Salvage Title Loans
Can you get a title loan with a salvage title
Is it actually possible for me to score a title loan when I have a salvage title? It’s not unreasonable to ask this question. After all, receiving a title loan can be very difficult in the first place. You will find, in fact, that the vast majority of financial institutions do not offer the possibility of a title loan. When you add the world “salvage” in the mix, it may seem as if your chances are even more dire. However, the truth of the matter is that it is possible to secure such a loan. Although it may be exceedingly difficult, it has been done in the past.
Loans and Titles: A Primer
Title Loans Online
Prior to going any further in our investigation of this matter, we should take a look at what occurs when one makes an application for a car title loan and the title just happens to be for a salvaged vehicle. And what exactly is a title loan? For many people in this country, a title loan is utilized to help someone come up with cash in a hurry. After all, when a few mistakes with your credit can destroy your history, there has to be someplace where people can turn when they require emergency funds. In principle, it is easy to understand title loans. Just put up your motorcycle or car as collateral until the title loan is completely repaid. Usually, the loan will be in the amount of half of what the car is worth. With title loans, deadlines are tight. The money is usually due within 30 days unless otherwise arranged.
What Exactly Is a Salvage Title?
If a car is involved in some kind of serious accident and becomes so damaged that an insurance company believes that the cost to repair is greater than 75% of the vehicle’s value, then it is deemed not worthy of being repaired. This is what it means for a car to be a salvage.
car title loans online
Can I Still Get the Title Loan Online?
Although it can be difficult to accomplish this feat, it is not impossible. Basically, it’s a matter of finding the right title loan company to help you out. Chances are that you are already in a tight economic spot, so you don’t want high interest rates to further complicate your financial situation. With the economy in flux, rest assured that you are not the only person trying to secure this kind of loan. If you have a salvaged vehicle, you may find that there are some slight differences when you receive your loan amount. It may not be quite as high as it would have been with a non-salvaged car, but it still should be quite reasonable. Look on Kelley Blue Book to determine what your car’s value may actually be. If you do not have a salvage title you can get started with online title loans
What Do I Need for This Kind of Title Loan?
You will find that the requirements are the same as they are for a car that has not been salvaged. Your license, insurance card, pay stubs and contact information should do the trick. Depending on the state you are in — and the title loan company you choose — requirements may vary slightly.
If you need one of these titles, keep in mind that it is attainable. Just do your due diligence and ask around. Perhaps a friend or family member can refer you to a reputable company that will give you fair terms. In this situation, it doesn’t hurt to spend time seeking out exactly what you need. Even though you may be pressed for cash, do not take the first deal that comes along unless you are certain that it will serve your best interests.