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Discussion Starter · #1 ·
Im in the search for a Lotus Elise and have found a few promising cars. problem is, the one im most interested in has a Rebuilt Title. I have good credit and was wondering if anyone knew of a bank that did auto loans for Rebuilt Titles?

Ps. I tried (JJ Best) but they were a no go.
 

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Financing for the Elise can be tricky enough without it being a rebuilt titled car. I do not know of any lenders that would be willing to finance the purchase of a car with a rebuilt title. Even if you find a lender willing to work with that, you might have a hard time with the value they will put on the car so they will not lend you much anyway. Depending on the year of the car you might also be too late to finance the car, 7 years is typically the cutoff. If the car is not local to you that might further complete the loan. I’d advice disclosing all the information you have once you start making phone calls, some lenders have deal breakers in the auto loan process that could waste your time if they don’t find out that information upfront (location of buyer compared to seller, title condition, year, millage, if the car currently has a lien on it). I’d guess this will be very hard to accomplish, but good luck.
 

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Discussion Starter · #3 ·
Financing for the Elise can be tricky enough without it being a rebuilt titled car. I do not know of any lenders that would be willing to finance the purchase of a car with a rebuilt title. Even if you find a lender willing to work with that, you might have a hard time with the value they will put on the car so they will not lend you much anyway. Depending on the year of the car you might also be too late to finance the car, 7 years is typically the cutoff. If the car is not local to you that might further complete the loan. I’d advice disclosing all the information you have once you start making phone calls, some lenders have deal breakers in the auto loan process that could waste your time if they don’t find out that information upfront (location of buyer compared to seller, title condition, year, millage, if the car currently has a lien on it). I’d guess this will be very hard to accomplish, but good luck.
Thanks for the information.
yeah its been an uphill battle so far :-/
 

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Really? I had no problem at all with mine, salvaged title and all. Got a decent rate, too.

I did all my window shopping first and found that usaa would be hard to beat, so I called them. I had to explain to them what the car was (the girl on the phone googled it and got really excited, haha) and then they gave me a check. If you qualify, try them.


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Disclaimer: I ended up paying cash, and never researched any loans, but:

Talking with Hayes, from Wire Wheel, when I was buying my re-built Exige S from him, he mentioned that another customer had got a loan for a rebuild from Tyndall CU. I have no idea on the details regarding amount, rate, age of car, etc.

Cheers.
 

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Really? I had no problem at all with mine, salvaged title and all. Got a decent rate, too.

I did all my window shopping first and found that usaa would be hard to beat, so I called them. I had to explain to them what the car was (the girl on the phone googled it and got really excited, haha) and then they gave me a check. If you qualify, try them.


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I had several banks tell me no based on many things without even running my credit, this was on a clean titled car.

Sounds like these loans can and do happen with the correct lender so keep trying.
 

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Really? I had no problem at all with mine, salvaged title and all. Got a decent rate, too.

I did all my window shopping first and found that usaa would be hard to beat, so I called them. I had to explain to them what the car was (the girl on the phone googled it and got really excited, haha) and then they gave me a check. If you qualify, try them.


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usaa ftw
 

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The only credit unions that I heard of doing salvage title financing are all US military and government related. If you don't qualify for those then you are SOL. End of story. I tried REALLY hard to find something when I was lusting after a wirewheel offering.
 

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One reason a lender will not like rebuilt title you cannot "fully" insure a rebuilt title. Glad some lenders know how, I wonder what their insurance requirements are.
 

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Im in the search for a Lotus Elise and have found a few promising cars. problem is, the one im most interested in has a Rebuilt Title. I have good credit and was wondering if anyone knew of a bank that did auto loans for Rebuilt Titles?

Ps. I tried (JJ Best) but they were a no go.
Shop for insurance at the same time, as you may have equal difficulty finding an insurance company that will underwrite, at least at an affordable rate.
 

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We just sold a 2005 Elise with a "Rebuilt" title to a customer who got a loan through USAA bank. They also sell automobile insurance, how convenient!
We have had difficulty with customers getting loans for cars with rebuilt titles, but it was a break though with the USAA bank.
Insurance and registration are no problem for a "rebuilt" title.
Just make sure it is a "rebuilt" title and not a "salvage" title, as there is a big difference....
Good luck to you!
 

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Wow Such Admin
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We just sold a 2005 Elise with a "Rebuilt" title to a customer who got a loan through USAA bank. They also sell automobile insurance, how convenient!
We have had difficulty with customers getting loans for cars with rebuilt titles, but it was a break though with the USAA bank.
Insurance and registration are no problem for a "rebuilt" title.
Just make sure it is a "rebuilt" title and not a "salvage" title, as there is a big difference....
Good luck to you!
Good to know! I use USAA for everything.
 

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In order to be eligible as USAA member you must be:

Active, retired and honorably separated officers and enlisted personnel of the U.S. military.

Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).

Adult children whose eligible parents have or had a USAA auto or property insurance product.

Widows and widowers of USAA members who have or had a USAA auto or property insurance policy.
 

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I've had my rebuild insured at full clean titled value through Lib Mutual, Progressive, and Allstate. I've heard so many horror stories, that I always make sure to verify what a hypothetical payout would be, before signing up. My rates have always been reasonable.
 
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