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Can you get a car loan for a salvage title car?
My daily driver is a nice sports car, but my job often requires me to visit construction sites. I always get nervous leaving my car nearby, so I’ve been looking for a second vehicle for commuting. I think I finally found the one I want, but it has a salvage title. Can you get a car loan for a salvage title car?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Construction sites are hazardous, so being nervous about leaving a nice sports car around makes sense. You may be able to get a
car loan
for a salvage car title, but this will vary from lender to lender.A car with a salvage title means it has previously suffered extensive damage in the past. As a result, some lenders may not offer loans. But if you’re okay accepting the risk, you should consider applying for loans at:
- Local banks
- Credit unions
- Online lenders
- Specialized car loan lenders
Not all lenders are the same, and some may have different requirements for salvage titles. Always compare offers from multiple lenders to find the best rate and terms.
Before the loan is officially issued, you need to provide proof of insurance. However,
insuring a car with a salvage title
is challenging.Some companies will not offer the
full coverage
required for financed vehicles, opting for liability only.If this is the case, many borrowers take out a personal loan to buy a salvage car. The interest rate is higher, but no requirements exist as to what car insurance you need to have.
Like finding a lender, to find a
car insurance
company that will insure the high-risk vehicle, shop around and compare quotes from multiple companies.If you want to leave the hard work of gathering quotes to someone else, use
Jerry
. The Jerry app can collect quotes from over 50 top insurance companies, like Travelers, Nationwide, and Progressive, in seconds! They even cancel your old policy once you’ve made your pick.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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