SoCal Salvage Title Vehicle Financing

ElCoyote

Lord SVT Contributor
Established Member
Joined
Feb 19, 2015
Messages
608
Location
Orange County, CA
Hello All,

It's been a good 8 months since the last time i posted or even logged in here. A lot has happened in those months. To cut things short I am now a sworn law enforcement officer for the biggest L.E. agency in CA.

Now to the reason I'm here.

I am looking to finance a salvage title vehicle from a private party party seller here in SoCal. The trouble I am running into is finding a credit union in the LA/OC area that WILL FINANCE a CA REGISTERED and FULLY REPAIRED salvage title vehicle. CAR IS OWNED OUTRIGHT BY THE SELLER.

The vehicle has 2k original miles and is immaculate and registered with current CA plates.

DOES ANYONE KNOW OF ANYONE THAT WILL FINANCE? If so, please let me know ASAP.

*Not looking for opinions on salvage title vehicles, simply looking for a solution/financing institution that will suite my needs*

Thank you all!!
 

Steve@TF

Authorized Vendor
Authorized Vendor
Premium Member
Joined
Feb 24, 2006
Messages
19,702
Location
So Cal
From what ive always heard no one will finance a salvage vehicle. Cash sales only.
From what ive heard anyways. One of the downsides to them
 

rotor_powerd

Well-Known Member
Established Member
Premium Member
Joined
Sep 14, 2008
Messages
7,412
Location
VA
I doubt any bank will touch a salvage title, and if they do it will require a very large amount of cash down and carry a sky high interest rate due to the trashed resale value. Your only options are likely to either come up with the cash or finance with a personal loan, HELOC, etc. I would take a good hard look at things before choosing one of those options, and make sure that borrowing money on a salvage title vehicle is something you really want to do.
 

ssj4sadie

Well-Known Member
Established Member
Premium Member
Joined
Nov 19, 2001
Messages
9,181
Location
San Antonio, TX
A salvage title vehicle was financed for me one time (stolen, no damage) through a local CU. I was never going to sell it so I didn't care...until I was trying to sell it. The trouble you're going through now is only going compound. You will literally sell it for pennies on the dollar.
 

lastcall190

Active Member
Established Member
Joined
Nov 21, 2004
Messages
202
Location
NJ
^^ Unless you are thinking you'll own this until it dissolves into the earth, I wouldn't go near it in my opinion. I don't believe either of my credit unions would even offer money even at sky high interest. Good luck.

-J
 

HillbillyHotRod

Hooligan rabble rouser
Established Member
Joined
Jan 9, 2014
Messages
8,320
Location
Ozarks of Arkansas
If it has a salvage title there is a reason for that. I personally would not want one unless you can get it dirt cheap. Do not know what may be under the skin.
 

IronSnake

Beers for the boys
Established Member
Joined
Aug 30, 2006
Messages
4,337
Location
South Carolina
Depending upon CA laws, most states let you get a car repaired and then changed to "rebuilt" title. It's most more attractive and solid in value than salvage.

Salvage cars should never be financed nor can they be usually. The only value they have in the eyes of legal and financial institutions is "parts". Even if it's extremely nice.
 

Blackoyote

Well-Known Member
Established Member
Joined
Dec 26, 2013
Messages
2,034
Location
Matthews, NC
^Yep, Lightstream doesn't give a **** what you buy with their money...they've never even asked if I bought a vehicle with the money they loaned me lol.
 

gimmie11s

I Race Pontiacs
Established Member
Premium Member
Joined
Jun 1, 2004
Messages
18,488
Location
la la land
If it has a salvage title there is a reason for that. I personally would not want one unless you can get it dirt cheap. Do not know what may be under the skin.

what would the reason be? This statement is a very generalized one. Anyone who turns their own wrenches will be able to tell what went on. If seller is any sort of honest, the odds are even better.

OP... decided to be a pencil pushing CHP? :p

401k loan. Pay yourself the interest.


.
 

ElCoyote

Lord SVT Contributor
Established Member
Joined
Feb 19, 2015
Messages
608
Location
Orange County, CA
I understand many of you aren't very familiar with the world of salvage title vehicles and what it entails along with the numerous variables that come into play when buying a salvage title vehicle.

I've done brief write ups before on svtp explaining a thing or two on "salvage title".

Here (post #13):
https://www.svtperformance.com/forums/threads/salvage-title-car-anybody-with-any-experience.1119210/

In addition, I found a CU who will offer a secured vehicle loan on a salvage title vehicle with terms up to 60 months and the APR is as low as 1.8% (oac).
-Schools First Federal Credit Union

As long as the Private Party selling price does not exceed the vehicles Trade-In book value.

Thank you all .
 

HillbillyHotRod

Hooligan rabble rouser
Established Member
Joined
Jan 9, 2014
Messages
8,320
Location
Ozarks of Arkansas
It would have a salvage title because the insurance says it is un fixable for less then what it is worth. This could be a lot of things, bent frame being the top of the list I guess.

what would the reason be? This statement is a very generalized one. Anyone who turns their own wrenches will be able to tell what went on. If seller is any sort of honest, the odds are even better.

OP... decided to be a pencil pushing CHP? :p

401k loan. Pay yourself the interest.


.
 

Users who are viewing this thread



Top