Buying a car with a salvage title is a great way to save money on transportation. However, salvage cars may require a lot of upkeep and repairs.
A car is given a salvage title when it is profoundly damaged in an accident. If the damage exceeds a high percentage of the value of the car, the insurance company may deem the car a total loss. When this happens, the car is given a salvage title.
The extent of the damage can vary with each salvage car. It is possible to obtain a salvage car with minimal damage that still runs. But if the cosmetic damage is significant and you need money for repairs, what do you do?
Perhaps salvage title loans could be the answer you’ve been looking for. However, before you get started there are a few things you should know first.
Can I Qualify to Get a Title Loan with a Salvage Title?
Title loans are one of the most popular loan options for individuals that have a car title in their name. If you have a salvage title in your name, you could potentially qualify for a title loan!1
The two main factors for title loan eligibility include the car title and the ability to make timely monthly payments. Even if you possess a salvage title, you may have a good chance of obtaining fast financial support if you also have a consistent source of income!1
How Much Could I Get through a Title Loan with a Salvage Title?
The amount of emergency cash you could get through a title loan with a salvage title depends almost entirely on the value of the vehicle. Vehicles with a salvage title are typically worth less than those with an ordinary car title, but this is not always the case.
A luxury car or an in-demand classic car with a salvage title may still be worth more than the average consumer vehicle. But how can you check?
By using an online title loan calculator, you could check to see how much you may potentially receive with a car title loan!
To make the calculation, you will need to submit the following specifics about your car:
- Vehicle Year
If your car is worth enough money, you could be preapproved for a title loan with a salvage title!1
What Documents Do I Need to Get a Title Loan with a Salvage Title?
Title loans have a streamlined approval process that takes little to no time and requires only a few select documents.
In order to inquire for a title loan with a salvage title, you will generally be asked for the following:
- Car Title: During the title loan process, the car title is used as collateral so you must provide the salvage title in your name.
- Photo Identification: For any loan process, valid photo identification is required. You can choose to use your driver’s license, state ID, passport, etc.
- Proof of Address: To qualify for a title loan with a salvage title in your state, you must show proof of your residency. As proof of address, you can show a credit card statement, cellphone bill, house deed, voter registration card, etc.
- Proof of Income: As proof of your ability to repay the title loan on time each month, you may submit bank statements, paycheck stubs, Social Security benefit statements, etc.
- References: To get a title loan with a salvage title, a loan agent will require references from you. You can usually submit personal or professional references.
When you inquire to get a title loan online, you could conveniently upload your documents online. You can choose to either send in images you took with a smartphone or scan the paperwork and email the files to a loan agent.
During the title loan process, you will be asked to complete a vehicle inspection. But when it comes to online title loans, you can avoid the in-person inspection and just do it online! Using your smartphone, you can take pictures of your salvage car from every side to display the current condition. Using the details you provided through the title loan calculator and comparing the photos, a title loan agent can better assess how much money you can possibly receive using your salvage title.
How to Start the Process to Get a Title Loan with a Salvage Title?
If you are interested in inquiring to get a title loan with a salvage title, know that the process was made to be efficient and convenient. Requirements for a title loan are known to be flexible, so even with a salvage title you could be deemed eligible if the car has enough value.1