Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
We have people applying all the time for salvage title loans, and often, they think they may not get much cash or even be approved because, unlike a clean and clear vehicle title, they are applying with a salvage title. But in some cases, you may get cash for the equity in your vehicle, even if that car has a rebuilt or salvage title. The loan amount may not be as high as you'd expect with a typical car title loan, and it's definitely more difficult to qualify, but still, salvage title loans are an option for some customers! Let's identify ways you can be approved for a title loan with a salvage title and what's required.
An insurance company assigns a salvage title to a vehicle previously labeled a total loss. In most scenarios, these cars are damaged to the extent that they require extensive repairs. The repair cost is more than it would be worth at market value, resulting in a total loss for the vehicle owner.
Salvage vehicles are often sold to junkyards, where their parts can be used on other cars. To transfer ownership from an insurance company to you, the policyholder, a state will issue a "rebuilt" title. When you have a salvage title, you have a vehicle that still runs but is likely worth far less than what it would be with a typical car title or "pink slip." The good news is that salvage titles and even rebuilt titles still carry value and can always be used to show equity for online title loans. Some vehicles that are salvaged can be worth $5,000 or more and all that matters to a title loan lender is that you have vehicle equity that can be used as collateral. Lenders only want to ensure they can sell your car and cover the loan if you default on the payments. A Salvage vehicle worth $4,000 has the same resale value as a typical vehicle worth the same amount!
With car title loans, there isn't much information needed when applying, and that's still the case when you have a salvage vehicle
When applying with Car Title Loans 123, we will first request proof of the actual title. Of course, your title is rebuilt or salvaged, but it still shows you are the vehicle owner and will reflect any current liens or active loans against the title. Besides the title, we require you to present proof of current insurance on the vehicle. We'll also need to inspect the vehicle in person and this inspection requirement is more important than ever with a salvage vehicle. While inspections aren't always required for a typical title loan, salvage vehicles typically have mechanical issues and may have been rebuilt or modified after a recent crash. The inspection process takes less than an hour, and during this time, we'll note the VIN and current mileage.
Once you submit all the required documents, you can apply for a no-obligation salvage title loan with Car Title Loans 123 and find out how much cash you qualify for. As always with a title loan, if your car has any problems or issues, it will not affect the amount you are approved for on a title loan - but it will affect what kind of interest rate and loan amount is available for your situation. Loan amounts with a salvage or "rebuilt" title loan range from $500 to $10,000 in most states and you can get cash within one business day of submitting an application!
Get approved with Car Title Loans 123 using any vehicle with a salvage title, including low mileage cars and trucks, motorcycles, and RVs. As of 2024, we can even offer salvage title loans on commercial trucks and construction equipment if valued at $5,000 or more! Much like when you apply for an auto title loan or RV title loan, anything with equity that can serve as collateral will qualify and get you quickly approved.
The funding amount for a car title loan is higher than what you get with a salvage title. People turn to title loans to get more money than what's typical with a payday loan or even a personal loan, and that's still true on loans for salvage title cars. The average amount you can expect to get with salvage title loans will be around 40-55% of the vehicle's resale value. If you have a salvage car worth $3,000, you should expect a loan of about $1,500
Take out a title loan for as long as you need to; the repayment term is up to you if you're comfortable paying the monthly interest charges. Payment terms for a salvage title loan range from 4 months to 4 years, and you can pay off the balance anytime or repay the loan according to the contract. The interest rates charged with a title loan are high and can be over 36% in some states, but these rates align with what you would see from other companies offering title loans online.
Apply online or call Car Title Loans 123 at 844-567-5011 to learn more about title loans on a salvage title loan. We'll try to get you the highest amount for your vehicle's value with funding in less than 24 hours!
