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Will banks approve a car loan for a rebuilt title?
I just found a beautiful Corvette being sold from a private seller. However, it has a rebuilt title, and it's not old enough to be a classic. Will banks approve a car loan for a rebuilt title car?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although most banks will not do a car loan on a
rebuilt title
, you do have a couple options for affording your dream car.
Here’s why a major bank is unlikely to give you a car loan
:- A rebuilt title signifies uncertainty about the car’s history, functionality, and value
- Lenders prefer a clear valuation of the vehicle as collateral So, our top tip for financing a car in this situation is to seek out alternative lenders, such as:
- Smaller banks or credit unions: Can be more flexible, especially if you’re a long-time customer
- Get a personal loan: Don’t require collateral, only good credit and proof of income Bear in mind that personal loans will probably carry a higher interest rate, so paying off the loan early is in your best interest. Finally, remember thatcar insurance for rebuilt title carscan be tricky—but it’s no less essential! On a rebuilt title, most insurers will only offerliability coverage, which will only cover damages to other vehicles in accidents where you’re at fault.
View full answer
- Gregory R.
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