Salvage Title Loans With Same Day Funding

If you have a salvage vehicle or a car that’s been reconstructed, you may be surprised to learn you can use that vehicle as collateral for a loan. Most know that title pawns are available for people with equity in their car or truck. But it turns out that you can also use a lien free salvage vehicle as collateral! The loan amount may be a bit lower, but these loans are possible for anyone, and your credit score doesn’t matter when your car or truck is the security for a loan!

What Is A Salvaged Vehicle & How To Get Cash With One?

A salvage vehicle is any car damaged or destroyed, retitled, and noted as “salvaged.” Often, these vehicles have been in a serious accident or damaged in a flood or other natural disaster. Many vehicles that qualify for a salvage title loan have subsequently been fixed up, and they can still hold a good amount of value.

Even though the insurance company considers the vehicle totaled, that doesn’t mean it’s worthless or without value. Some cars can still be worth quite a bit, even if the vehicle’s pink slip is marked as a salvage title.

You can get cash with a salvage vehicle by applying for a title loan with Title Pawn Online. While we don’t directly fund the loan ourselves, we work with a network of lenders throughout the country who let you borrow up to 60% of your vehicle’s value. You can apply with us online or by calling 888-370-7434, and we’ll let you know within a few minutes whether or not you qualify. After that you can start uploading your car’s title, proof of monthly income, registration and insurance. We’ll match you with a local lender and at that point you can sign off on your loan and pick up your loan proceeds all within one business day!

Risks Of Salvage Title Loans

There are several risks to consider before you move forward with a salvage title loan. As with any title pawn, your vehicle can be repossessed and sold at auction if you default on the loan. You’ll lose access to your car as the lender will use that collateral to offset the full loan amount. Also, a title loan on a salvage car has high interest rates, and it won’t be easy to repay the balance if you don’t make extra monthly payments.

How Much Cash Can You Get With A Loan On A Reconstructed Vehicle?

Your vehicle’s value determines loan amounts, and most financing offers are for $5,000 or less. Generally, the loan amount is less than a standard title pawn online. Some lenders may be willing to give you more depending on the value of your vehicle. For instance, you may be limited to a loan amount of $2,5000 when applying in CA, while those in other states can borrow a bit more.

Requirements For Title Pawn With A Salvage Title?

To qualify for salvage title loans, you must own your car outright. This means you cannot have any outstanding loans or liens active on the car’s title. Even though you can qualify with a reconstructed pink slip, you still need equity in your vehicle, as that is what’s used as collateral for the loan.

When you first apply with a title pawn company, you must tell them the vehicle has a salvage title. Remember, you will submit the title to your lender before the loan is signed off on, so there’s really no way you can get around the fact that your vehicle is salvaged. You also need to show proof of employment and proof that the car has proper insurance coverage and up to date registration info.

Do I Need Good Credit For Salvage Title Loans Online?

No, you do not need good credit for salvage title pawn loans or even for loans on reconstructed vehicles. These loans are available to people with all types of credit scores. This is because salvage title loans are secured by your car, not a credit score. If there’s enough equity available in your vehicle, the lender will not worry much about anything else. Even with the car being declared salvaged, that’s not an issue if it’s drivable and has enough equity.

Salvage vehicle pawns are an excellent option for people who need fast cash and own their car outright. We’ll work with you to expedite your lending application, so apply online with Title Pawn Online to get a same day approval and estimate!