Numerous car accidents occur each year, some minor and some catastrophic. If a car was involved in an accident and was profoundly damaged, it was most likely towed away from the wreckage site.
If a car was involved in an accident and has suffered significant damage, the damage likely exceeded a high percentage of the value of the car. When this happens, insurance companies may deem the car a total loss and give the car a salvage title indicating the car is not worth repairing.
While a car may have a salvage title, it is not completely worthless. In the right hands, a heavily damaged car could be repaired and made drivable once more. But car repairs are expensive, especially for salvage cars.
A title loan is a great way to obtain emergency money for car repairs. If you own or have bought a salvage car, you may ask “Can I get a title loan if my car is salvage?”
It is entirely possible that you could qualify for a title loan if your car is salvage!1 Learn more about the requirements for a title loan and the process below.
How Do I Qualify for a Title Loan if My Car is Salvage?
In order to qualify for a title loan if your car is salvage, you must have a reliable source of income and your car must have enough value. While a salvage car might be significantly damaged, it may still be worth quite a bit of money depending on the make and model.
Classic cars and luxury car brands remain high commodities despite damage due to demand. If your car is salvage, you could potentially still be eligible to get a few thousand dollars if it’s a popular make and model!
How Much Could I Get with a Title Loan if My Car is Salvage?
To easily find out the value of your car, you could use a title loan calculator. All you have to do is answer a few questions about your car and your state of residence.
You will be asked to provide the following six pieces of information:
- Vehicle Year
- Residential State
If your car has enough value, you could receive a free title loan estimate with no obligation!1 See how much you could get with a salvage car when you inquire about a title loan!
Once in contact with a loan agent, inform them that your car is salvage. Pictures of the car will be requested to further determine the value of the car. You may still qualify for a title loan, but you may receive less money than you would with a car in better condition.1
What Documents Do I Need to Get a Title Loan if My Car is Salvage?
If your car is salvage, you could still be eligible for a title loan if your car still has enough value.1 However, you will need to have a few documents ready to present to a loan agent.
In order to successfully complete the title loan process, you will need to provide these documents:
- Salvage Car Title: If your car is salvage, you must present the car title in your name. If the title is someone else’s name, you must transfer the car title at the DMV. A loan agent could help guide you through this process.
- Photos of the Car: If your car is salvage, you must take clear pictures from every angle so a loan agent can better determine the value of your car.
- Proof of Income: You can choose to provide bank statements, tax returns, paycheck stubs, etc.
- Proof of Residence: You must show proof of residence through a lease agreement, credit card statements, utility bills, etc.
- References: You will be asked to provide references, either personal or professional so a title loan agent can better assess your character.
When you inquire about a title loan online, you could conveniently upload all of your documents without having to leave your home! Just scan the paperwork onto your computer or take pictures using your smartphone.
How Do I Start the Process for a Title Loan if My Car is Salvage?
Title loans are a wonderful financing option for individuals whose car is salvage. If you need emergency money to schedule repairs or take care of other expenses, a title loan may be a perfect option!
To start the process, simply call the toll-free number (855)277-4847 to speak with a loan agent about your salvage car or sign up through the website!1
As an eligible borrower, you could take advantage of these amazing perks:
- Affordable Monthly Payments
- Competitive Rates
- More Time to Repay the Title Loan
- Quality Customer Care
- And More!
“Can I get a title loan if my car is salvage?” You could with a title loan!1 Start the title loan process today and you could potentially receive financial support in as little as 24 hours!3