The word auto title loan is not a new term in the finance universe. Moreover, it is a kind of secured loan allowing the borrower to use a lien free title that will work as collateral to get instant cash. Now the query arises, can you get a loan on a salvage title?
If you have vehicle ownership with a clear title and you want to buy a vehicle with the salvage title, you may have the desire to know if you can get an auto title loan. The answer is yes!
The meaning of the word salvage will make you think about whether getting a salvage title is good or bad. In addition, this blog guide will offer the required information in understanding what salvage title loans are all about.
Most motor vehicles once the car is damaged is considered a total loss. Salvage title car loans can get you the auto loan amount you need with low interest rates.
What is a Salvage Title?
If you get to hear the word Salvage mentioned on the car title means that the vehicle was totaled or suffered massive damage that the insurance firm was not able to pay for.
The negative impact of salvage title is damage due to massive crashes, fire, theft, flood, or any other natural disaster. In general, the insurance firm assesses the damage and declares the vehicle totaled. It is then that the vehicle gets the salvage title.
In a few conditions, the vehicle that has been rebuilt using parts of other vehicles is also known as a salvage car, and the title turns into a salvage title.
This is necessary to know that the actual designation of salvage vehicles differs from state to state, thus, it is always better to check the state’s laws on salvage title vehicles for more info.
You can get a title loan on salvage title as well. A few title loan lenders will ask that you meet the requirements to get the loan, such as working proof and income proof. In clear words, lenders offering title loans on salvage titles are flexible and easy to manage.
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How to Get a Salvage Title Cleared if My Car is Salvage?
Once you get the vehicle fixed to the point where you want to insure it and commute again, you must get it fixed. Any person with the required documentation can bring the vehicle to have it inspected, not just the owner.
The state patrol will verify the ownership of all parts and review documentation.
Here is what you need to know:
- The authentic inspection report
- Valid ID proof such as passport, driver’s license, if you are using the vehicle
- Title with the present vehicle owner’s name on the front not with the assigned title that has to be transferred.
- Original pay receipts for all parts that are not original to the vehicle used must involve the donor vehicle’s Vehicle Identification Number.
Note: If the parts are bought from anywhere but from the authorized parts dealer, the receipts must get notarized.
If the vehicle fails to pass the inspection process, you will get to know what is required to be fixed. You can utilize the same inspection receipt for that vehicle for future inspection. There is no need to buy a new one, however, you cannot utilize the receipt for any other vehicle.
If your vehicle is drivable and passes the inspection test, you can then take your report to have the new non-salvage title authorized. This is also mentioned as clearing the salvage title. Most states will need that all future titles for the car determine that it has a salvage history. Depending upon the state, this will mention previously salvaged or previously damaged.
Can you get a title loan on a salvage title? Find out here!
Auto title loans are the best financial option for people whose vehicles are salvaged. If you want quick funds to manage repairs or take care of other expenses, choosing a title loan is the best financial option.
Step 1: Applying for an auto title loan
For beginning the process, the need is to fill out the application form and submit the requested documents. Also, you can talk with our loan agents regarding the salvage car or get registered online through our website.
Step 2: Submitting documents for a title loan:
For proceeding with the title loan process, the information will get verified by the loan agent. In addition, the documents can be submitted online easily for finishing the online title loan process.
Many times, the title loan agent will ask for additional
documentation from you to authenticate your details. In addition, do not stress if you cannot find the title of the vehicle owned, or if the name is not the only one listed on the vehicle title.
Step 3: Getting the salvage car title loan cash
Once you finish the process and submit the asked documents, the details will go for verification. When approval is given for the loan, the loan agent will get in touch to discuss payment plans and agreement details. Assure that you need to understand the expectations set by the borrower.
You can choose the mode to get your funds in one of the ways mentioned:
- Electronic Funds Transfer
- Collecting money from the location nearby
Salvage Title Loans near me! Yes, you need to apply online now and fill out the application form to get started. Getting a title loan with a salvage title is easy from Money Title Loans. You will get the required financial assistance within the same day of applying.
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