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Will Banks Finance a Salvage Title?
Finding a bank to finance a salvage title is typically more difficult than standard vehicle financing. Financial institutions see them as higher risk, especially salvage titled vehicles that aren’t yet in drivable condition. Your personal credit will make a difference in your ability to get financing on a salvage title. A buyer with excellent credit will get more benefit of the doubt from a financial institution. There are institutions that specialize in financing for salvage and rebuilt title vehicles, so you have some options. Keep in mind while searching that your interest rate will likely be higher when financing a salvage title, which affects the overall value of the purchase for you.
For more info, see Buying a Salvage Title: Facts to be Aware Of
