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Can you get a car loan for a car with a salvage title?
I’ve been helping my 25-year-old son shop for a car. We found one he wants, but it has a salvage title. I told him that’s a bit risky and explained what a salvage title means, but he’s still interested. He doesn’t have enough money to pay in full. Can he get a car loan for a salvage title vehicle?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s awfully nice of you to help him out and advise him that purchasing a
salvage title
car can be risky! However, you can get a car loan
for a car with a salvage title in some cases.A car with a salvage title is considered a high-risk investment. Some lenders, may not offer a loan, so your son may want to consider applying through:
- Local banks
- Credit unions
- Online lenders
- Specialized car loan lenders
After your son compares offers from a few lenders and chooses one, he should find
car insurance
. While a financed car requires full coverage car insurance, many lenders only offer liability for salvage titles. As a result, shopping around is essential.If he wants to quickly and easily find a car insurance policy for the salvage title car, you should advise him to download
Jerry
.The Jerry app can collect quotes from 50+ top insurance companies. If you ever have any questions, agents are just a text away, and they even cancel your old policy once you choose the policy that you want!
View full answer
- Gregory R.
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