Car Loan for Salvaged Title....?

Question

OK I have about $5,000 negative equity on my truck... I found a PERFECT 2005 Hyundai TIBURON GT, 11,000 miles for $10,000... the reason why it was priced so cheaply is because the dealership purchased the vehicle from an auction by an insurance company. Apparently, the car was a stolen vehicle that was found after the insured person was paid therefore the car was salvaged... My question is, will I be able to get a loan for the amount of what the car should be worth $19,000 to eat up my negative equity I have on my truck? Will they even give loans on salvaged titles?

So even if the car is in perfect condition... I have taken it to two different mechanics and the car was not in an accident I wont be able to get a loan. It is a 2005 with only 10,000 miles.... It is kind of far and I dont want to drive out to the dealership if its worthless you know? Ite car has everything... it was listed for $13,000 but they cant sell it due to the location of the dealership... the $10,000 is suppose to be a memorial day sale....

The car was salvaged because it was stolen and purchased from an unsurance company other than that the car runs perfectly... it looks perfect accept for a small scratch on the fron right bumper.... I would keep my truck but gas prices are ridiculous and I can no longer afford my truck.

Answer 1

Stay away because someone is lying to you.... If the car was stolen, then the lien company would have taken the car back after it was found....or if there was no lien, the car would have been returned to the original owner. The only way it would become a salvage title would be if the car was damaged beyond its value.. There is more to the story and it's most likely the dealership lying. Besides, a salvage car is like a car with over 100,000 miles on it as far as a prime lender is concerned.

I know you want out of your negative equity, however purchasing that car would be very detrimental to your situation. I hope this helps ya....

Answer 2

1

Answer 3

Most won't, they feel like the car with a salvaged title is more of a losing asset. If a dealership is selling it for 10,000, that means the actual value is around 6,000 (or less). Plus a Hyundai does not have a good resale to begin with. So I doubt seriously that that would eat your negative equity. Plus I have not seen anyone pay 19,000 for a 2005 tiburon. More like 11,000 or 12,000, for one with a clear title.

Answer 4

Stay away from this car. You have no real way of knowing if anyone involved is telling the truth. A bank will not lend you the money to buy a salvage car because it is a very risky proposition. This is largely because of the value of the vehicle. Salvage vehicles have no resale value long term. Consider how you are having second thoughts now. No think about how many second thoughts the next guy will have when you try to sell it. I wouldn't lend you money for this car.

Answer 5

Lenders are reluctant to loan on salvages due to the fact that there is a higher rate of problems. Your best bet is to keep what you have and pay more than your monthly payment each month. That way, any extra goes toward the principle, and will lower your loan length a lot, and save you money on interest payments.

Answer 6

You won't get a loan for $19,000, you probably won't get a loan for the salvage

Answer 7

do u know wht a salvage title means?????u need to repair up to par/ get inspected /and get clean title issued/DO not purchase unless u want to spend money for repairs on top of vechicle price/

Answer 8

It takes 9 seconds for the Y.A. question to load for me to be able to click on the [add your answer] box. is my computer slow?

Answer 9

I think it depends