Visits: If you prefer face-to-face interactions, visiting local lenders is an option. Make sure to call ahead, as not all lenders provide salvage title loans and may only do so in specific states. Verify their policies to ensure they meet your needs.
Using these methods, you can efficiently locate salvage title loan providers and choose the best fit for your situation.
Title loans are a popular way to get funding, even if you have a bad credit history! To qualify for this type of secured loan, you will need the clean title in your name. Additionally, you must prove that you have the ability to repay the loan. Even if you have a salvaged car title in your name, title lenders could still approve you!
Even if your car is a salvage title, many title loan lenders will still let it qualify for a title loan! Your loan amount, interest rate, and approval in the title loan process will depend on the value of the car and income.
Like any other loan, there are a few documents you will need in order for a loan agent to determine your eligibility. Title loans have a streamlined approval process. That means you can conveniently submit all of your documents online! It typically takes just a few minutes to do. A helpful title loan agent can walk you through it. Here’s the documents you can expect to submit besides the salvage title to your.
However, if your car has been damaged but does not have a salvage title, it’s still possible to secure a title loan. The amount you can borrow may be lower compared to a car in good condition because the lender will consider the diminished value of your car. Additionally, expect the interest rates to be higher than those for cars in better condition, as lenders take on more risk with damaged vehicles.
By understanding these factors, you can better prepare for the title loan application process and set realistic expectations about the terms you might receive. This thorough approach ensures you are well-informed about how your car’s condition affects your loan options.
Title loans are a popular way to get funding, even if you have a bad credit history! To qualify for this type of secured loan, you will need the clean title in your name. Additionally, you must prove that you have the ability to repay the loan. Even if you have a salvaged car title in your name, title lenders could still approve you! Other types of loans like credit cards or personal loans will require a borrower to have a good credit score. But a title loan is a different experience. Title loans are secured through collateral, not just credit history!
The collateral for an auto title loan is the title to your vehicle. Instead of just relying on your credit score for loan approval, a lender will focus on:
- Your Ability to Make Timely Monthly Payments
- The Value of the Vehicle
How Much Can I Get Through a Salvage Car Title Loan?
Even if your car is a salvage title, many title loan lenders will still let it qualify for a title loan! Your loan amount, interest rate, and approval in the title loan process will depend on the value of the car and income. Generally, you can access up to half of your vehicle’s value through a title loan. With a title loan on a salvage car, you may not have as much equity to borrow from. This is due to the fact that cars with branded titles, such as salvage or rebuilt titles, may be worth less than cars with clean titles of a similar make and model. But that does not mean you can’t access the financial help you need! In-demand vehicles can still have enough equity to use as collateral for emergency funding.
What Will I Need to Apply for a Title Loan on a Salvage Car in 2024?
Like any other loan, there are a few documents you will need in order for a loan agent to determine your eligibility. Title loans have a streamlined approval process. That means you can conveniently submit all of your documents online! It typically takes just a few minutes to do. A helpful title loan agent can walk you through it. Here’s the documents you can expect to submit besides the salvage title to your vehicle:
- Valid, Government-Issued Photo ID: In order to prove your identity, a photo ID must be submitted during your inquiry. Your driver’s license or your U.S. Passport are examples of acceptable identification.
- Proof of Residence: Acceptable examples are recent utility bills, credit card offers, or your mortgage statements. You may also submit a recent lease agreement.
- Proof of Income: While you will not need a traditional 9-5 to apply for a title loan, you will need some form of proof of income. Paystubs, bank statements, and retirement account statements are some examples of proof of income.
- References May Be Required: Some title loan lenders will ask for a few references in order for you to qualify for a loan.
Where Can I Apply for a Title Car Loan on My Salvage Car?
Here at Max Cash® Title Loans, we strive to make the title loan application process as easy as possible. You won’t need to spend hours searching on the web for the right title loan lender for your financial situation! With our network of thousands of verified car title loan lenders, it has never been easier to get the financial help you need. We can connect you to the right lender for you even if you have a salvage car title! Our loan agents are even available seven days a week to take your call and answer any questions you might have.