It’s something you’ll ask if you’re looking for a salvaged vehicle: “Can you finance a salvage title car in Michigan, and is it worth it?” While it can be difficult to find banks that will finance a salvage title car, it’s not impossible — and it may help you pay for a restored vehicle. Here’s everything you need to know about financing salvage title cars.
What Makes a Salvage Title Car Different?
Some owners choose to repair these vehicles and complete the inspections required for them to return to the road. Once rebuilt and retitled, they can offer significant savings compared to similar clean-title vehicles.
Will Any Bank Finance a Salvaged Car?
Many banks will not finance a salvaged vehicle because of the inherent risk. A rebuilt-title vehicle has been tested for mechanical operation and safety, but the loss of vehicle value means many financial institutions won’t take responsibility for these models. Thus, if you want to finance a salvage car, you need to look for specialized options.
What Financing Options Are Available?
Just because a major financing company won’t touch your salvage title car doesn’t mean you can’t finance it. Our dealership works with smaller institutions and credit unions that offer specific financing options or partial plans for salvaged vehicles. You may also investigate other types of loans like personal loans, which can help you pay for the full vehicle cost.
Can You Finance a Salvage Title Car in Michigan? Learn More Here
If you’re still unsure about financing a salvage title car, let our dealers help you find the right plan. Contact Jim Riehl’s Friendly Ford to ask about salvaged car financing and how we can help you on your journey.