anyone know of a for sure bank or credit union that'll give a car loan for a salvaged vehicle??

please let me know!

 

I got one through navy federal for a salvage title evo IX.

 

but isnt that jus for navy ppl.. or ppl in the military?

 

can you even register a salvage title car?

 

yeah military and department of defense employees or if you are the dependent of one of the previously mentioned.

 

My boy wit a 608 credit rating just got an evo with a 7.21% through navy federal--not savlage, off topic, **** just blew my mind.

 

try a credit union. They seem to be a little more flexible. My CU financed 80% of the NADA value. My car was salvaged with a rebuilt title.

 

^ key word there... Rebuilt. Just salvaged no. Rebuilt, yes.

I work for a bank and do loans, all we want to know is that we'd get our money back if you default on the loan. So as long as the loan to value is there and the title is good then you are set.

 

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!

 

i have excellent credit and have been trying credit unions.. so far cant find one at all to do it.. penfed.org will do 50% of value of the car that leaves me like 3-4k short!

 

Salvaged turns back into rebuilt once its rebuildable must be legit though with legit parts with reciepts and your straight.

 

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.

 

Mazuma credit union does loans on salvage vehicles

 

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.

 

I found some nice salvage title cars when i was shopping for my evo but that is a show stopper for me. i would recommend that everyone else do the same on a car as expensive as an evo.
Banks are turning you down for fun. salvage title cars arent worth the risk.