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Buying a car with a salvage car can be a risk because of the cost of repairs and maintenance but they are usually cheap and can be a great option to save money on transportation, you can also get a title loan on a salvage title.
What is a Salvage Title?
A car is issued a salvage title if it has been involved in an accident such that it is seriously damaged. The insurance company considers a car as a total loss if the cost of repairing the car will take a large percentage of the worth of the car. This type of car is given a salvage title.
The degree of damage varies for different salvage cars. You can get a salvage car with little damage and the car still runs well. So, what happens if the cosmetic damage is severe and you need money for the repairs?
The DMV will salvage the title, with the information that they get from the auto insurance company.
Is it Possible to Secure a Title Loan with a Salvage Title?
Yes!!! It is very possible to get a car title loan with a salvage car. However, you need to understand how it works and how to go about it. If you have the salvage title in your name, you can qualify for a car title loan.
If you own the car outright with the title in your name and you can make prompt monthly payments, then you are more than qualified to secure a car title loan with your salvage car.
How Much Title Loan Can I Get with a Salvage Title?
The amount of money you can borrow when you apply for a salvage title depends on the value or worth of the car. Most cars with salvage titles are usually worth less than cars with normal car titles, but this is not always the case in some situations.
A classic car or a car that is in demand with a salvage title can still be worth more than a car with an ordinary car title. You can check the worth of your car by using an online title loan calculator, you would need to submit certain information about your car to get how much it is worth.
You would need to provide the model, make, year, mileage, and style of the car to know how much it is worth. If your car has enough equity, you can get pre-approved for a car title loan even with a salvage title.
What documents do I need to provide for Title Loans on Salvage Title?
You need the following documents to apply for title loans on salvage titles from Car Title loans California;
Trading Financial Credit, LLC may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. Trading Financial Credit, LLC does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License : 603-8192. Arizona: Loans made pursuant to Arizona Department of Financial Institutions.
New Mexico: Loans made pursuant to New Mexico Regulation and Licensing Department Financial Institutions Division Small Loan Company License. Small Loan License 02069
*Credit approval is subject to Trading Financial Credit, LLC credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.
*Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.
*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.