Are you in need of some quick cash but unsure of how to go about getting it? Do you have interest in a car title loan but hesitant to use your salvaged car for it? Getting title loans on salvaged vehicles can be done, but it will have more requirements. The important thing is to learn all that you can about the process. What a salvaged car is, what is required to get approved for a title loan, and so forth.
See below for an in-depth guide on everything you need to know involving getting a car title loan with salvaged vehicles.
What Are Salvaged Vehicles?
Let’s start from the top. Some of you may have heard the term “salvaged vehicles” before but are unaware of what that means.
A salvaged vehicle refers to any car that has been considered a total loss by an insurance company. If they paid out on repairing the car, then the salvaged car title implies that it is beyond what they would pay. For example, let’s say that Daisy experiences some flood damage in her 2008 Honda Odyssey. That van has a lot of nostalgic value to it (she raised her kids in it), so she wants to get it repaired if she can.
Daisy files a claim with her car insurance to get it fixed. Then, her insurance provider finds out it will cost more than the van is currently worth. That cost can’t be justified, in their eyes, so they file it as a salvaged vehicle. A salvage title car often has these issues attached to it. The vehicle may have missing parts or have other noticeable damage.
Can You Get Title Loans On Salvaged Vehicles?
Car title loans are one of the easiest ways to get much-needed cash in a pinch. All that they require is for you to temporarily hand over the title of your car while you pay back the amount borrowed. However, a salvaged title can complicate things a bit. The good news is that car title loans are still possible, but they’ll take a bit more work on your end.
First, you’ll want to have insurance on the car. Car title lenders typically like to check for insurance on any vehicle. Insurance can be hard to find with a salvaged title, so be sure to research and ask for multiple offers. If you can’t find insurance and need the cash quickly, you might want to sell your salvaged vehicles. That’s also hard to do because of the murky car title.
For that reason, car title loans are your best option. As long as you take the time to find the right car title lender and are upfront with your salvaged title from the get-go, you’ll be able to find the title loan that you need.
What Is Required To Get Approved For A Car Title Loan?
If you’re looking for a car title loan on your salvaged vehicles, then you should be prepared to give them some essential information. Car title loan lenders don’t check your credit history. They’re essentially looking to use your car title as the only collateral for the loan while ensuring that you’re the current owner of the car. Remember to file your taxes to maintain your credit score!
Offer the title loan lender proof of ID, proof of income, proof of insurance, proof of residence, and a vehicle registration form. You’ll also want to provide the lender with all the restorations you’ve done to the salvaged vehicles. That will provide you with more accountability.
Most car title loan lenders will be willing to work with you. As long as you provide them with as much documentation as possible, they’ll be able to decipher your story for themselves.
What To Look For In A Car Title Loan Lender
As you might imagine, car title loan lenders come in many different levels of legitimacy. You want to make sure you’re conducting business with a trusted lender.
So what should you look for in a car title loan lender? First, make sure that you find someone with a thorough application process. Most credible lenders offer for you to begin the process online through their website, such as ours.
Next, you’ll want to look for good communication. Be sure to ask as many questions as you wish. How long is the repayment period? How much cash can you get? Do they offer title loans for salvaged vehicles?
Make sure that the car title is the only collateral that they want. If the lender asks for any other form of collateral, scratch them off your list. Lastly, look for a lender with flexibility. If they are, they’ll be willing to work with you and get you as much as possible for your salvaged vehicles.
Invest In Title Loans Today
Be sure to visit this page for more information about us and why Champion Cash Loans is the best option for your needs. For more inquiries, please be sure to reach out to us via phone, and we will be happy to assist you further.