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Financing for salvage title vehicles is hard to find. Buying a salvage title car is a lot of work. In addition to the thorough research and effort put into finding a salvage car worth buying, you have all the risks that come with buying a used car.
What Is a Salvage Title? Salvage titles are an insurance company's and government regulator's way of informing potential buyers that a vehicle has been damaged and that its value has been diminished.
In North America, a salvage title is a form of vehicle title branding, which notes that the vehicle has been damaged and/or deemed a total loss by an insurance company that paid a claim on it. The criteria for determining when a salvage title is issued differ considerably by each state, province or territory.
Depending on the vehicle, a salvage-title car can sell anywhere from about 20 percent to 40 percent less than the same vehicle that has a clean title, said Richard Arca, pricing manager for Edmunds.
Getting a salvage title in Ohio is an important step for motorists whose vehicles have sustained heavy damages. Generally, the state Bureau of Motor Vehicles (BMV) issues car salvage certificates through the various county clerk of courts offices, which are responsible for receiving and processing all titling procedures.
A salvage title car has significant damage (typically from an accident), has been deemed a total loss by the owner’s insurance company, and has had its title rebranded as a salvage. Typically, the owner has been paid off by the insurance company and the car’s title is in the hands of the insurer, who wants to get rid of it.