A car title loan is a quick and short-term loan. Here the borrower gives the title of his car to the lender until the loan is paid. Interest on such loans is mostly high. If there are situations of outstanding loans then the lender can keep or sell the car to recover the loan money.
Most lenders would like to deal with cars with a clean title. However, in this article, we will talk about how to get a loan with salvaged title.
A salvaged vehicle is a form of vehicle title, where there is a damage or total loss of the car. The cost of repairing the car exceeds 50-70 percent of the car market value. In such cases, the insurance company will advise to rebuilt the entire car or sell it.
If you have a salvaged title car, getting a car title loan with such cars can be tricky. Many lenders won’t take risk of giving you a title loan, worrying that there might be some hidden damage.
Even if you have rebuilt or salvaged car, that does not mean you won’t get the title loan. Some lenders give loans without checking your past credit. Similarly, some lenders work with people having title issues. Your best option is to get a loan from a small local brand or local union.
This type of loan is available everywhere. However, the degree of service varies from company to company. You can just move around and find prospective companies. There are options available online as well.
To get a loan on salvage title is highly possible; you just have to work extra hard to find the prospect lender. Most online title loans giving websites have the same requirements for salvage title loans, which they have for a clean title loan.