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Will any banks or lenders do financing on a car with a salvage title?
My dad fixes up cars as a hobby, and he just got done with a 1979 Datsun 280Z. I love this car! Can I get a car loan for it even if it has a salvage title?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 1979 280Z is definitely a legendary car! It’s amazing that your dad can do that type of work.
As far as a
car loan
, you may have difficulty finding a lender to approve you on a salvage title. Many lenders find that these vehicles are too high of a risk. As a result, they’re highly reluctant to approve one for a loan.But don’t stress. You can still get a personal loan for a salvage car, provided that you have enough income and decent credit. Unlike a traditional car loan, a personal loan for a car won’t have any collateral. As a result, your interest rate is going to be much higher and you’ll need a higher credit score, but if you qualify, getting a personal loan is often easier for a salvage title car.
Although you won’t have to get full coverage car insurance for your car loan, you still need to budget for car insurance. With the
Jerry
app, you can compare quotes from dozens of car insurance providers and get the best rate for your 1979 280Z! Average Jerry users save $879 per year! View full answer
- Gregory R.
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