How do you get financing on your branded or rebuilt title?
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Buying an older car has its advantages, and the purchase process is relatively easy. As simple as it is, however, it's not unusual for drivers to have questions, especially when it comes to financing. In fact, one of the most common inquiries drivers have about buying a pre-owned vehicle is, "can you finance a car older than 10 years?"
As a follow-up to this post: https://southfloridacarappraisers.com/classic-car-news-and-tips/how-do-you-get-financing-on-your-branded-or-rebuilt-title-1657747143488.html? several have asked what effect a rebuilt title has on the value of a vehicle. As attorneys are known to respond – “it depends!” Comparing two identical vehicles, same year, make, model, options, mileage, and condition, the one with the rebuilt title can be worth anywhere from 20% to 40% less than the one with a clean, no accident history.
OK, the first question to address is what is the difference between a branded, salvage and rebuilt, or reconstructed title? A ‘branded’ title is any title that is not a ‘clean’ title. Both salvage and rebuilt/reconstructed titles are branded, but there is a difference between salvage and rebuilt. Can you get a loan on a vehicle with a salvage/rebuilt/branded title?
Whether you are looking to purchase a 1946 Chevy pick-up truck with a Corvette engine, a 1979 Excalibur Series II Phaeton, or any other out-of-the-ordinary "oddball" vehicle you would be well advised to get a pre-purchase inspection, or financing appraisal to determine the condition and/or the fair market value of the the vehicle. Call/text 786-853-0711 to discuss your needs
If you have tried to obtain a financing loan on a vehicle, say, 10 or more years old, you may have found that the lending institution won't do so without a current fair market value appraisal. In addition to financing, we provide diminished value and prior-to-total loss appraisals. Call/text 786-853-0711 for more info.
If you are looking to purchase a 1955-57 Chevy "Tri-Five" in South Florida and want a pre-purchase inspection (PPI) or need an appraisal for financing, we've got you covered! Call/text 786-853-0711 to receive a sample of our 25 page 40+ photograph pdf report
Depends on the value of the car. If it's a “regular" 20 year old car, then you won't be able to get a normal auto loan. Once most cars are even 10 years old they are worth basically nothing to a bank. There are alternative financing sources, however, and most of them will require a Financing Auto Appraisal to determine the Fair Market Value of the vehicle. Need an appraisal in South Florida for car loan? We can help! Call text 789-853-0711
Buying an older boat in Florida? If you are planning to finance, chances are that your lending institute will require a Fair Market Value appraisal for financing purposes. Although our name implies we appraise only autos, we also appraise boats, trucks, RVs, motorcycles, and light aircraft. Call/text 786-853-0711
The upside of buying a vehicle with a rebuilt or branded title is that you can own and drive one for significantly less that the identical car with a clean title. The downside is that nagging question of whether it truly was repaired properly, and of course its subsequent resale value. Also, if you plan to finance the purchase the lending institute will almost certainly require a Fair Market Value appraisal. We can help! Call/text 786-853-0711
When buying an older car, or one with a rebuilt or 'branded' title, most financing companies will request an independent Fair Market Value appraisal of the vehicle before approving your loan. Recently we've appraised two newer sports coupes with rebuilt titles in South Florida, a 2016 Jaguar F-Type and a 2018 Nissan GTR, and both loans were approved!