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Can I get a bank loan for a car with a salvaged title?

I found a cool 1972 Plymouth Roadrunner at the salvage yard. Even though it looks like a pile of junk now, it is still pretty pricey. I want to fix it up, but is it possible to get a bank loan on a salvaged title?

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Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Lucky duck! The Roadrunner is my all-time favorite car due to that fantastic horn. It will be a little challenging to get a loan for a salvaged car, but it is possible!
Most banks will not approve of a traditional loan for a
salvaged title
. The car is collateral for the loan and a salvaged car wouldn’t have enough actual value, thus becoming a risk investment for a bank.
Instead, you will want to apply for a personal loan. There are two types: secured and unsecured. Secured loans will require something else you can put down for collateral, such as another car, a house, or even investment accounts.
If these aren’t options, you can go with an unsecured loan. Unsecured loans have lower loan amounts available since no collateral is required. In addition, credit and income requirements are heavily considered. Check online and with your bank to see what option works best for you.
If financing through a bank isn’t an option for you, check with the junkyard. There is always a chance you can convince the junkyard to let you make monthly or weekly payments on the car!
Once that baby is yours, make sure to get
car insurance
before you drive it. Downloading the
Jerry
app is a great way to get started. Jerry gathers personalized quotes from up to 50 top insurance companies in minutes—for free.
Now go bring that Roadrunner back to life!”
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