banks that give loans on salvaged titles?
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#9
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Join Date: Jul 2010
Location: NW Suburbs, IL
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i work for a bank as well and i personally do loans. if it's a salvaged vehicle, our lenders will not even consider it. Tho. the bank i work for is really conservative when it comes to loans. Basically because if you default on a loan, the bank will not get much money back from a salvaged vehicle. Like MISTAKEN said, it really depends on loan to value, as well as credit score and credit history. if you do find an institution that is willing to take that risk, it will most likely be a pretty high interest rate. Just keep in mind, when banks lend money out, they are taking a risk for you to pay them back and most of the time it's not worth the risk on anything salvaged. hope this helps and good luck!
#12
I would actually just stay away from a salvaged titled car. Most banks won't even touch them. Rebuilt is a little different but still you'll never get any amount of your money back. I'd buy salvage/rebuilt with straight cash and keep it weekend warrior/track only. In that sense, you can get something like that cheap, but don't ever finance that.
#14
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suntrust will finance them (thru lightstream)... if your credit is good enough.
geico will insure them.
my dad and i use to rebuild cars so i know what to look for when looking at a crasher.
If you know what all the look for... you should be fine.
If you dont have a clue, i would not purchase a salvaged title vehicle.
geico will insure them.
my dad and i use to rebuild cars so i know what to look for when looking at a crasher.
If you know what all the look for... you should be fine.
If you dont have a clue, i would not purchase a salvaged title vehicle.