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Can you get a title loan on a wrecked car?
I stupidly wrecked my work car a few months ago while clearing some land on my property. I still have some work to do, and I want to rent the proper machinery this time rather than try and use my wife’s car. I need some extra cash to afford the machinery, so I’m thinking about taking out a car title loan to help cover the cost. Can you get a title loan on a wrecked car?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Renting the proper machinery is a smarter move than damaging your other car, and I’m sure your wife appreciates you not using her car! Unfortunately, getting a title loan on a wrecked car is highly unlikely.
Car title loans offer a percentage of the vehicle’s value. If you don’t pay, the lender repossesses the vehicle and sells it to cover any losses. If a lender thinks the car has little value or would be too difficult to sell, they will not offer a loan. You can call around and ask various loan providers if they offer loans on wrecked vehicles, but you may be better off applying for a personal loan or borrowing money from friends and family.
If you expect your work car to be out of commission for the foreseeable future, update your
car insurance
policy to avoid paying for coverage on a vehicle that isn’t in use.When updating your policy, take the opportunity to shop around and compare quotes from multiple companies for your other vehicles. If you want to leave the hard work of gathering quotes to someone else, use
Jerry
. The Jerry app collects quotes from up to 50 top insurance companies in seconds! They even help cancel your old policy once you’ve made a selection on your policy.View full answer
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