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Will a bank give a loan for a salvage car?
I have my eye on a salvage car that my buddy fixed up. It still has the salvage title, but it drives like a dream! Unfortunately, I don't have enough money to pay him cash—but I don't know if I'm able to finance a salvage car. Can I get loan for this vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although most lenders won’t approve a
car loan
for a salvage vehicle, don’t stress! You still have one other solution.If your buddy rebuilt the vehicle, he can switch the title from a salvage tile to a
rebuilt title
, provided he gets a safety inspection from the state. With a rebuilt title, lenders are far more willing to give you a car loan.You’re also far more likely to get car insurance with a rebuilt title than with a salvage title. With a rebuilt title, car insurance companies may only offer you
liability coverage
—but it’s enough to make your car legal to drive.If you want to make sure you get the best deal on the fullest coverage possible, check outthe
Jerry
app! We’ll get you personalized quotes from top providers in seconds so that all you have to do is pick the plan that works best for you. (And once you’ve found a plan you prefer, we’ll even help you switch!)Best of luck with the loan, and hope you get your new ride out on the road soon!
View full answer
- Gregory R.
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