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Can I get a loan on a salvage title car?
Is it possible to get a loan on a salvage title car? I don’t have a lot of disposable income, but I’m good with cars and I figured I could fix one up.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, it is possible to get a loan on a
salvage title car
. The challenge will be finding a lender. Larger banks will be wary of approving loans for cars with salvage titles because these kinds of cars pose more risk from the extensive damage they have.Try getting a loan from a smaller bank, a small credit union, or a specialty lender that works with salvage title cars. Be prepared for a higher interest rate, since salvage title cars are risky for lenders.
Often, it’s easier to get a loan for a car with a
rebuilt title
than a car with a salvage title. Cars with rebuilt titles have been fixed enough to be cleared for use on the road, but may still require you to do some work to make the car fully functional again. This might be a good option if you’re having difficulties finding a loan for a salvage title car.You might also be required to purchase collision or comprehensive coverage for your car to qualify for a loan. It can be tricky to find an insurer willing to provide anything more than liability coverage for a salvage title vehicle, but the
Jerry
app can help you in your search by collecting personalized quotes for you. Jerry does all the hard work of pulling quotes and filling out the paperwork. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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