Can you get a loan on a rebuilt title?
If you need to get a rebuilt title loan, then using your car or truck as collateral is a great way to reach your goal. But things get a little more complicated if your vehicle has been salvaged and has a rebuilt title. This situation is more common than you might think, but most people are confused about using their rebuilt vehicle to secure a loan. The short answer is that it is possible, but the long answer is that doing so is not always easy. Lenders will take several factors into consideration when deciding whether to allow you to use your rebuilt title in the lending process.
Get a rebuilt title loan with no credit
When looking for a loan, most people head over to their local bank to ask for assistance. Those will poor credit will be requested to offer something of value to secure the loan before any money can exchange hands. The amount of money to which you are eligible will depend on the value of the vehicle with which you want to secure the loan. The problem, though, is that banks don't look at rebuilt cars in a positive light.
From their perspective, rebuilt vehicles are worth almost nothing, and they could just as easily break down again. Some banks will be willing to work with you, but they are not likely to lend you a significant amount of money. So, most people decide to give up after having several banks reject their loan applications, but you don't have to suffer the same fate. Luckily, you have another option if you want to score a loan with a rebuilt vehicle.
How Rebuilt Title Loans Work
Title loans are not the same as regular bank loans. Title loan companies were created based on the idea that not everyone can maintain a perfect credit score, and their goal is to help as many people as possible to escape from financial trouble. So, it's now possible for anyone to get a rebuilt title loan when they need money as quickly as possible. If you have never heard of rebuilt title loans before, then you might be wondering how they work.
- Apply for a Loan
- Secure it With Title
- Collect Your Money
If you think the process sounds simple and easy, that's because it is. When you apply for a rebuilt title loan, you can receive the funds you need in as little as 24 hours. If you are like most people, then you are not a fan of filling out mountains of paperwork, and with title loans, you won't need to worry about complex forms; getting access to money could not be any easier.
Features of Rebuilt Title Loans
If you are still wondering if a rebuilt title loan is the right choice for you, then you don't want to miss these benefits. If you have unexpected bills and don't know how to pay them, then getting a title loan is the perfect solution. Although conventional banks can take weeks to process a loan, you can access your money almost instantly when you get rebuilt title loans.
Do you have bad credit? If so, then you already know that making a positive change is often difficult. Those will less than perfect credit scores frequently find it challenging to get anyone from an average bank to even talk with them. Getting a title loan might not require a credit check, but making your payments on time will still improve your credit score. In fact, people who don't need to borrow money right away often get title loans just to work on their credit rating.