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!
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.”
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.
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 against it. Even though you can qualify with a reconstructed pink slip, you still need equity in your car to be used as collateral.
When you first apply with a title pawn company, you must tell them the vehicle has a salvage title. 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!