Millions of people in the US have salvage or rebuilt car titles and they want to know if they can use these pink slips 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 what you typically see with secured loans. You may wonder why someone would want to go down this route because the term “rebuilt” has such negative connotations. Understand that vehicle title branding can refer to different things. When applied to vehicles, reconstructed simply 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 might think of rebuilt as being misused, or damaged in some way, but this isn’t always the case. Instead, reconstructed titles mean your car has been damaged and the insurance company wrote it off as a complete loss. The good news is that there’s still value, and a title loan company can use it as collateral for a loan. The reconstructed title loan process is straightforward and the funds can be deposited into your account quickly so you know if this type of loan is right for you, just look to Car Title Loan Lenders USA and begin your application online with us today.
How Much Cash For Rebuilt Title Loans
Some might think “reconstructed” means completely damaged or not worth much but that’s not always true either. Rebuilt means it was repaired or reconstructed by the insurance company after an accident and then they wrote off the car as a total loss. You will need to 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 types of secured loans are very simple and there’s no credit check to determine a loan amount. The cash funding amount depends on the state you live in and how much you want to borrow. Ultimately the actual funding amount is determined by the lender.
Lending Values and Terms For A Rebuilt Title Loan
When you first apply, any lender will want to go through a multi-step process to determine the car’s value and overall lending amount when you first apply. 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.
Expect to borrow 40-60% of the car’s current value and sometimes more if the vehicle is in great shape. The amount you can borrow will vary based on vehicle condition and current resale value, but funding amounts can range from $1,000 to $25,000 with repayment terms of up to 36 months. Ultimately, it comes down to the vehicle’s condition and how many miles are on it. A standard loan amount for rebuilt titles comes in at around $2,000 with a 16 month financing term.
Can I Get A Loan On A Rebuilt Car Title With Bad Credit
Since these lending offers are considered high risk loans, no credit check is required. Whether you have good or bad credit, car title loans will still be available for you. 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 that you can borrow with your reconstructed car may go down. 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 some form of 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. For those looking for title loans in Wichita, this is especially true as you have multiple ways to cash out equity from your vehicle.
If you have any further questions, please don’t hesitate to contact one of our friendly staff members for more information. There’s a lot of misinformation and ambiguity out there whenever someone has a salvage or rebuilt title so it’s important to talk to someone with years of experience handling these types of loans. You can reach us toll-free at 1-866-515-9866 or use our online contact form to get started on your application.