Salvage Title Loans With Fast 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 of us 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 as well! The loan amount may be a bit lower, but these loans are possible for anyone and it doesn’t matter what your credit score is!

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

A salvage vehicle is any type of car or truck that’s been damaged to the point that it was considered a complete loss by the insurance company. They will then view the vehicle as “totaled” and at that point it’s possible to have the car’s title reflect it as being salvaged.

Even though the insurance company looks at the vehicle as being 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.

Risks Of Salvage Title Loans Near Me

There are also several risks before taking out a salvage auto title loan. As with any type of title pawn, you face a situation where the vehicle can be repossessed and sold at auction if you fall behind on the payments. That means you’ll lose access to your vehicle as the lender will use it’s collateral to offset the amount they’ve lent out. Also, a title loan on a salvage car has high interest rates and it will be difficult to repay the entire loan balance if you don’t make extra payments each month.

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

The amount of cash you can get from a salvage car title loan will vary depending on the value of your car and the location where you apply. Most of these financing offers are for $5,000 or less and generally, the amount available 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 applying for vehicle title loans in Baton Rouge can be eligible for 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 against it. Even though you can qualify with a reconstructed pink slip you still need to have equity in your car that can be used as collateral.

When you first apply with a title pawn company, you need to tell them the vehicle has a salvage title. You also need to show proof of employment and proof that car has valid insurance coverage and up to date registration info.

Do I Need Good Credit For A 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 vehicle, 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!