What are Salvage Title Loans?
Before understanding the ins and outs of salvage title loans, it is important to understand what a salvage title is. Car accidents can happen at any time to anyone. If your vehicle takes on a lot of damage from an accident, a few things will happen:
- The Vehicle is Towed From the Crash Site
- If the Damage to the Vehicle Exceeded a High Percentage of the Value of the Car, the Insurance Company Could Deem the Car a Total Loss
From there, your car could be given a salvage title, which means the car is not worth repairing. However, salvage title loans are possible! It simply means you are applying for a car title loan as a borrower who has a salvage vehicle title. It can be difficult to acquire insurance coverage if your car has a salvage title.
If the car has been deemed a total loss, it may not. be worth repairing- but that does not mean that the car does not have equity. Use your salvage title vehicle to apply for a car title loan today! Even if your credit history is not up to par, you may still be able to apply for the financial help you need. Let Max Cash® Title Loans connect you to a suitable lender for your situation- call 855-562-5626 today to learn more.
How Do I Get a Salvage Title Loan?
A title loan can be a way to pay for car repairs. The value of your car is one of the most important factors that is considered for title loan eligibility, but you can still potentially qualify for a car title loan if you and your vehicle meet the right criteria.5
To qualify, as a borrower, you do not necessarily need a clean title. A clean title would indicate that the car is not a salvage title. When a salvage title car is rebuilt, it will be issued a rebuilt car title. Your car title is collateral for the title loan, but you will just need a car with enough value to get a salvage title loan. Additionally, you will need to meet the other requirements and criteria.5
You may not get a large amount if you apply with a salvage car title. It really comes down to the assessed value of the vehicle, and the current condition. Salvage title loans work differently in different states!
If you have questions about your salvage car title and how title loans work, don’t hesitate to give a Max Cash Title Loan agent a call! We have seen a thing or two, and we can handle the tough questions. Call 855-561-5626 to learn more, or visit the website to place an inquiry today.
How Do Title Loans Work?
Typically, title loans are short-term loans that are meant to be paid back in installments. The loan amount you are offered by a title loan lender will depend on your car’s value as well as your income. If you aren’t sure about your car’s value currently, don’t sweat it. Max Cash Title Loans has title loan agents that are available throughout the week for extended hours to walk you through this part of the application process! Let us do the hard work for you.
With a car title loan, you use your car as collateral for the funding. The title is the collateral for the money, so a lien is placed on it while you repay the loan. This ensures that the loan is repaid back, but you can still drive your vehicle while making your payments on time.
There are no universal credit criteria for title loans. While personal loan lenders require applicants to have great credit, a title loan does not operate that way. Credit history is still considered, but it is not the focus of the approval process for a car title loan. The collateral helps to minimize the lending risk! So borrowers from all different kinds of financial backgrounds can potentially apply. 5
What Documents Do I Need to Get a Salvage Title Loan?
To get a salvage title loan, you will need to provide a title loan agent with a few documents besides your salvage title in your name. These documents can change depending on your state’s laws or your lender. During the loan application for most auto title loans, you are required to submit the following:
- Proof of Income: While a perfect credit score is not required to apply for auto title loans, you will need to show proof that you can afford to repay the loan. You can submit bank statements, pay stubs, or even proof of retirement/pension income during the application process. The most important part is that you can afford your monthly payments!
- Proof of Residence: Title loans are a great resource, even if you have a salvage title. However, they are not available in every state. Proof your address by submitting a recent utility bill, credit card statement, or even a mortgage statement.
- Proof of Valid Government-Issued I.D. : While most applicants will use their driver’s license, you can use your passport or another state-issued ID card. You can request a duplicate at your local motor vehicle office if you have lost or misplaced your driver’s license.
While some lenders and states may require other documents, these are a few that you will need to apply for auto title loans online!
Work With Max Cash Title Loans Today
With our network of verified online title loan lenders, it has never been easier to find out if you are qualified for a car title loan! Finding a suitable lender for your situation can be easier than you think. Visit the website to find out more about the title loan process!