Can I Finance a Rebuilt Title Car?

The answer is ….Yes !! BidGoDrive now offers financing on our ready to go vehicles. These vehicles have been repaired and issued a “rebuilt title” after successfully passing a state salvage inspection. Finding a reasonable loan to buy a rebuilt vehicle is still going to be difficult on your own, however BidGoDrive has now partnered with a national finance company that offers competitive rates for clients with good credit scores. The key is in proving to the lender that the car has been thoroughly rehabilitated and is in excellent (and safe) running condition. We have an outstanding track record with our lender and forged a great relationship over the years.

Getting an auto loan for a rebuilt title car on your own can be tricky. Many major banks won’t provide financing for a rebuilt title. When you take out a car loan, the lender is agreeing to share a stake in the vehicle with you until you’ve paid off the loan completely.
Many lenders may not be willing to take the risk with a rebuilt title car. If you are planning to find a loan on your own, your best bet is likely a smaller bank or local credit union, especially if you already have a relationship with an institution like that. If they provide loans for rebuilt title cars on a case-by-case basis, you’ll have a better shot at making your case if you’ve got an established relationship, or a stellar credit score.
If you can’t find an auto loan for a rebuilt title car, another option is to take out a personal loan to finance your purchase. Unlike auto loans, personal loans are unsecured, meaning your car doesn’t serve as collateral for the loan. Because of this, personal loans have much higher interest rates than auto loans, and will cost you more over the life of the loan.
What to bring?
In deciding whether to write a loan or not, lenders are going to assess their risk level. So it is to your advantage to bring with you everything you have that will help convince them that you are a low-risk borrower. The two most important pieces of evidence in your favor are going to be the above-mentioned mechanic’s statement and your credit rating. It also wouldn’t hurt to show evidence that you have a clean driving record as well.
You should probably bring along a statement from your insurance carrier indicating that they are willing to insure the vehicle (we are referring here specifically to a rebuilt car. No insurer is going to write a policy on a salvage before it has been repaired). If you have been able to convince an insurer to write you a policy on the car, then you probably have a good chance that a lender will also be willing to write you a loan for it.
Buying a salvage or rebuilt title can be a good way to get a second car, especially if you don’t mind having a project. But if you’d need to take out a personal loan to get one, or if you’re not sure you can afford any necessary repairs, you may want to think carefully about whether this is the best move for you.
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