A salvage title loan is a loan which uses the title to a salvaged car as collateral. But what is a salvaged car? There are two ways to classify what a salvaged car is:
- A salvaged car is a car that has been considerable damaged (typically from a car accident) and has been deemed a total loss by the insurance company of the owner. When this happens, the vehicle title will be branded as “salvage”.
- A salvaged vehicle can also refer to a car that has been “custom built” using the parts of other vehicles.
A car title loan is a way to use your qualifying title to your car as collateral, so you can borrow money. When you get a car title loan, you are essentially using the money you have already put into your car to secure your loan.
For many people, a car title loan is a better option for them then a salvage title loan. This is because typically, when you get a title loan on a salvaged vehicle, your loan funding will be approximately cut in half from the amount you would receive if your car wasn’t a salvage.
While a car title loan on a well-maintained car will get you the most allowance, at LoanMart we believe that the benefits of LoanMart car title loans should be available to virtually everybody. That is why you still may be able to get a car title loan using your salvaged vehicle when you work with LoanMart.
How to Get a Title Loan with LoanMart
Getting a title loan with LoanMart has never been easier! We have designed a 3-step process that is geared towards securing you with the best title loan fast. When you go with LoanMart, you can even get your title loan funding as soon as the next business day3! Here is how our process works:
There are several ways to get started on your LoanMart title loan. If you want to start online, you can hop on our homepage and click on the “APPLY NOW” link which will bring you to your information request. You can also get started by using the awesome live-chat feature that is also located on our home page: simple click the tab on the side of the screen and a conversation with a LoanMart representative will pop up.
These options are a path to your information request. The information request is a simple form with several inquiries on it, we will ask for some information such as:
- Name and date of birth
- Address and email address
- How long you have lived at your current residence
- If you rent or own at your current residence
- Year, make, model, style, and mileage of your vehicle
- Gross monthly income (from your job and any other source of personal revenue)
- Social security number or your individual taxpayer identification number
Upon the successful completion of your information request, your LoanMart title loan agent will contact you to talk about your free quote, and some of the details of your loan contract.
2. Get Approved
After you and your LoanMart title loan agent have discussed your free quote, they will ask you for a few documents1. The documentation requested of you will include:
- Government issued form of photo ID
- Proof of residence
- Proof of income
- Title to your vehicle with your name on it
- Pictures of your car
Sometimes, your title loan agent will request some additional documentation from you in order to clarify some of your information. Also, don’t freak out if you cannot find the title to your vehicle, or if your name is not the only one listed on your vehicle title—LoanMart still may be able to help you.
3. Get Your Money
Once LoanMart has processed your information and received your documentation we can draw up your loan contract! When you sign your contract, LoanMart will also sign onto your vehicle title as a lienholder, but this is only for the duration of your loan period.
You can choose to receive your money in one of several ways:
- Electronic deposit
- Receive your money in person by stopping into our licensed location
If you don’t want to use the internet, you can call us over the phone at 1-855-422-7412, text us using your mobile device at 1-818-315-8741, or you can always stop by our licensed location to speak with a LoanMart representative face-to-face.
The time is now, change your life with a LoanMart car title loan today!