What is a Salvage Title?
If you’re caught in the middle of a tough financial crisis, you need a loan that can work with your situation. Out of all the potential options, you might have seen how title loans could be the right asset for what you’re looking for! You could use your vehicle’s title as collateral to secure the funding you need!1 Don’t worry about having a perfect credit score or financial background, since they are not essential qualifications. The approval process for title loans could be convenient and flexible for almost anyone!1 Simply go online and go through a loan procedure to find out if you can qualify in minutes.3 But what if your car is branded with a salvage title? Would title loan lenders deny you funding?
Suppose you went through an accident and your car sustained heavy damage. In that case, the damage might have exceeded a high percentage of the value of your vehicle. Insurance companies that consider a car a total loss would give out a “salvage title,” indicating it’s not worth repairing. However, it doesn’t mean you cannot fix the car, but the costs of repairing it could be higher than its projected value. Keep in mind that not all accidents happen from a car wreck; significant damages can include vandalism, flooding, bent frames, storms, or fire. Vehicles created with parts from other cars can also retain a salvage title. But a salvage title could come with its benefits, though!
Take a look at the some of the pros and cons of cars that have a salvage title:
- Pros: Salvage cars are often cheaper than most vehicles in the market! Since they might have low equity, you could probably buy one in full, saving you from making monthly payments like you would if you financed a vehicle. It’s perfect if you’re on a tight budget and want a vehicle to help you travel! In addition to that, not every salvage car suffers from major damages, such as theft-recovery cars. That means you could find an intact and functional vehicle to buy! People can also get salvage cars for spare parts to sell or use them to repair their cars.
- Cons: It can be challenging to find an insurance company willing to help if you have a salvage car, as they might see it as a liability. The vehicle could also have extensive damage that could cost you in the long run! What’s worse is that some damages can be hard to measure when they’re difficult to find. For example, your car may be okay after a fire, but you could later face some mechanical malfunctions. Unfortunately, the salvage title would remain even if you completely fixed the car. While vehicles deemed to be worthy to drive on the road again could retain a “rebuilt title,” they may have a lower value than cars with a clear title.
Whether you need money for repairs or other expenses, your salvage car may have enough equity to qualify for a title loan.1 If you have more than one vehicle, you could use your other car to get a title loan and fix the salvage one!1 What’s even better is the possibility of obtaining funds in as little as 24 hours when you inquire about one with LoanMart!3 Read below for more information on how to get salvage title loans or speak with a title loan representative at 855-422-7412.
How Do I Obtain Salvage Title Loans?
Having a salvage title doesn’t necessarily deny you from qualifying for a car title loan. You could still qualify for salvage title loans as long as you have a title in your name and meet a few requirements!1 Check out what these requirements are initially:
- Borrowers Must Be at Least 18 Years Old
- The Title to Your Car Must be in Your Name
- Have a Qualifying Vehicle with Enough Positive Equity
- Possess the Ability to Make Payments Each Month
While your car may have a salvage title, you may still be able to get a title loan if you have a consistent source of income and meet the right requirements.1 However, borrowers wouldn’t need to have a traditional 9-5 job to prove they can afford a loan.1 You could always present different alternative forms of income to satisfy that part of the initial loan requirement.
But, as a borrower, be aware of the consequences of not paying your loan. If you start missing monthly installments and fail to repay a title loan, a lender has the legal right to repossess your vehicle. Once they have the car, they can sell it off for its worth to recover the lost amount. But most title loan lenders prefer avoiding that decision since salvage cars could have low value.
Speak with a title loan representative with LoanMart if you need any assistance during the repayment period.
Equity is also an important factor associated with title loans. It is used to assure title loan lenders that you will meet your payments one way or another. A vehicle could either have positive or negative equity, depending on several factors. If the car’s market value is more than what is owed on it, then it has positive equity. But if you owe more than what your vehicle is worth on the market, it has negative equity. It’s easy to believe that salvage cars have negative equity, but that might not always be true. Borrowers that managed to reconstruct their vehicles may have the qualifying equity to retrieve quick funding!1 3
Start on a title loan serviced by LoanMart today by going online or over the phone with a title loan representative!
What Documents Do I Need to Get a Salvage Title Loan?
Assuming you plan to obtain funds through car title loans serviced by LoanMart, it’s important to note how you must submit documents to a title loan agent. Borrowers could worry about finding the proper documentation, but don’t stress! It might be a whole lot easier than expected!1 These are documents you may have around your house or in your car. In addition to that convenience, you could save the hassle of traveling anywhere by submitting these documents online!1 You might only have to take some minutes of your time to get through this part of the process quickly.3
All you need to do is send the following documents to find out if you can qualify for title loans with a salvage title1:
- Proof of Government-Issued Photo Identification: Title loan agents will need to verify your identity before proceeding with the loan inquiry. You could easily validate that by using a valid, government-issued photo ID card. While people often present their driver’s license, you could also use a passport or other certified state identification cards.
- Proof of Current Address: You can use different documents to prove your address in the state you reside in. Examples include lease agreements, phone bills, mortgage statements, recent mail, credit card statements, utility bills, etc. Dial the toll-free number at 855-422-7412 to speak with a title loan representative about what documentation you could use for this requirement.
- Proof of Income/Alternative Income: As you may have read previously, the ability to pay off title loans is an essential requirement. Remember that “traditional” full-time jobs aren’t necessary to prove you can afford loans.1 Instead, you could use various alternative forms of income, such as pay stubs, retirement income, Social Security/Supplemental Security Income, bank statements, pension income, worker’s compensation, a letter of employment from your employer, settlement income, or other types of alternative income!1
- A Car’s Title: The salvage title must be in your name to receive approval for title loans. However, if you share a name on the title, there’s a chance you could still qualify for funding.1 If it’s not currently in your name, a title loan agent can help you find out how to request a title transfer. Or, if you lost or misplaced it, they could also assist you by letting you know how to request a duplicate title.
- References: An auto title loan agent will sometimes ask you to provide a few references that can vouch for your financial character. They could either be professional, personal, or both.
When you have the documents on hand, you can choose to take pictures of them and send them directly to a title loan agent. You can also scan the documents and upload them quickly through the online portal.3 Contact a title loan representative with LoanMart if you have any questions or concerns about this step in the application process.
Is a Vehicle Inspection Required When Applying for Salvage Title Loans?
People that are preapproved for a salvage title loan need to complete a car inspection before they can receive funding. Although it may be inconvenient in most scenarios, it might not be the case when you inquire about title loans with LoanMart. Some title loan lenders ask borrowers to take their vehicles to a physical location so they can conduct the inspection with a title loan agent in person. That means you’d be wasting time scheduling an appointment and spending gas money just to drive to their offices! But with LoanMart, you can forget all about that! You could quickly do a vehicle inspection electronically and from the comfort of your home!3 How is that possible? By taking recent photos of your car!
You would only need to use your smartphone and good lighting to take good pictures. Make sure you cover every angle of your car and that they’re visible for a title loan agent to examine. Include pictures of its:
- Driver’s Side Door
- Passenger’s Side Door
- Odometer Reading (Usually Found Beneath the Steering Wheel on the Dashboard)
- Vehicle Identification Number (VIN #, Typically Located on the Lower-Left Corner of the Dashboard)
Review your photos carefully before sending them to a title loan representative. Once you have them ready, you can upload them online or send them through an email from your smartphone.
How Much Money Could I Acquire with Salvage Title Loans?
If you’re looking to obtain a significant amount of funding with a salvage title loan, you need to consider the value of your vehicle.1 In fact, the funds you’d receive are dependent on your car’s equity rate and your income level.1 While getting large amounts of cash with a salvage title can be tough, there could be some exceptions!1 For example, luxury cars or classic vehicles with a salvage title could potentially retain plenty of value.1 But you don’t need to have a specific car to get a reasonable amount of equity; if you repaired it enough to keep it in good condition, it might have a sufficient, qualifying amount.1 However, you must acknowledge how challenging it can be to receive a considerable amount of money because of the salvage title. Cars with a salvage title are typically worth less than those with a clean title. Although, there might be a chance to get your desired total if your vehicle’s equity and your income are enough to support it.1
If you have questions, talk to a title loan agent with LoanMart. Ask them directly about your salvage title and if there’s a possibility to get the funds you need by dialing 855-422-7412.
What are the Benefits of Applying for Online Salvage Title Loans?
One of the many good things about qualifying for salvage title loans is the benefits that come with them.1 Not only could borrowers acquire quick funding, but there could be exclusive perks to add to your overall loan experience.1 3
Take advantage of the benefits listed here with a car title loan serviced by LoanMart:
- Competitive Interest Rates1: A loan’s interest rates are essential because they can partially determine how much you will repay, along with the principal of the loan. The problem with most loans is that they have expensive and excessive interest rates if you don’t have great credit. That could leave you in a lot of debt! Fortunately, title loans serviced by LoanMart have competitive interest rates that could be affordable for your budget.1
- Keep Your Keys: It’s understandable to worry about your vehicle’s whereabouts when getting a title loan. If your car serves as your primary source of transportation, you wouldn’t want to go through the hassle of arranging carpools or spending money on taxis. But remember, title loans only work by using your car’s title as collateral for the loan. That means you could continue to drive your vehicle throughout the repayment process without an issue! But, you would have to be on time with your monthly installments to maintain that privilege.
- No Hidden Fees5: Most loans, unfortunately, stun borrowers with hidden fees that are costly to meet! But with loan options like LoanMart, you wouldn’t have to worry about that. There are no hidden fees to drain your wallet and what you see is what you could get!⁵ In addition to that, there are no balloon payments or prepayment penalties for paying title loans early!⁵
- Flexible Approval Process1: When you use collateral to secure a title loan, you could experience an inquiry process that is flexible and easy to get through.1 Even if your credit isn’t an ideal position, it wouldn’t deter you from obtaining title loans.1 It could also be convenient when you can do the entire loan process online within minutes!1 3 That way, you could receive approval for funding in no time!3
- Exceptional Customer Service: One of the best advantages of inquiring about title loans with LoanMart is the people that guide you to your money!1 That is why title loan agents with LoanMart work six days a week for extended hours to help customers with whatever they need. Try dialing the toll-free number at 855-422-7412 to contact one of these experts!
If you’re on the phone with a title loan representative, ask them any questions you may have about the benefits mentioned above.
Find Out If You Qualify for Salvage Title Loans Serviced by LoanMart Today!
You could get the emergency funds you need for an unexpected expense, even if you have a salvage car title.1 Inquire about salvage title loans serviced by LoanMart today! The approval process could be easy to get through and might only take a few minutes to complete.1 3 Simply follow these three basic steps to find out if you qualify for title loan money1:
- Inquire About a Car Title Loan By Filling a Short Form Online or Calling a Title Loan Representative at 855-422-7412. Whichever option you choose, they both could be easy to do and could take no time at all!1
- Submit Your Required Documents. Don’t forget that you could quickly submit your documents online!3 Talk to a title loan agent if you need assistance with this part of the approval process.
- Collect Your Money!1 If you receive approval for a title loan, you may be ready to get your funds! Borrowers can choose between a direct deposit to their bank account or a check sent in the mail. Or, simply pick up the cash from any participating money transfer location near you.
Are you ready to find out if you can qualify for the money you need? Take advantage of a convenient and flexible approval process unlike any other!1 If you qualify, you could receive money in as little as one business day!3 Contact a title loan representative with LoanMart if you need assistance.