I want to buy a car with a salvage title, (does not run). This car would be a project, as it needs various engine components, hood, fenders, bumpers, lights, windshield, etc... I would be taking out a loan for about $6000 for this car.
My first question is: can I take out a loan for this car, other than an auto loan? If you take a loan out for a car, you must put full coverage on the car. In my case, I would be working on this car for about a year, and I won't be driving it, so I don't want to have to pay for full coverage when it won't be leaving my shed. Is there any way to avoid this?
My second question is: If I were to replace the stock hood, fenders, bumpers, engine components etc, with aftermarket parts, such as body kits or air intakes, will that affect my car when I take it to the DMV, to get a non-salvage title?
Thanks in advance for your help!Salvage Auto Insurance? 2 questions! Get Best Answer!?
You might be able to get a personal loan. The interest rate would be higher than for a car loan. Depending on your credit, you might not qualify.
You cannot get a non-salvage title, ever, for a car that has ever had a salvage title.Salvage Auto Insurance? 2 questions! Get Best Answer!?
Salvage title means it has been damaged to the point it would cost more to fix it than the value of the car. No insurance company will give you full coverage on a salvage titled car, so a loan is out of the question.
It's hard to find anyone willing to cover it at all.
In some states you would have a pay to have it inspected after repairs before you could register it for on the road use.
You will NEVER get a non-salvage title, once it's branded it stays salvage, but some states allow salvage rebuilt.
If you want parts, buy it. If you want something to drive, avoid it.Salvage Auto Insurance? 2 questions! Get Best Answer!?
the bank is not going to give you a loan... you have nothing of value.. you would have to get a loan by putting something up that is worth six k.. probably your friend or parents could take out a loan.. then they would have to buy life insurance to back the loan.. if they did not have collerater..
as far as the dmv goes.. i wont take a guess... with this kind of title you have to prove the car is safe.. got to the dmv and ask about this from someone that is familiar with the law and the motor vechicle tests that you would have to go through.
getting back to the salvage yard... i would not pay that much for the car... he bought it from an insurance company .the company has tried to recoup their losses.. so this man has allready made a profit from what ever he sold on the car.. i would not pay that much the junk yard man would be smelling like a rose if you paid him that... i would not pay more than the scrap metal price... to stay in business he has to follow thease guide lines.. and then he sells parts like the rear maybee the transmission.. the seats.. body parts. the engine is allways removed and sold to rebuilders.. also the transmission is aluminum most of the time the transmission is sold for aluminum scrap take into account what iam telling you.. if you offer him eight hundred he is doing ok.. and dont back down.. you are using this to learn. if you never rebuilt and engine before you can buy a engine for under a hundred take it apart to learn how.. then learn how to mike the cylinder. the crank shaft journals.. and determine of thee ring lands are ok. you are having high hopes and are going to get yourself into something that you will regret find another way to learn and save. go to the insurance company see if they have any thing to sell you thats wrecked i bet you surprize yorself.. ok gilermo
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