Sometimes life just happens, and you get caught in a situation where you need cash, but your bank account has nothing but fumes until payday. Title loans give you cash quickly, like the same day in some cases, and all you need to secure a loan is your vehicle title.
Does My Salvage-Title Car Qualify?
If you didn’t know, a salvage title means that your car was declared a total loss by an insurance company. This event happens after a vehicle is involved in situations like a bad accident, a flood, or a fire. In other words, the insurance company decided the car damage was too costly to fix and chose to declare the vehicle a loss rather than pay for the repairs.
Mechanic shops buy these cars, repair them, and sell them at below-market prices. This process means your salvage-title vehicle still has some value, which helps qualify you for a title loan.
Car Title Loan Benefits
Why get a car title loan? Because it gets you quick cash when you need it. You use your car title as collateral and pay the loan back when you get paid. It’s that simple. Here are some other benefits:
- Minimal processing time: If you’ve ever asked about a personal loan, you know that banks take days or weeks.
- No Collateral Hold: You get to keep your car and continue driving it while it secures your loan.
- No Credit Score Check: All you need is a car that is registered in your name.
What Is the Title Loan Process?
First, the lender will have you fill out an information form and get your vehicle appraised. Although the car won’t be worth the same as a regular-titled car, it should still have some value.
The loan amount you can get is based on your car’s appraised value once you have the physical inspection done. The lender has a few more requirements, which could help your eligibility.
Your lender will need to see some or all the following documents before approving your loan:
- The title to your salvage car: The car’s title needs to have your name.
- Proof of address: You need to prove your residency in the state. Use a utility bill, credit card statement, or voter registration card.
- Photo ID: You can use your driver’s license or a passport.
- Proof of Income: To verify that you can pay back the loan, provide job pay stubs, statements from your bank account, and other relevant documents such as a social security benefit statement.
Online Title Loans Gives You Cash Fast
When you need money fast, visit OnlineTitleLoans. You’ll have the cash the same day you apply for a loan in some cases. Not all states have these loans available. Apply today and get a quick decision to see how we can help you meet your urgent cash needs.