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How can you get a loan for a salvage title car?
I’ve never owned a car, but I’ve been thinking of purchasing my first one before winter. My friend owns a small used car dealership, and he found a vehicle I’m very interested in. The only problem is that it has a salvage title, and he said getting a loan could be hard. How can you get a loan for a salvage car?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Purchasing your first car is exciting, even if it’s a project car or a salvage title. While getting a
car loan
for a salvage title car can be difficult, it’s certainly within the realm of possibility.Cars with a salvage title have previously suffered extensive damage. They are considered high-risk investments due to potential mechanical problems. Therefore, some lenders may not offer loans. If you’re willing to accept the risk, you may be eligible for a car loan through:
- Local banks
- Credit unions
- Online lenders
- Specialized car loan lenders
When applying, have the following with you:
- Driver’s license and proof of residence
- Proof of income and employment
- Information about the vehicle, including a list of repairs done or a mechanic’s report if possible
Insuring a car with a salvage title is also challenging. Some
car insurance
companies will not offer a policy due to the risk. Others may not provide the full coverage
you need on a financed car, instead opting for liability only.To make finding car insurance easy and take away the hassle of generating quotes and contacting insurers, download
Jerry
.Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You can get quotes in seconds, make changes at any time, and ask any questions you may have!
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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