Can you get a title loan on a salvage titled vehicle
Getting a car title loan is rather easy when you have a clear title to your car. But it can get somewhat challenging when you need a title loan and have a salvage title because the resale value of the car is significantly diminished,
However, there are some dedicated car title loan companies that work with salvage titles Hammond pay day loans if the car is in running condition. Here is everything you need to know about obtaining a an equity loan on a salvage title vehicle near you.
What Will You Need?
Getting a title loan on a salvaged title vehicle can be simple and quick with the right lender. Most lenders will only require the borrower to be 18 years or above and have a free and clear title to their salvage car. This means that you should not have any pending installments in case you financed the salvage car.
The car should also be in running condition and in your name. In case the car title has two names on it, then both signatures are required on the application form. You can skip this step, if there is an and’ or an and/or’ between the names.
Many lenders do not require visual inspection of the vehicle. Just the mileage, make, model and year of the vehicle are enough. There are some lenders who need bright and clear pictures of the car from all sides. This is often the case with salvage title cars.
While taking pictures make sure it is a bright and sunny day. Make sure you wash the car to remove any grime and dirt. Often, lenders while assessing the car value confuse dirt with body damage.
Try to take care of minor repairs before you click pictures. The title loan amount depends on the resale value of your vehicle. You might qualify for a greater loan amount if your car is in a better condition. You will have to furnish a proof of residence as well.
This can be in the form of recent credit card bills or utility bills. You might also have to prove your income. A lender might request for your recent pay stubs or bank statements.
