Can You Get a Title Loan on a Salvage Title?
If you’re short on funds and need to cover expenses quickly, a car title loan could get you cash quickly.
What is a salvage title?
A salvage title indicates that your car has sustained some type of significant damage and has been declared to be a total loss by your insurance company. The vehicle damage may have been the result of an accident, fire, flood, or simply excessive wear and tear - and the repair costs exceed the value of the car.
A salvage car title states that your vehicle is anywhere between 75% to 90% damaged and cannot be repaired.
Can you get a title loan on a salvage title?
Yes, you may be able to get a title loan with a salvage title. The caveat, however, is that a lender may ask that you meet additional requirements to obtain the loan, such as proof of steady employment and consistent income.
Your car’s current value will determine how much money you can get with a title loan. So long as your vehicle is available for physical inspection and you meet the lender’s additional requirements, you may be eligible for the loan. What's more, with many lenders, you can collect your cash immediately.
Requirements to get a salvage title loan
To take out a salvage title loan, you’ll typically need to provide your lender with the following documents:
- Salvage car title: The salvage car title must be in your name.
- Photo ID: A driver’s license or passport can serve as your photo ID.
- Proof of income: To show you can repay the loan, you’ll need pay stubs, bank statements, and/or Social Security benefit statements.
- Proof of address: You can use a credit card statement, utility bill, or voter registration card to prove you’re a resident in your state.
- Physical Inspection: Your vehicle must be available for a physical inspection.
Advance America offers online title loans
Advance America offers vehicle title loans that can get you the cash you need. The availability of title loans varies by state.
Notice: Information provided in this article is for informational purposes only. Consult your attorney or financial advisor about your financial circumstances.