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Can you take out a signature loan for a car?
I want to buy a car with a rebuilt title, but no lender will approve me for a loan. Can I take out a signature loan to buy the car?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since you want to purchase a car with a
rebuilt title
, odds are that a signature loan may be the only way for you to finance the vehicle.A car with a rebuilt title is considered a huge risk to many lenders. They don’t want to give you money only to find that the car is worth far less than the amount they let you borrow.
That said, you may find some online lenders that work solely with salvage and rebuilt title cars. Your interest rate might be higher, but it’s worth investigating this option.
If neither of those work, you’re correct: a signature loan is a great way to get the money you need for a rebuilt title car. Because the car doesn’t act as collateral, the lender isn’t risking anything if the car has defects or a low value. The only thing that matters is your ability to pay the loan back.
The interest rate for a signature loan may be far higher than a traditional loan, but you should get the money you need, provided you have good credit and the income to support the loan payment.
Just remember that many insurers won’t provide full-coverage policies for cars with rebuilt titles.
Jerry
can help you compare quotes from dozens of reputable insurers to find the best coverage for your new (rather, new-to-you) car.View full answer
- Gregory R.
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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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