What are Salvage Title Loans?

A salvage title is a type of branded title, and it is issued when a vehicle is in such bad shape that the cost of repairs exceeds its current value. Typically, a vehicle with a salvage title is written off as a total loss by the insurance company, which significantly reduces its value, making it difficult to sell or insure. Salvage title loans work by allowing you to pledge your salvage vehicle as collateral in order to secure the loan. A title lender will add a lien to your vehicle’s title after the loan is funded, which will give them a legal claim to your vehicle throughout the duration of the loan. In most cases, you will be able to maintain access to your vehicle while you make payments on your loan. Title loans are typically much more flexible than unsecured loans, making them a convenient option for subprime borrowers who need emergency cash.1

When your vehicle title is branded as salvage, there may have been extensive damage to the vehicle due to a major accident, flood, or even a fire. If your vehicle has been severely damaged to that point, it may still be possible to repair it, but this does not mean that your title is no longer branded. A rebuilt title is issued by the applicable Department of Motor Vehicles (DMV) or equivalent after a salvage vehicle has been adequately repaired and inspected.

Are you looking to apply for a title loan with a previously damaged car? It is possible to apply for salvage title loans or rebuilt title loans online or over the phone today! If you have a branded car title in your name, you can apply for ChoiceCash title loans serviced by LoanMart by filling out the online prequalification form or calling 855-422-7402 today to get in touch with a title loan agent.1

What are the Advantages of Choosing Salvage Title Loans?

Both salvage title loans and rebuilt title loans can offer several advantages to those who need emergency funding to get back on their feet but may not have a strong enough credit history to qualify for a traditional bank loan. Whether you’re facing unexpected expenses and your bank account is negative, or you are looking to get some extra cash, salvage title loans can provide the financial support you need without the hassle of traditional bank loans. Here are some key advantages of applying for a ChoiceCash title loan on a salvage car:1

  • Quick and Easy Approval Process1
  • Access Funds in as Little as 24 Hours1
  • No Store Visit Required 
  • Payments May Decrease2

If you have a reconstructed car and a rebuilt title in your name, you can easily apply for ChoiceCash title loans online or over the phone today. Use ChoiceCash’s online questionnaire to get an estimate of your reconstructed car’s equity and obtain a loan quote with no obligation. Borrowers who are eligible for rebuilt title loans or salvage title loans could get quick funding as soon as the next business day!1

salvage title loans

What are Some Important Considerations Before Getting a Salvage Title Loan or Rebuilt Title Loan?

Before you sign on the dotted line of a loan agreement, it is important to consider all aspects of the salvage title loan process, including the following:

Understanding the Potential Risks Involved 

Borrowing against the value of your vehicle by using a salvage or rebuilt car title as collateral for the loan does come with a potential risk. If you do not pay back your loan according to the terms of your loan agreement, the lender has the legal right to seize your vehicle. If you can no longer manage your payments and need title loan relief assistance, be sure to discuss your options with your lender or loan servicer prior to defaulting on your loan.

Consider the Value of Your Vehicle

Although it is possible to qualify for a title loan with a damaged car or reconstructed car, know that your loan amount is primarily based on its value, and cars with branded titles typically have less value than cars with clean titles. 

rebuilt title loans

How to Apply for Salvage Title Loans Near Me?

If life throws a curveball at you like a car accident, you may not be able to prepare for it – financially or emotionally. According to the Bureau of Labor Statistics, over 13 car accidents occur per minute. Even if you are a responsible driver, you can still get into an accident due to the actions of others! 

If you need extra cash, you might be wondering, “Where can I find salvage title loans near me?” The best place to get a title loan can be online, so you can skip the hassle of driving to a store! Take a closer look at the quick, three-step process to apply for salvage title loans or rebuilt title loans:1

  1. Get Started Online or Over the Phone: Just use your smartphone or computer to quickly complete an online prequalification form. Additionally, you can call 855-422-7402 and initially apply for a title loan on a broken car over the phone.1
  2. Upload the Required Documents: In order to get a title loan with a salvage or reconstructed car, you will need to submit a few documents to verify your income and other pertinent information. You can expect to need proof of income, a valid, government-issued photo ID, proof of address, a few recent photographs of your vehicle, and a car title to a qualifying vehicle in your name. You may be asked to provide a few references during your application as well.1
  3. If You Qualify for a Salvage or Rebuilt Title Loan, Get Your Money: If you are finally approved for the loan, you can sign your contract and discuss your loan terms with your title loan agent. Borrowers who are eligible for a ChoiceCash title loan can choose between a few different ways to collect their money:1
    • Direct Deposit
    • Get a Check in the Mail
    • Have the Funds Added to a Debit Card
    • Pick Up The Funds at a Participating Money Transfer Location 

With ChoiceCash title loans serviced by LoanMart, eligible borrowers could get their funds in as little as one business day, so why wait to see if you qualify? Apply for salvage title loans online or over the phone today!1

Frequently Asked Questions

What are Salvage Title Loans?

Salvage title loans work by allowing you to pledge your salvage vehicle as collateral in order to secure  he loan. A title lender will add a lien to your vehicle’s title after the loan is funded, which will give them a legal claim to your vehicle throughout the duration of the loan.

Can You Get a Title Loan on a Salvage Title?

In order to qualify for a salvage title loan, you will need to meet the initial criteria for the loan and submit the necessary paperwork to verify your information.1

What are Rebuilt Title Loans?

A rebuilt title loan is similar to a salvage title loan, and you can use your car’s title as collateral for the loan in order to obtain emergency funding.1 3 If you have a reconstructed car and a rebuilt title in your name, you can apply for ChoiceCash title loans online today.1

What Happens to a Title Loan When a Car is Totaled?

Accidents can happen unexpectedly, and if you drive a car regularly, then you should be prepared for them. It is important to understand that if you take out a title loan and your vehicle is totaled, you will still be responsible for paying off the remaining balance of your title loan.

Where Can I Find Salvage Title Loans Near Me?

With ChoiceCash title loans serviced by LoanMart, you can apply for salvage title loans online or over the phone today!1 Just use your smartphone or computer to fill out an online prequalification form. Additionally, you can call a ChoiceCash title loan agent at 855-422-7402 and apply over the phone.

Nooreen B.
Nooreen B.
Nooreen B. is a seasoned financial writer who is currently based in the windy city of Chicago and is a valuable member of the ChoiceCash content team. With over 5 years of experience in the financial services industry, including tenures at a variety of Fintech companies, Nooreen confidently produces quality content that adheres to the strict editorial guidelines for ChoiceCash. In her free time, she competes in local watercolor art competitions in Chicago.