24
Mar

what banks lend auto loans for a salvage title car?

Posted by Admin in Wednesday, March 24th 2010   4 comments already   

There is a truck I like but it has a salvage title I need to know what bank would lend me the money to buy it and what insurance company would insurance the car.
Thanks, its a 2004 Chevy Avalanche with 62,000 miles and 22′ chrome rims for $14,500 but I saw another avalanche a 2002 with 98000 miles for $12,800 what do you think I should go for?
I decided not to buy it, even thought I had already bought a mustang 99 with salvage title and it never gave me trouble, but just in case, but is sooo pretty but too bad.

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4 Comments Already

mygif
LIZ Said,
March 24th, 2010 @2:39 am  

it is very hard to find someone to give you a loan for a salvaged vehicle because there is no gaurantee that it has been fully restored. i wish you the best of luck

mygif
cody o Said,
March 24th, 2010 @3:29 am  

i don’t know about insurance… but I don’t think that that will be a question they will ask you, so it may not matter.

The BANK however is very weary about lending money on a salvage vehicle. This is because the value of the vehicle is less….. so they will lend you about 1/2 the normal value of the car.
a piece of advice for you….. don’t buy unless you are going to keep the vehicle FOR A VERY LONG TIME!! because it will be very hard to sell.

mygif
dodge man Said,
March 24th, 2010 @3:39 am  

just about any bank will if the amount is low enough on it,and your credit is good enough,that’s basically what they go by,but it having a salvage title on it does make a difference in the amount they will loan against it,but if you have a down payment to put on it that helps a lot,good luck on it.

mygif
Ray Said,
March 24th, 2010 @4:22 am  

If you got a good credit rating most will lenders will grant you a loan and at same time will also advice you against buying a vehicle with a salvage title.

I somehow think you don’t fully understand what a salvage vehicle is therefore let me try to explain.

If you went shopping for a chair and the sticked said $100. and right next to it identical chair for $40.but sticker said legs were broken and repaired, thats salvage, how safe would you really feel sitting on it, never mind going down the hwy at 70 miles an hour.

sorry to twist your question, its just that after many years in the business I know and seen to much about salvage cars, please stay away from them.

if you need another car besides your Benz or trading go to my website for some pointers , and should you have questions contact me through my website…good luck

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