Tiktok

Purchasing a car with a salvage title can be an affordable way to get a vehicle, but securing financing for such a car can be a bit tricky. Salvage title cars are vehicles that have been significantly damaged, repaired, and then deemed roadworthy again. While these cars may be a great bargain, their history can make lenders cautious, often leading to higher interest rates or even loan rejections. However, there are banks and credit unions in Utah that specialize in working with borrowers seeking loans for salvage title vehicles. If you’re considering this route, here’s a guide to the best options in Utah.

1. Deseret First Credit Union

Why Choose Deseret First?

Deseret First Credit Union is known for its personalized customer service and competitive loan rates. They offer various auto loans, and while they typically focus on newer cars, they also provide loans for salvage title vehicles. Deseret First is a great choice if you’re a member or eligible for membership, as they have a history of working with clients who need flexible loan terms.

Key Features:

Membership Requirements:

Deseret First offers membership to those who live in Utah or work for certain employer groups. You can also qualify through family members or religious affiliation.

2. Mountain America Credit Union

Why Choose Mountain America?

Mountain America Credit Union is one of the largest and most well-known credit unions in Utah, and they offer a variety of auto loans, including those for salvage title cars. They have a reputation for being flexible with their lending criteria, especially for their loyal members. This credit union is a strong choice if you’re looking for lower fees, a large selection of loan options, and good customer service.

Key Features:

Membership Requirements:

You can join Mountain America if you live or work in Utah, or through family memberships. Additionally, you can qualify by being a member of certain community organizations or employers in Utah.

3. America First Credit Union

Why Choose America First?

America First Credit Union is one of Utah’s largest credit unions, with a solid reputation for offering flexible and affordable financing options. They work with borrowers who are looking to finance a wide variety of vehicles, including salvage title cars. Their strong commitment to helping local communities and competitive interest rates make them an excellent option for individuals with salvage title cars.

Key Features:

Membership Requirements:

Membership is open to those living, working, or worshipping in certain areas of Utah. Additionally, you can qualify through family members or certain organizations.

4. Utah Community Credit Union (UCCU)

Why Choose UCCU?

UCCU is another trusted credit union in Utah that offers a variety of financing options, including loans for salvage title cars. They have an excellent reputation for working with all types of borrowers, including those looking to finance a vehicle that might not meet the traditional standards for a loan. UCCU is ideal if you are looking for a more community-based, customer-centric option.

Key Features:

Membership Requirements:

To join UCCU, you need to live, work, or worship in Utah. Family members of existing UCCU members are also eligible.

5. Wells Fargo

Why Choose Wells Fargo?

While Wells Fargo is a traditional bank and not a credit union, it can be a great option for those seeking financing for a salvage title car. Wells Fargo is known for its wide range of financing options and for working with clients who may have unique situations, such as salvage title cars. They have a solid history of offering reliable customer service and competitive loan products.

Key Features:

Membership Requirements:

Wells Fargo offers a wide variety of products to customers across the nation, including Utah residents. There are no membership requirements, but you must meet their creditworthiness criteria for financing.

6. Alpine Credit Union

Why Choose Alpine Credit Union?

Alpine Credit Union, a smaller and more localized credit union, offers a strong alternative to larger banks and institutions. They specialize in auto loans and can often be more flexible when it comes to financing vehicles with salvage titles. If you’re looking for a more personalized experience and a lender with deep ties to Utah communities, Alpine Credit Union could be an excellent option.

Key Features:

Membership Requirements:

You can join Alpine Credit Union if you live or work in specific areas of Utah or through certain employer groups or family memberships.

7. Zions Bank

Why Choose Zions Bank?

As one of the largest and most established banks in Utah, Zions Bank offers a range of auto loans, including those for salvage title cars. They are known for their experience in the local market and for providing financing for a wide variety of vehicle types. Their strong reputation and wide range of services make them an option worth considering if you want to work with a more traditional banking institution.

Key Features:

Membership Requirements:

Zions Bank is open to anyone in Utah, and you don’t need to be a member to apply for a loan.

Final Thoughts

Financing a salvage title car can be a little more complicated than financing a traditional vehicle, but there are plenty of good options in Utah. Credit unions like Deseret First, Mountain America, and America First tend to offer the most flexible and competitive options for these types of loans. However, traditional banks like Wells Fargo and Zions Bank may also be worth considering, especially for those who may prefer a more mainstream financial institution.

Before applying for a vehicle loan, it’s crucial to research the lender’s policies regarding salvage title vehicles and compare the interest rates, fees, and terms offered. Each lender will have different requirements, so be sure to have all necessary documents regarding the car’s title and condition ready when applying for financing. All of these options will also have different opportunities depending on loan amount, loan payment, credit score, loan term, whether it is a personal loan or for a business, and most importantly  your credit history; so if you have bad credit, good credit or excellent credit.  

With the right lender, you can secure an affordable option for a salvage title car loan and drive off with a great deal. If you are curious about things like vehicle loans on a rebuilt title or getting a credit report to see what you qualify for, head down to Summit Auto Sales in Orem, Utah to get all the info you need to make the best vehicle decision for you.