Apply For A Rebuilt Title Loan
With rebuilt title loans being more popular than ever, it’s good for people looking to get one to have some background on rebuilt title loans and how they work. Our clients who apply for cash with GoTitleLend will typically have a newer vehicle that’s paid off. But that doesn’t mean you can’t qualify for funding on loans for rebuilt title cars. It doesn’t take long to apply for a rebuilt or reconstructed title loan with GoTitleLend and we’ll work to get you up to 55% of your vehicle’s resale value!
What is a Rebuilt Title Loan?
A rebuilt title loan is when you take out a car loan based on the market value of your rebuilt car. That amount becomes your new monthly payment for a car title loan. At the same time, this may sound like an appealing way to lower your monthly payments, be aware that these rebuilt title loans can come with high interest rates, usually around 30%-80%. The amount will sometimes even be lower than that because title loan companies don’t want to offer cash for vehicles that aren’t worth much.
Many of these rebuilt title loans are worth far less than you would see with a typical vehicle title or even a salvaged vehicle title. The value is so low with a rebuilt pink slip because rebuilt title loans are typically only offered for rebuilt cars with a rebuilt title.
A rebuilt title is a particular type of salvage title that a car receives when it has been repaired and deemed safe to drive. However, many people don’t understand what these titles mean and end up getting taken by companies offering rebuilt title loans.
Can I Qualify For Rebuilt Title Loans With Bad Credit?
The answer to this question is critical. Having rebuilt title loans will not improve your credit history, but making on time payments can actually lead to your score increasing. Suppose you have a low credit score or a bad history with repaying previously rebuilt title loans. In that case, most companies that offer these types of loans won’t even consider you for the loan, Most likely because they know that once you sign up with them, then would be responsible for paying off your loan in full instead of having someone else take care of it.
Combining rebuilt title loans with another car owner is highly recommended in order to make payments on time otherwise, the company will report you as late or missing payment(s) from the lender’s end. In terms of rebuilt title loans where you don’t have the money to make your monthly payments, the next step is to contact your lender and seek out an appropriate payment plan or even negotiate a title loan refinance. Whatever method you choose, it’s critical to stay in contact with your financing company.
What Are Other Features To Know About Rebuilt Title Loans
When you own a rebuilt vehicle with a paid off car title, some companies will not want to finance your loan. This is because rebuilt title loans can be more challenging to acquire from specific lenders, thus creating higher interest rates and fees for the added risk of issuing this type of vehicle a rebuilt title loan. In addition, if during the time you get rebuilt titled cars making monthly payments on time while having rebuilt title loans, then repairing your credit score is highly important for you to reestablish yourself with rebuilt title loans again.
What Is The Process Of Acquiring Rebuilt Title Loans?
Typically when applying for rebuilt title loans, the company may require a copy of the former owner’s certificate stating whether or not they paid off the loan in full. This means you must show a pink slip that’s fully paid and you can’t have any liens or other damage to your vehicle. Many customers can qualify for an online title loan in less than 24 hours, and that includes cars with rebuilt titles! Feel free to apply with us today by using the GoTitleLend online application and you can expect to get an approval notification in a quick period.
GoTitleLend is a nationwide company that’s committed to getting you the best title loan rates and terms. We believe everyone deserves access to credit and we want your loan to fund quickly!