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Will a bank give me a loan for a salvage title
I want to get a car loan for a Plymouth Barracuda, but it has a salvage title. Can I still get a loan for it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A Barracuda is one sweet car, conjuring up the immortal lyrics of the song by Heart—at least if you’re old enough to remember that song. But it will be tough to convince lenders to give you a loan for a Barracuda if it has a salvage title—which notates the car has been deemed a total loss by an insurance company because of theft or damage.
When lenders see a salvage title, a
car loan
instantly becomes more of a liability than an asset—and the risk often isn’t worth the reward to banks or credit unions. If you do find a lender willing to give you a loan, you’ll need to demonstrate excellent credit to prove you’re good for the money. If that doesn’t work, you might be able to get a personal loan or signature loan with a lender. While this type of loan is collateral-free, it comes with a much higher interest rate than a regular car loan.
If you secure the loan, you’re going to need car insurance coverage. To get the best rates, make sure to check out the
Jerry
app. Sign-up takes about a minute, and you’ll be able to compare quotes from 50 top providers. Better yet, Jerry will take care of all the paperwork for you!”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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