Yes, it is possible to get a title loan on salvage title on a salvage or rebuilt car, though there may be some differences between the terms and requirements of different lenders. In general, lenders will require more thorough documentation of the vehicle’s condition and value, including receipts for any repairs that have been made. In addition, it’s important to understand that the loan amount will be based largely on the vehicle’s value and damage, so it may be more difficult to qualify for a large amount of cash.
Navigating the Risks: Understanding Title Loans on Salvage Titles
Many people who have a damaged or salvaged car find themselves in a financial bind, and it’s not always easy to get a traditional auto loan or other type of financing. Fortunately, there are several options for getting cash quickly for a salvage or rebuilt car, including title loans. One of the best is USAA, which offers loans on vehicles with branded titles and provides competitive rates for those with good credit. In addition, some credit unions and dealership indirect lenders such as Westlake Financial and America First Credit Union can offer loans on salvage or rebuilt cars.
It’s also important to be aware that if you purchase a car with a salvage title, it may not be safe or legal to drive in your state. Many factors can lead to a car being branded as salvage, such as repair costs that exceed a certain percentage of the vehicle’s value or an insurance company deeming the vehicle a total loss.