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Can I get a car loan on a rebuilt title?
My friend fixes cars for a living. He just did a full restoration on a '74 Mustang II, and I want to buy it. However, it has a rebuilt title. Can I still get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The ‘74 Mustang II is in a class all its own. Even if it’s on a rebuilt title, you still might be able to get a car loan.
In most cases, lenders are apprehensive to give a
car loan
on a rebuilt title because it comes with high risk. They aren’t sure what’s wrong with the vehicle, and even if it’s a classic, it could be worthless if something happens to it.You should apply to several lenders to see if they’re willing to finance you. If they aren’t, you still have another option: a personal loan. With a personal loan, you don’t need collateral. You just sign for the amount you want, and the lender gives you the money. However, this is usually only available to people who have outstanding credit, and it comes with a high interest rate.
Since you have an older vehicle, you may want to consider classic car insurance. You can compare quotes by shopping with
Jerry
. Jerry will find you the best rates from up to 50 top providers, and it will even take care of all of the paperwork for you! View full answer
- Gregory R.
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