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How can I get a bank loan on a car with a salvaged title?

Can I get a bank loan for a salvaged title? There is a really cool car going up for auction this weekend and I don't think I have enough cash.

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Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Buying a
salvaged car
is a great way to score a deal! Unfortunately, most banks will not approve a loan for a salvaged vehicle, but you do have other options!
It sounds like you have some money to put towards the car. If the difference isn’t that much, you might be able to pay the rest of the balance on a credit card. Depending on your interest rate and available limit, this may or may not be an option for you.
Another option is to take out a personal loan. There are two types: secured and unsecured. For a secured loan, you will need something to put down as collateral. If you don’t have any collateral like a house or car, you can go with an unsecured loan. Unsecured loans have lower loan amounts available since no collateral is needed, but it sounds like you might not need a large loan.
You can apply for the loan either online or at your local bank.
Once you get your car, make sure to get
car insurance
with a company that allows a rebuilt title. This is where Jerry can help!
Jerry
shops prices with over 50 different insurance companies, including Nationwide and Allstate, and delivers the lowest rates straight to your phone in seconds—for free. The average Jerry driver saves $879 a year on car insurance!
Good luck with your new car-to-you car!”
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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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