If you’re short on funds and need to cover expenses quickly, title loans can help. A title loan offers fast cash in exchange for your car’s title. If you have a salvage title, you may wonder whether you’ll qualify for a title loan. Here’s more on getting a loan on a salvage title.
What is a salvage title?
A salvage title indicates that your car has sustained some type of significant damage and has been declared to be a total loss by your insurance company. This damage may be the result of an accident, fire, flood, or excessive wear and tear. A salvage title states that your vehicle is anywhere between 75% to 90% damaged and cannot be repaired.
Can I get a title loan on a salvage title?
You may still be able to get a title loan on a salvage title. The caveat, however, is that a lender may ask that you meet additional requirements to obtain the loan, such as steady employment and proof of consistent income. Fortunately, lenders who offer title loans on salvage titles are usually lenient.
How a salvage car title loan works
If you’d like a salvage car title loan, you’ll need to fill out an application form and get your car appraised. While your car may not be worth as much as a vehicle with a normal title, there’s still a chance it has some value.
Your car’s value will determine how much money you can get. So long as your vehicle is available for physical inspection and you meet the lender’s additional requirements, you may be eligible for the loan. Often, you can collect your cash immediately.