Millions of people in the US have salvaged or rebuilt car titles and want to know if they can use these vehicles as collateral for a loan. The short answer is that you can get cash loans for rebuilt title cars, but the final loan amount may be less than you typically see with secured loans. You may wonder why someone would want to go down this route because “rebuilt” has such negative connotations. Understand that vehicle title branding can refer to different things. When applied to vehicles, reconstructed means that the vehicle was not totaled in an accident and is still usable (i.e., able to run). That means a lender will allow you to use it as collateral for a car title loan.
What Is A Rebuilt Title Loan
Many people think of a rebuilt vehicle as misused or damaged, but this isn’t always true. Instead, reconstructed titles mean an insurance company has written off your car as a complete loss. In most cases, the vehicle is still in good shape and you can use the car or truck’s equity to get a title loan. The good news is that there’s still value and a title loan company can use it as collateral for a loan.
One main difference between a rebuilt title loan and a typical car title loan is that you have to do a bit more to get the loan approved, and your loan amount will often be smaller than what you’d get with a standard car title loan. It will take about 24 hours to underwrite your rebuilt title loan and most customers can qualify with a lien free vehicle, proof of income, and proof that their vehicle is registered and insured.
How Much Cash For Rebuilt Title Loans
Some might think “reconstructed” means completely damaged or not worth much, but that’s not always true. You must visit a nearby location for title loans in California or the surrounding states. We recommend face-to-face communications with all applicants to ensure quick processing times. These secured loans are straightforward, and there’s no credit check to determine a loan amount. The cash funding amount depends on your state and how much you want to borrow. Look for loan amounts of $1,000 and higher with the final amount based on the current resale value of your car or truck.
Lending Values and Terms For A Rebuilt Title Loan
Loan amounts vary wildly on vehicles with rebuilt titles, but they’re generally about half of what you would expect with a typical car title loan. First time customers can borrow $1,000 to $10,000 and repeat customers can access higher loan amounts with a spotless payment history.
When applying for a rebuilt title loan, any lender will want to go through a multi-step process to determine the car’s value and overall lending amount. This is even more specific when the car is using a reconstructed title. Besides checking the vehicle’s condition, there will also be a need to know the year and model information. That’s because even with a rebuilt or salvage title, you can see significant equity if the vehicle has low mileage or is highly desirable.
The first step to determining your loan amount with a rebuilt title is to bring the vehicle in for an inspection. Even though we can get a good idea of the vehicle’s value based on pictures and video proof, we still need to inspect the vehicle in person and look for any major mechanical or cosmetic issues. During the inspection, we’ll confirm the VIN and match it to what shows on the salvaged title. Most inspections take less than 30 minutes and after we verify the vehicle’s value we’ll be able to get you an accurate loan amount with multiple payment estimates and repayment terms.
Car Title Loans On Rebuilt Vehicles With Bad Credit
Since these lending offers are considered high risk loans, no credit check is required. Car title loans will still be available whether you have good or bad credit. However, if your vehicle has had more than one lien or title loan before (and this is not your first online title loan), then the amount of money you can borrow with your reconstructed car may decrease. The first step to consider if you want to qualify is to start with a lending estimate. By estimating the future monthly payments and loan payoff, you can determine if rebuilt title loans near me are a viable option.
Loans For Rebuilt Title Cars With No Credit
Yes, you can still qualify for cash with your reconstructed pink slip, even if you don’t have any recent credit history! However, many direct lenders will perform a credit check to determine how much cash to offer for your rebuilt title car. If your funding request is initially turned down, don’t get discouraged, as there are other options to consider when you need emergency cash. You can always look into a cash advance or see if any other vehicles you own may qualify for standard online title loans.
Contact Car Title Loan Lenders USA for more details about how we can help you get money with a rebuilt title loan. Please apply online or call us at 866-515-9866!