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Originally Posted by pnut_lee
Complete BS misinformation Adam. I’m shocked that you can speak to the policies of “most” banks or credit unions. That’s a lot of financial institutions........... I’ve been buying salvage title vehicles for over 20 years. Many members of my extended family have been buying salvage title vehicles for longer than that. Multiple banks (large and small), states, insurance companies, etc. and never been turned down. Some banks have a lower loan to value criteria, or may require proof of repair. I think the general public would be shocked how many ST cars are on the road and I would hazard a guess that most are financed. It’s too big of an industry for banks to walk away from. Some maybe....but certainly not most as you claim.
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Oh, there's always someone in finance who will take your business. But your average dude goes to his credit union or bank and most traditional ones will not extend credit on a car with salvage history. That's why you see so many cars on places like ebay with salvage history and the dealers say in big bold letters to have financing in place before you bid, because many many banks, credit unions and finance places will not do it. That's also why you see smaller dealerships who traffic in branded titled cars self finance the cars for people. So yes, if you hunt you can probably find someone to extend you the money, but going back to my point, it's a lot harder of a car to sell, than a car with a clean title, so if you're going to buy a car with salvage history, go in with your eyes wide open.
---Adam