Rebuilt Title.....

mommucked

mommucked

Endeavoring to persevere
Joined
Sep 26, 2011
Location
Rural Apex n.c.
I'm looking @ a 10 yo truck for sale w this title, will my credit union(coastal) balk @ a loan for it? my credit rating is high and I've paid off 3 loans over decades.
 
It just depends on what it's still worth and how much you want to pay for it. Hell, I'd just ask them and see what they say...
 
I don't think they will do a car loan. I also use coastal and had to take a personal loan for my Tj
 
Alot of places arent doing loans on 10 year old vehicles anymore but some that do are lighstream.com USAA and I heard Navy Federal credit union would. It still depends on the value of the vehicle and what your wanting to borrow against it.
 
I dont know of any bank or credit union that would do a car loan for a 10 year old vehicle with a salvage title.
There are other places that will do it, but the APR will be around what a credit card would charge (18-24%).
 
NCSECU will give loans on 10 yr old vehicles but the length is like 24-48 months. But, they will not loan money on a car with a rebuilt or salvage title, if I remember correctly. Not sure about Coastal
 
You can also do things like a "personal loan" but the interest rate will be higher.

Last year we bought an '08 Pathfinder with 130k miles on it. I asked the credit union about a loan and they flat out said no, it's too old and not worth enough.
 
I got details today on the phone briefly, they would do 8% on 2005+, but not w the salvage title. I could get a personal @ 11% though. I did'nt get to the term or payments before I told them I'd have to call back or go to talk face to face. My bro in law worked as an adjuster for 3 or 4 yrs and i spoke to him today. He said for the price,options and mileage the guy is trying to rid himself of a clustertruck that has been on a frame machine and probably should have been totaled. I may still look/drive it sunday and go from there. The CU would get me 4% for a 14 or newer but that would be about twice the price from what I've seen.
 
Id measure and triple check the frame if any history of it being on frame machine, Chevy dealers here will let me come in and give them vin to see if a vehicles in the system for major repairs with salvage titles I’ve bought/ sold a few good trucks doing this with salvage titles that had clip damage or minor body damage and ended up totaled bc wasn’t more than value of car through appraisal. But I look at vehicles especially older ones as “it’s fixable” just depends how much ya wanna put into it I just like to tinker on shit tho lol
 
Hell, I got a loan on my 02 2500HD in 2015. That jewel had 218,000 miles on it and they didn't bat an eye.
 
Croatan_Kid said:
Hell, I got a loan on my 02 2500HD in 2015. That jewel had 218,000 miles on it and they didn't bat an eye.
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I think they generally just look at value. Buddy of mine had no issue getting a vehicle loan through NCSECU for a 10 year old, 335k mile truck. They would have loaned something absurd like $28k on the truck.
 
Ncsecu won’t issue used auto loan on salvage or reconstruction title.

Also has to be 10yrs old or newer and less than 150k miles. It’s a 48 month term .

If it’s older than 10 yrs or more than 150k, they will do personal loan @ 10-11%

Current or previous model year opens up to lower interest rate and longer terms.
 
@Mac5005 Unless they changed it in the last two years, that's not true...

13 year old truck, 60 month auto loan, 218k miles. :confused:
 
Croatan_Kid said:
@Mac5005 Unless they changed it in the last two years, that's not true...

13 year old truck, 60 month auto loan, 218k miles. :confused:
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They just changed their guidelines on auto loans with the added restrictions. I believe it's been within the past 6 months. Prior to this, they'd finance regardless of age & mileage (as long as it had a clean title & wasn't a dually).
 
I guess everybody is getting on board with trying to push people in to newer vehicles by not loaning money for good, used ones.

Oh well...
 
If you have really good credit, go to www.lightstream.com. It is a division of Suntrust bank. It is absolutely the simplest way to get a loan with the lowest rates. Used car rates were at 3.65% a little while back. I have used them multiple times and takes literally minutes to get approved without having to talk to one person. The second best part about them is that you keep your title, they do not want it. Get approve, let them know the date you need the funds and they wire it straight to your bank. It is literally that simple.
 
sooo, I called the guy on 11/3 and asked for the vin. He told me someone had put a down payment on it.Then a week or so later I saw it back on CL. Dude had my # but didn't contact me so I assumed he did not want me to research the trucks past and decided to let someone else buy it.
 
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