Can I get a car loan on a rebuilt title?

My friend fixes cars for a living. He just did a full restoration on a '74 Mustang II, and I want to buy it. However, it has a rebuilt title. Can I still get a car loan?

Answer
The ‘74 Mustang II is in a class all its own. Even if it’s on a rebuilt title, you still might be able to get a car loan.
In most cases, lenders are apprehensive to give a car loan on a rebuilt title because it comes with high risk. They aren’t sure what’s wrong with the vehicle, and even if it’s a classic, it could be worthless if something happens to it.
You should apply to several lenders to see if they’re willing to finance you. If they aren’t, you still have another option: a personal loan. With a personal loan, you don’t need collateral. You just sign for the amount you want, and the lender gives you the money. However, this is usually only available to people who have outstanding credit, and it comes with a high interest rate.
Since you have an older vehicle, you may want to consider classic car insurance. You can compare quotes by shopping with Jerry. Jerry will find you the best rates from up to 50 top providers, and it will even take care of all of the paperwork for you!
Eric Schad
Answered on Oct 25, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.
Let Jerry’s experts help you find savings on your car insurance!
No long forms or spam · Get quotes from 40+ carriers
Find insurance savings (100% Free)
rating primary
4.7/5 Rating on App Store

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings — it's 100% free