Emergencies are an inevitable thing in our life and so we look for several financing options at that crucial time. Whereas title loans become the most popular option among the individuals that have a car title in their name. It is because one could qualify for a loan if they have a salvage title. The insurance companies give the car a salvage title if the car had involved in an accident and has significant damage. So, many would think it is not possible to get a title loan on a salvage vehicle.
However, you may get the chance of getting salvage car title loans if you have a consistent source of income. Because the major factors for title loan eligibility are the car title and your income. If you have a luxury car, then you do not have to worry that it is possible to get a loan even with the salvage title. Below are few requirements that you need to provide a lender.
- First, you need to understand that the salvage title must be in your name. The lenders will verify this aspect very carefully.
- Next, you have to provide proof of identities like a driver’s license or passport.
- The lenders need to know whether you can repay or not. So, you need to show proof of income like bank statements and others.
- Another main aspect that you need to provide is proof of address to prove that you’re resident in a particular state.
- Some of the lenders will ask for a physical inspection. Thus, the above is a simple procedure that you need to follow to obtain salvage car title loans.