We will be exploring used cars that come with a branded title and what you need to know about them. Our auto loans have continued to help individuals who are faced with emergencies and title car loans have always been one of the best ways to get quick cash to tackle urgent issues that arise without having to worry about collateral or credit score.
If you have bad credit, you should steer clear of branded title loans when you decide to get a car loan. We will explain everything you need to know about branded title cars below.
Branded Car Title
In our experience as an industry expert, we are aware of the fact that lenders who give out loans for people with bad credit do not usually give out loans for used cars that have a branded title.
This does not imply that you won’t get to see buyers that continue to make branded title loan payments for auto loans which have to do with a branded title vehicle.
We provide professional guidance to clients who have bad credit but are searching for bad credit car loans to connect with dealers that can provide them with bad credit branded title approvals.
The issue with Branded Title
Consumers continue to send in complaints about their situation and dealings with dishonest people.
Most of the time, they get duped by independent sellers who are not honest enough with them and this is mostly because they did not go through the right channels.
Most of these transactions usually end up with negative results. Eventually, the buyers get to see that they end up with a vehicle that has issues that can be very minor or issues that can go on to become very significant such as engine failures.
The worst thing that can happen is when this problem is experienced by consumers who have bad credit and happen to be on very limited finances. Find out how bad credit affects interest rates.
What you need to know about Branded Title Vehicles
So what is a branded title? What does a branded title mean? What is a branded title for a car? These questions usually pop up from individuals who want to know what a branded title means.
Think about a scenario where a used car, as well as a new car that has no title. It then gets involved in an auto crash. Think about a situation where such a car is involved in a very severe event.
To the extent that it causes so much damage to the vehicle such that such a car is declared a total loss. If such a car gets to undergo repair, it is mandated that a branded title is issued for the vehicle.
The problem with title brands or branded titles is that a lot of financial institutions like banks and credit unions that are involved in the business of subprime auto loans have a problem with financing a branded title vehicle.
Well, it doesn’t just end there. You will still come across some lenders that refuse to give out loans for branded title cars.
Branded Titles vary by State
Titles mostly come in forms such as:
Branded Rebuilt Title
This is mostly issued for vehicles that are tagged to be salvage but eventually got repaired and inspected. These types of branded titles simply show that there was a time when your car was classified as a salvage vehicle.
Branded Salvage Title
This refers to a car that has suffered significant damage. It will need huge repair costs which might be anywhere from 75-100% of the original car value. For states that do not have any rebuilt brand, cars serviced and repaired continue to possess salvage branded titles.
List kind of branded titles issued for cars that only qualified to be sold only as scrap. Such cars can also be used for their parts. These are cars you want to steer clear of if you’re in the market and looking for the best time to buy a used car.
Even if these vehicles do not usually come with a branded car title, there are states where the law requires that any car formerly used as a taxi, police car, or for providing daily rental services, should be given the designation of a fleet vehicle.
This is usually issued for vehicles that suffered severe damage from water. Vehicles like these happen to be given a branded salvage title or branded rebuilt title in some States.
Mileage Unknown TMU
This is usually an uncommon cause for a branded title. There are states where the law stipulates how to determine the value of cars with total mileage unknown based on the fact that the odometer was replaced. Or, some other related issues are provided with a notated title. Learn how to get an auto loan on a high mileage vehicle.
Cars that were stolen but eventually got retrieved most times not come with a title brand. There are States where stolen vehicles that are recovered do not receive car titles. Because of the level of damage suffered by the car due to theft, vehicles like these are usually issued with different title brands. This prevents them from being resold.
The Difference with Branded Title Cars
Branded titles usually have general or particular features based on what the state-issued them. For example, you may find that some branded titles may come in different colors when compared to clean title cars. One of the ways to identify a branded title is to check at the top of the auto title. You can also check at the bottom of the title.
A branded car title will be given a notation which should be visible when you check any of these points. This helps them to stand out from regular title cars and creates a clear distinct difference.
Be careful of branded title vehicles
One of the best ways for you to guard against purchasing a car that suffered severe damage in the first place is to carry out checks with the vehicle’s VIN. This number should be run via the national database.
The history of the car should be pulled up and ensure that a very professional mechanic inspects the vehicle meticulously. Also, pay a visit to a specialist when it comes to vehicle body and frame. You should do all of these before you append your signature to the paperwork.
Here’s another thing to keep in mind
This is very important for prospective car buyers to take note of: if you have issues with your credit and have been unable to get conventional car loans using the title of your vehicle, you now have nothing to worry about.
Car Loans of America specializes in providing applicants who have issues with their credit approval or need an understanding of guaranteed financing. This means that they have a better chance of obtaining car loans.
All you have to do is make use of our online portal to fill out the car loan application form. Once you meet our requirements, you will be approved in no time!