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Can you get a loan for a car with a salvage title?
I’m in the market for a new car, and our family friend offered to sell me her car for a great price. The catch is it has a salvage title. I don’t have enough money to pay for the car up front, so I’ll have to take out a loan. Can I get a loan for a vehicle with a salvage title?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can get a loan to finance a car with a
salvage title
, but they can be a risky investment, and finding car insurance
may be more difficult.Not all loan providers or banks will issue a
car loan
for a vehicle with a salvage title, or they may have additional requirements, so you should shop around and compare offers from a few willing lenders. Issuing loans for salvage title cars is done on a case-by-case basis, but you can improve your chances of getting approved by doing the following:- Bring a mechanic’s report stating the current condition and safety of the vehicle.
- Bring records of all repairs and maintenance done on the vehicle.
- Bring insurance quotes for the car to show that the vehicle is insurable.
- Maintain a good credit score and, if possible, use a lender who knows you already.
Once your loan has been approved, you will need to purchase specific car insurance for the salvage title. To easily compare
car insurance quotes online
, download the Jerry
app. Jerry shops for low prices with over 50 different insurance companies, many of which insure salvage titles. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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