I know i could call our Credit Union, but they're closed, and i'm mostly just curious at this point.
Found a car on Ebay that seems like it wouldn't be the worst idea ever to pick up, but as usual, don't have liquid cash.
I know the surface answer would be "Hell no they won't," but has anyone had experience with this?
Car in question is a 2013 model year with under 10k miles, seller has extensive pictures of damages and repairs.
Years ago I had a rebuilders license in Alabama. Not sure how other states work, but at least here its 60% of the NADA/Kelley value, depending upon which they use.
Generally speaking, the bank requires full insurance to protect their investment. You can't get full insurance in some states on a salvage-title vehicle. In Iowa, the answer is "hell no they won't" for that reason. They'll totally give you an unsecured loan though at higher interest!
Salvage means the car has had trouble that has not been fixed. The car may or may-not run and may or may-not be road worthy.
Rebuilt is the next step.
The car was salvage title but then the work was done and the car was dreamed safe and road worthy again.
Here in Ohio to go from Salvage to Rebuilt requires an inspection from The Highway Patrol.
Loans:
Salvage: likely does not run or is not safe is hard to get a loan for because there is no guarentee to the bank that you will actually get the car running/safe.
Rebuilt: has proven to be road worthy/safe can get a loan for as easy as a traditional car.
Every day, body shops and used car lots sell Rebuilt cars and they get customers traditional financing for them.
Most will not in Indiana......been through those hoops.
Car has been rebuilt and comes with all documentation from state of California if that makes a difference at all.
You'll need to log in to post.
