Buying a repairable write off can be a great way to get a good deal on a used car. Finding a car loan for a repairable write-off is not as simple as lending criteria is subject to quite a few conditions.
Usually, car loans for repairable write-offs are handled on a case by case basis. Strongly consider using a broker to avoid unsuccessful applications as not all lenders will have suitable loan options for buyers of repairable write off vehicles.
In most cases, borrowers cannot use a repairable write off as security so secured car loans are not possible. But there are options! Talk to our expert team about your dream car, and we will approach suitable lenders to find a customised solution.
A repairable write-off is a vehicle that has been involved in an accident or incident such as a flood and is registered as uneconomical to repair by an insurance company. In this case, the original owner is paid out by the insurer in accordance to their specific policy and the vehicle is unregistered and should be recorded on the WOVR – the Written Off Vehicles Register. These vehicles can be sold and purchased (unlike statutory write-offs); however, buyers are required to repair these cars and attain road worthy and registration before they can get on the road safely.
We've helped many Australians finance repairable write-offs and we can even chat to you about what to look out for to avoid buying a dodgy write-off.
Our teams are knowledgeable and experienced in finding different types car loan solutions for borrowers buying repairable write-offs from our panel of over 20 lenders. Our panel of lenders includes banks (both big and small), non-traditional lenders, and peer to peer lenders. This means we can help you find low rate loans that you might not see advertised.
A repairable write off loan is a car loan, usually an unsecured car loan, which is used to purchase repairable write-off cars from private sellers or auctions.
Want to get finance ready before you buy a repairable write-off? Get National Finance + Loans on your team. Ask questions or apply today by phone, online or in person.