The car I want to purchase was a recovered stolen vehicle with a PRIOR salvaged title which means:
An insurance company pays a claim for a vehicle that has been stolen, the owner assigns the title to the insurance company. The insurance company becomes the owner of the vehicle. If the vehicle is recovered, the insurance company must apply for a salvage title.
I can not find any one who will give me a loan to purchase this vehicle... does anyone know of anyone who will finance me?
2007-05-25 05:20:26 · 6 answers · asked by verdepyt 1 in Cars & Transportation ➔ Buying & Selling
A lot of it will depend on your credit history. If you have a rough credit history than that wil be the insurmountable straw. I would talk to local credit unions first, especially if you are a member. Let them discover the title history on their own, you are not required to know or disclose it. Then I would try on-line big banks like Capitol one. If you have good credit they will send you a blank check to purchase the vehicle. ALWAYS use strong caution though when buying a vehicle with a salvage history. This can mean many unforeseen problems, and trouble reselling later. S. Laureys
2007-05-29 04:16:43 · answer #1 · answered by stevenmlaureys 2 · 0⤊ 0⤋
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2016-09-26 13:59:49 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Because a salvage title brings diminished worth to a vehicle even when it has been rebuilt and found to be roadworthy enough to be on the road again, it is unlikely you will find any lending institution willing to finance one. It's also difficult if not impossible to find an insurance company willing to provide insurance coverage.
That is the reason why, for the most part, you should avoid purchasing a vehicle with a salvage title unless you are looking for a cheap source of parts for a vehicle you already own.
2007-05-25 05:45:01 · answer #3 · answered by oklatom 7 · 0⤊ 0⤋
Most salvaged titles are for junk yards who sell the parts from the cars. Hence the salvage part. They are not allowed to sell the whole vehicle for personal use ie; your's to tool around town. You need to get the title changed back can be done but takes work or you will not find anyone who will loan money on that title. It can not be used as collateral. Bottom line is whoever loans the money wants to be assured that if you do not make payments that they have something to come and get.
2007-05-25 05:46:40 · answer #4 · answered by debbie f 5 · 0⤊ 0⤋
salvaged cars are almost impossible to finance for a reason. They are notorious for major system problems and you have no way of guaranteeing that somebody is telling the truth about the car. You can't imagine how many time I've been looking for used cars and I get the "this car was owned by a 70 year old women who did all of her maintenance here." I run the carfax report to find that car was purchased from auction out of state and was in a major accident.
Stay away from salvaged cars. There are 1,000,000 used cars on the market. Buy one that was not stolen or wrecked.
2007-05-25 05:36:37 · answer #5 · answered by Jay P 7 · 0⤊ 0⤋
by way of fact a salvage identify brings dwindled well worth to a motor vehicle even while it extremely is been rebuilt and located to be roadworthy sufficient to be on the line returned, it extremely is not likely you will locate any lending corporation keen to finance one. it is likewise perplexing if no longer impossible to come across an coverage business corporation keen to grant coverage. this is the explanation why, for the main area, you ought to ward off buying a motor vehicle with a salvage identify till you're finding for a much less costly source of areas for a motor vehicle you already own.
2016-10-06 01:03:12 · answer #6 · answered by ? 4 · 0⤊ 0⤋