A salvage title car may still have value, even if it has been damaged in an accident. A salvage car can often have a lot of long-term issues that require a lot of upkeep and costly repairs.
If your vehicle is damaged from an accident and the title is now salvage, you may be wondering if it can qualify for a title loan. While the extent of damage may be different for every salvage title, it could still be possible to qualify for salvage title financing!1
When is a Vehicle Title Considered Salvage?
A vehicle can be given a salvage title after:
- A Car Accident that Damaged the Vehicle Significantly
- An Event Such as A Flood or Fire that Damaged the Car
If either situation occurs, an insurance company may deem the car a total loss. Total loss is when it will cost more to repair the vehicle than it is worth. The vehicle is then given a salvage title.
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If a vehicle has a salvage title, however, it can still be repaired and used in the future. Not every accident is the same, and some salvage title cars are in better condition than others.
How Can I Qualify for Salvage Title Financing?
If your vehicle has been damaged, you may think that your chances to qualify for salvage title financing are low. Title loans are one of the most popular alternative loan options because of their high approval rates! If you have a salvage title in your name, it could still potentially qualify for a car title loan.1
The main factors for eligibility during the title loan process are:
- Your Ability to Repay the Loan
- The Value of Your Vehicle
While you may have a salvage title, the car could still have enough equity to qualify for a car title loan!1 There is a significant chance that you can get the financial help you need if you have a consistent source of income and a qualifying vehicle in your name. A title loan was meant to help borrowers from all different types of financial backgrounds and credit histories. If you do not qualify for traditional loan options, you may still qualify for salvage title financing!1
How Much Can I Get Through Salvage Title Financing?
The amount of cash you receive through a title loan will depend almost entirely on the value of the car. While salvage titles are typically worth less, there are some exceptions. A salvage title luxury car could have more value than an ordinary vehicle if it held equity.
After a car has been given a salvage title, it can be difficult to know what the vehicle is worth off the top of your head. Luckily, you don’t have to do any of the hard work to find out your vehicle’s equity!
ChoiceCash Title Loans offers a quick, online title loan calculator. This service can give you both a vehicle equity estimates and a free title loan quote!
For the service to give you an accurate estimate and quote, it will need you to provide the following information about your vehicle:
- The Vehicle’s Make, Model, and Year
- The Style of the Car
- The Mileage on the Odometer
Your vehicle could still qualify for salvage title financing!1
What Documents are Needed for Title loans on a Salvage Title?
Title loans can be some of the easiest loans to apply for. ChoiceCash Title Loans has streamlined the approval process, and it can take little to no time to see if your car qualifies for cash!1
You will need to provide a few documents for a loan agent to verify your information and speed the process along. Generally, you can expect to need:
- Your Vehicle’s Title: While salvage titles can be accepted, it must be in your name to qualify.
- Proof of Income: To prove that you can afford the loan each month, you must submit some form of income documentation. Typically, most borrowers will use pay stubs or bank statements. Alternative income can also be accepted.
- Proof of Address: If you have a recent credit card statement or utility bill laying around, it can be used to prove your address!
- Government or State- Issued Photo ID: Most borrowers will use their driver’s license, but other forms of ID can be accepted.
- Recent Photos of the Vehicle: An applicant can skip an in-person vehicle inspection by simply submitting a few photos of their car! Take pictures of the back, front, and sides.
For your convenience, ChoiceCash Title Loans can allow you to submit these documents online via email or fax!
What is the Approval Process for Salvage Title Financing?
Applying for salvage title financing doesn’t need to be a hassle. If you’re interested in learning how to inquire to get a title loan, the process can be faster than you think!
With ChoiceCash Title Loans, the entire process can be just three simple steps:
- Submit a Loan Inquiry: Candidates can choose to begin their loan inquiry by heading over to the website, or by calling a loan agent directly at 855-277-4847. Both options can take just a few moments of your time!1
- Send in the Right Documents: After your loan inquiry has been received, the next step is to verify your information and vehicle ownership with a few documents.
- Get Your Cash: If your information is approved and your vehicle qualifies for funds, the last step is to collect your cash!1
Where Can I Apply for Salvage Title Financing Online?
Ready to see if your vehicle will qualify for salvage title financing? Get started on your ChoiceCash Title Loan today by filling out a short form on the website. To get in touch with a loan agent directly, call 855-277-4847. Qualified borrowers can get their cash in as little as 24 hours!1