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A salvage title usually indicates that a car has severe damage and isn’t roadworthy. And although these vehicles can be purchased for far below their market value, they can also be extremely difficult to insure or finance. Unless you have the mechanical knowledge to address the car’s issues, it’s best to avoid buying a car with a salvage title and instead choose an inexpensive used car with a clean title.
What is a salvage title?
A vehicle receives a salvage title when it’s been deemed a total loss by an insurance company, often because it’s experienced such severe damage that it’s not financially worth repairing. A car may receive a salvage title after being involved in a major accident or experiencing flood damage. In many states, a car is declared a total loss if the needed repairs cost between 60% and 100% of the vehicle’s value, though the exact percentage will vary by state.
Salvage title cars are considerably cheaper than their market value — however, driving a car like this is illegal, since it’s unlikely to be roadworthy or safe. Much like buying a car without a title, it can be difficult to find companies willing to finance or insure a salvage title vehicle.
It may not always be obvious that a car has a salvage title — this is why it’s crucial to research the vehicle’s history when buying a used car. While some states require sellers to disclose that they’re selling a vehicle with a branded title, not all states do, so be sure to research the laws in your area before buying a used car.
Rebuilt title vs. salvage title
While buying a car with a salvage title isn’t a good idea, a car with a rebuilt title can be less risky. When a vehicle has been declared a total loss, a rebuilt title can be issued when the car has been restored to working condition and passes a safety inspection by a motor vehicle government agency.
Rebuilt title cars can be insured and driven, but there may still be some risk involved with buying a vehicle that has a salvage history. For example, in the case of flood-damaged cars, it can sometimes take years for significant problems to arise. If you’re unfamiliar with cars, it may be better to finance a used car with a clean title instead.
How to buy a car with a salvage title
If you’re willing to take on the risk of buying a car with a salvage history, here’s what you’ll need to know about the process:
Ask a mechanic to do a prepurchase inspection
A used car inspection could save you a lot of trouble down the road. Be sure to work with a mechanic you trust so you can understand the extent of the damage. Don’t rely on the seller to be fully transparent; in fact, the car may have issues they aren’t even aware of. In addition to the standard inspection checklist, ask the mechanic to pay extra attention to any areas directly related to the damage the car has sustained.
Research the car’s history
Any time you buy a used car, you should look into the vehicle’s background. A vehicle history report from the National Motor Vehicle Title Information System and a free VIN check can reveal the car’s history, including any title brands, previous accidents or major repairs. You can also ask the seller for repair receipts and contact the mechanic of record to learn more about the damage.
Determine when the title was issued
If the car was damaged recently, for example, that may be more problematic than a car that received a salvage title long ago but has been driven around since without issue.
Shop around for insurance and financing
This part of the process may be challenging: Many lenders and insurance providers may be unwilling to work with a car that has a salvage history. You may be able to use a personal loan to buy a car, since this type of loan offers more flexibility. In the end, however, buying a car with a salvage title isn’t the best idea, so be sure to shop around for auto loans to purchase a car with a clean title, too.
How much do you need to borrow for your auto loan?
$5,000
Terms & Conditions Apply. NMLS#1136
Should I buy a car with a salvage title?
Buying a car with a salvage history comes with considerable risk, both to your wallet and your safety. Here’s what you should consider before committing to the purchase:
Safety issues: Among the top questions you should ask when buying a car is whether it’s safe to drive. In some cases, it may be risky to drive a salvage title car (plus, it’s also illegal). When you get an inspection, ask the mechanic whether the car poses a risk to you or other drivers.
Costly repairs needed: The vehicle may need expensive repairs before it can be safely driven. Some types of damage may cause systemic problems down the line. For example, chassis damage can cause suspension, tire and steering issues.
Inability to insure or finance: A traditional auto loan lender is unlikely to approve you for financing on a salvage-branded vehicle. You’ll also have a difficult time finding a provider that will insure your vehicle. As a result, you’ll likely have to buy the car with cash and wait to get insurance until it’s been repaired and can pass an inspection. Remember that it’s illegal to drive without insurance in every state.
Difficult to resell: Whether it’s a dealership or a private buyer, you’ll likely have a hard time reselling a car with a salvage title. While this type of car may be cheap to buy, it also means you might not make much reselling it, especially since you can’t base the car value on price guides like Kelley Blue Book.
Potential fraud: In some cases, a seller may lie about the extent of the damage on the vehicle they’re selling. If this is the case, your legal options may be limited and you’ll have a difficult time reselling it.
Pros and cons of buying a salvage title car
While getting a car with a salvage title has many downsides, there may still be some attractive benefits that some consumers may consider.
Pros
Significantly cheaper than a car with a clean title
Can use a salvage title car as a source for car parts for working vehicles
You may find a car with a salvage title that has only minor damage
Cons
Can be difficult to finance the vehicle or get insurance coverage for it
May not be able to resell the vehicle, even if you make repairs
Vehicle may not be drivable and can cost you a lot of money in repairs
Frequently asked questions
A salvage title indicates that a car has been deemed a total loss due to significant damage or theft. In many cases, the vehicle may not be drivable and may cost you more in repairs than the car is worth. If a vehicle has a salvage title, it’s most likely a lemon car.
While it’s possible to insure a salvage-branded vehicle, it can be a real challenge to find a provider that’s willing to offer auto insurance on this type of car. You may have to wait until you get the vehicle repaired and it passes a safety inspection.
A car with a salvage title can’t be legally driven. On top of that, most insurance companies don’t offer coverage for these cars, and it’s illegal to drive without insurance. To legally drive it, you’ll have to repair your car, get a rebuilt title, register it and insure it.
It’ll be difficult to trade in your car to an auto dealership if your car has a salvage history. While some dealerships may accept these types of cars, you probably won’t receive much money for it.
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As of 22-Nov-24, LendingTree Purchase Auto Loan consumers were seeing offer rates as low as 5.24% ( on a $79024.00 loan amount for a term of 48.00 months ). Here are some examples of offers consumers were receiving as of 22-Nov-24:
Loan Term (Months)
Loan Amount
Rate
APR
Estimated Monthly Payment
36
$10000.00
7.39%
7.39%
$310.56
$15000.00
7.39%
7.39%
$465.84
$20000.00
7.39%
7.39%
$621.11
$25000.00
6.94%
6.94%
$771.24
$30000.00
6.94%
6.94%
$925.49
48
$10000.00
7.44%
7.44%
$241.51
$15000.00
7.44%
7.44%
$362.26
$20000.00
7.44%
7.44%
$483.02
$25000.00
7.44%
7.44%
$603.77
$30000.00
7.44%
7.44%
$724.53
60
$10000.00
7.44%
7.44%
$200.09
$15000.00
7.44%
7.44%
$300.14
$20000.00
7.44%
7.44%
$400.19
$25000.00
7.44%
7.44%
$500.24
$30000.00
7.44%
7.44%
$600.28
72
$10000.00
7.44%
7.44%
$172.61
$15000.00
7.44%
7.44%
$258.92
$20000.00
7.44%
7.44%
$345.22
$25000.00
7.44%
7.44%
$431.53
$30000.00
7.44%
7.44%
$517.83
Disclosure Assumptions
Advertised rate based on actual offered rates to consumers over the past 30 days, using the same self-identified credit rating, appropriate loan-to-value for the vehicle, and where no such term, amount and/or offer was requested in a particular state the advertised rate is that of the lowest national rate offered using the same assumptions. Please note that your rate can be higher or lower than the advertised rate.
The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, license, taxes, fees, money down, trade-in, rebates, cash down amounts, the location and type of automobile as well as other factors as determined by Lenders.
Not available in all states.
Rates are subject to change daily without notice.
Payment amounts shown do not include taxes, licensing or fees.
Auto Legal Notice
California: For purposes of compliance with the California Financial Privacy Act, if you are a resident of the State of California and would like to opt-out from the disclosure of your personal information to any third-party for marketing purposes, please contact us at [email protected]. Married consumers may request separate credit. A married consumer may include a spouse’s income even when requesting for a separate account.
Maryland: We do not accept or solicit any fees or payments from you. When you submit a request to us and your inquiry is forwarded to one of our Finance Partners, you may be issued a Financing Agreement by a Finance Partner in accordance with Maryland Commercial Law Code §§ 12-125, 1013. This Financing Agreement must include: (1) the term and principal amount of your loan; (2) an explanation of the type of loan being offered; (3) the interest rate and, if the rate is subject to final determination at a future date based on some objective standard, a specific statement of those facts; (4) the points, if any, to be paid by the borrower; and (5) the term during which the Financing Agreement remains in effect.
Ohio: The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Vermont: For purposes of compliance with the Vermont Consumer Protection Act, if you are a resident of the State of Vermont and would like to opt-out from the disclosure of your personal information to any third-party for marketing purposes, please contact us at [email protected]
Wisconsin: No provision of a marital property agreement, a unilateral statement under Wis. Rev. Stat. § 766.59 or a court decree under Wis. Rev. Stat. § 766.70 adversely affects the interest of the creditor unless the creditor, prior to the time the credit is granted, is furnished a copy of the agreement, statement or decree or has actual knowledge of the adverse provision when the obligation to the creditor is incurred.
As of 22-Nov-24, LendingTree Refinance Auto Loan consumers were seeing offered rates as low as 5.09% ( on a $102763.00 loan amount for a term of 36.00 months ). Here are some examples of offers consumers were receiving as of 22-Nov-24:
Loan Term (Months)
Loan Amount
Rate
APR
Estimated Monthly Payment
36
$10000.00
5.75%
5.75%
$303.09
$15000.00
5.24%
5.24%
$455.00
$20000.00
5.50%
5.50%
$606.00
$25000.00
5.50%
5.50%
$758.00
$30000.00
5.24%
5.24%
$902.00
48
$10000.00
5.75%
5.75%
$233.71
$15000.00
6.34%
6.34%
$367.38
$20000.00
5.75%
5.75%
$467.41
$25000.00
5.75%
5.75%
$584.26
$30000.00
5.75%
5.75%
$701.12
60
$10000.00
5.49%
5.49%
$201.00
$15000.00
5.49%
5.49%
$296.69
$20000.00
5.49%
5.49%
$392.22
$25000.00
5.49%
5.49%
$487.85
$30000.00
5.49%
5.49%
$583.54
72
$10000.00
6.04%
6.04%
$174.72
$15000.00
6.04%
6.04%
$258.00
$20000.00
6.04%
6.04%
$341.03
$25000.00
6.04%
6.04%
$423.95
$30000.00
6.04%
6.04%
$497.75
Reducing your monthly car payments by refinancing? Keep in mind that if you choose to make your remaining loan term longer, the overall cost of your loan may be higher than without refinancing. If you decide to refinance with a LendingTree partner, you may be able to lower your monthly loan payment. However, if you choose a loan term that is longer than the term left on your existing auto loan, you will pay interest over a longer period of time, and the overall cost of your loan may be higher. Consult your financial advisor to see if refinancing your auto loan is right for you.
Disclosure Assumptions
Advertised rate based on actual offered rates to consumers over the past 30 days, using the same self-identified credit rating, appropriate loan-to-value for the vehicle, and where no such term, amount and/or offer was requested in a particular state the advertised rate is that of the lowest national rate offered using the same assumptions. Please note that your rate can be higher or lower than the advertised rate.
The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, license, taxes, fees, money down, trade-in, rebates, cash down amounts, the location and type of automobile as well as other factors as determined by Lenders.
The loan-to-value is <=80%.
Not available in all states.
Rates are subject to change daily without notice.
Payment amounts shown do not include taxes, licensing or fees.
Refinancing may not always result in lower overall interest and principal payments and it extends the life of the loan.
Auto Legal Notice
California: For purposes of compliance with the California Financial Privacy Act, if you are a resident of the State of California and would like to opt-out from the disclosure of your personal information to any third-party for marketing purposes, please contact us at [email protected]. Married consumers may request separate credit. A married consumer may include a spouse’s income even when requesting for a separate account.
Maryland: We do not accept or solicit any fees or payments from you. When you submit a request to us and your inquiry is forwarded to one of our Finance Partners, you may be issued a Financing Agreement by a Finance Partner in accordance with Maryland Commercial Law Code §§ 12-125, 1013. This Financing Agreement must include: (1) the term and principal amount of your loan; (2) an explanation of the type of loan being offered; (3) the interest rate and, if the rate is subject to final determination at a future date based on some objective standard, a specific statement of those facts; (4) the points, if any, to be paid by the borrower; and (5) the term during which the Financing Agreement remains in effect.
Ohio: The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Vermont: For purposes of compliance with the Vermont Consumer Protection Act, if you are a resident of the State of Vermont and would like to opt-out from the disclosure of your personal information to any third-party for marketing purposes, please contact us at [email protected]
Wisconsin: No provision of a marital property agreement, a unilateral statement under Wis. Rev. Stat. § 766.59 or a court decree under Wis. Rev. Stat. § 766.70 adversely affects the interest of the creditor unless the creditor, prior to the time the credit is granted, is furnished a copy of the agreement, statement or decree or has actual knowledge of the adverse provision when the obligation to the creditor is incurred.
Loan amounts from 10000 up to 30000
Annual Percentage Rates (APR) – As Low As*
Loan Type
Up to 36 Months APR%
48 Months APR%
60 Months APR%
New Car
n/a%
n/a%
n/a%
Used Car
n/a%
n/a%
n/a%
Refinance
n/a%
n/a%
n/a%
*Assumptions
APR is the Annual Percentage Rate. Rates quoted assume excellent borrower credit history. Your actual individual APR may vary based on your state of residence, applicable discounts, credit history, specific terms of the loan selected, verification of information, your credit history, license, taxes, fees, money down, trade-in, rebates, cash down amounts, the location and type of automobile as well as other factors as determined by Lenders.
Advertised rate based on actual matched rates to consumers over the past 30 days, using the same self-identified credit rating, appropriate loan-to-value for the vehicle, and where no such term, amount and/or offer was requested in a particular state the advertised rate is that of the lowest national rate offered using the same assumptions. Please note that your rate can be higher or lower than the advertised rate.
Not available in all states.
Rates are subject to change daily without notice. Rates are calculated based on participating Network Lenders rates as of the date stated above being averaged.
The following additional disclosures apply:
Credit subject to approval by participating Network Lender.
A loan fee may be required.
Assumes auto is new or less than one year old.
Interest rates assume excellent borrower credit history.
Rates and payment amounts will vary by state, collateral type and loan to value ratio.
Rates and terms are subject to change without notice.
Example: A six year fixed-rate loan for a $25,000 new car, with 20% down, requires a $20,000 loan. Based on a simple interest rate of 3.4% and a loan fee of $200, this loan would have 72 monthly payments of $310.54 each and an annual percentage rate (APR) of 3.74%.
Auto Legal Notice
California: For purposes of compliance with the California Financial Privacy Act, if you are a resident of the State of California and would like to opt-out from the disclosure of your personal information to any third-party for marketing purposes, please contact us at [email protected]. Married consumers may request separate credit. A married consumer may include a spouse's income even when requesting for a separate account.
Maryland: We do not accept or solicit any fees or payments from you. When you submit a request to us and your inquiry is forwarded to one of our Finance Partners, you may be issued a Financing Agreement by a Finance Partner in accordance with Maryland Commercial Law Code §§ 12-125, 1013. This Financing Agreement must include: (1) the term and principal amount of your loan; (2) an explanation of the type of loan being offered; (3) the interest rate and, if the rate is subject to final determination at a future date based on some objective standard, a specific statement of those facts; (4) the points, if any, to be paid by the borrower; and (5) the term during which the Financing Agreement remains in effect.
Ohio: The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Vermont: For purposes of compliance with the Vermont Consumer Protection Act, if you are a resident of the State of Vermont and would like to opt-out from the disclosure of your personal information to any third-party for marketing purposes, please contact us at [email protected]
Wisconsin: No provision of a marital property agreement, a unilateral statement under Wis. Rev. Stat. § 766.59 or a court decree under Wis. Rev. Stat. § 766.70 adversely affects the interest of the creditor unless the creditor, prior to the time the credit is granted, is furnished a copy of the agreement, statement or decree or has actual knowledge of the adverse provision when the obligation to the creditor is incurred.
Calculators are made available as tools for your use in researching and comparing products. LendingTree does not guarantee the accuracy of the results and you should seek individualized advice from qualified professional(s) who can assist you in regard to your personal financial circumstances. All tools and calculators are deemed examples and are for illustrative purposes only. Your final payment, interest rate, loan, amount and/or fees are unknown and all calculations are estimates only. When calculators are placed in LendingTree Widgets there are times when certain assumptions will be utilized, including, but not limited to the following:
Estimated annual property tax is 1.14%. Estimated annual homeowner’s insurance is $800. Annual homeowner’s association (HOA) dues are $0. Loan term is 30 years. This includes private mortgage insurance (PMI). These are examples only are not guaranteed amounts for any one location. Amounts are national averages from 2013 obtained from several sources. Estimated taxes and insurance amounts will adjust using the above assumptions when a new purchase/refinance/home estimated value is placed into the field and is not a guarantee of what actual amounts may be for any particular product or property.
Rental amount includes one year of rent (you place into the calculator) and rental insurance (based on the national average for 2013). Loan term is 30 years. Property tax assumption is 1% of the home value. Annual homeowner’s association (HOA) dues being set at $100. Maintenance of owning a home is assumed at 2% of home value. Personal tax rate of 33% is factored into the calculation(s). Calculator assumes home appreciation of 4% and a rent increase of 4% annually. The cost of selling a home is 8% of the sales price based on national average of repairs, staging, and Real Estate Agent commissions. The rate of return on investments after tax is assumed at 5% pursuant to 2013 statistics.
Mortgage Checkup and calculators are made available as tools for your use in researching and shopping for mortgage products and are not intended to be investment advice of any kind. LendingTree, LLC does not guarantee the accuracy of the results and you should seek individualized advice from qualified professional(s) who can assist you in regard to your personal circumstances. All tools and calculators are deemed examples and are for illustrative purposes only.
The calculator is for illustrative purposes only and uses an estimated rate, term, origination fee, mortgage insurance pre-payment, etc. from information gathered from the LendingTree Network. The calculator and a Reverse Mortgage Loan are not intended to be investment advice, or a recommendation by LendingTree as it cannot guarantee the accuracy of the results. Private mortgage insurance may be required and estimates of the same are used in the calculation, but the calculator does not include taxes and insurance, which are required to be paid during the duration of a Reverse Mortgage Loan. Rates vary by lender, by state, and on consumers LTV and personal financial situation. Terms and Conditions Apply and vary per lender, so ask each lender what costs, fees and terms are available for your personal financial situation.
The Reverse Mortgage calculator is an estimate only and not an offer of credit by any one Lender. Reverse Mortgage requires that one of the homeowners be at least 62 years of age; have a substantial amount of equity in your primary residence and you intend to remain in the home for the duration of the loan. Taxes and interest still have to be paid even while your mortgage payments may stop. Speak with a qualified Reverse Mortgage Counselor to discuss all of your options.
Mortgage rate quotes displayed on LendingTree LoanExplorerSM, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.
LendingTreeAutos obtains listing information from auto dealers and other third parties directly so that you can shop multiple dealers. Prices listed and information provided about a particular vehicle and generally do NOT include sales tax, finance charges, title, license/tag, document fees, delivery charges, emission testing (where applicable) and fees, any or all of which may be added to the price to get the final sale price of a particular vehicle. LendingTree, LLC and LendingTreeAutos does not warrant or represent any information provided by Dealers and notes that you assume the risk of relying on the same as inaccuracies can occur which are outside of LendingTree’s control.
You are not required to accept the price listed and you can negotiate the price of the vehicle and/or the trade-in amount, money down, interest rate, etc. The final sale price and/or trade-in amount received elsewhere may be better than your final Offer.
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Advertised Terms and Information
The information and disclosures above relate to advertised terms made by or through LendingTree.
Interest rates and terms are from a lender or lenders with whom LendingTree may match you and that offer the particular product. The disclosures are current as of the date indicated.
LendingTree is not a lender in any transaction and does not make loans, loan commitments or lock-rates. All credit decisions, including loan approval and the conditional rates and terms you are offered, are the responsibility of the participating lenders and will vary based upon your loan request, your particular financial situation, and criteria determined by the lenders to whom you are matched. Not all consumers will qualify for the advertised rates and terms. APR may be in lieu of rebates or incentives. Dealer participation may affect consumer cost.
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