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Can you junk a car with a title loan?
Is there any way I can junk a car that I used to get a title loan? I hit it with my tractor the other day, and it just fell apart. It was already pretty old, and I'd like to scrap it if I can.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, you can’t junk a car with a title loan until you’ve paid it off in full. This is because the lender has a
lien
on the car, so it must be available for collateral if you can’t make your payments.Since you can’t throw it out, check your insurance policy to see if you’re covered for damages. Coverage like
collision
or even comprehensive
may keep you covered for tractor-related damages. Hopefully, you can find an affordable way to get your car fixed up—at least until you can pay off your loan!To make sure you make your monthly payments, try saving on car insurance with the
Jerry
app. A licensed broker, Jerry can help you find and compare quotes from over 50 top providers for free. Users save an average of nearly $900 a year on car insurance with the Jerry app, and it only takes a minute to sign up!View full answer
- Gregory R.
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