Classic cars can be a worthwhile investment that looks good and can be turned into quick cash! It is possible to get a title loan on classic cars as long as they have market value. Many older classic cars hold equity well on the market. These types of classic cars can be used to get the cash you need during a financial emergency!
With options like ChoiceCash Title Loans, all types of classic and vintage cars can potentially be used for a title loan!1 Any classic car or vintage car owner is aware of how well these types of cars can hold value if they are restored properly. Instead of selling your restored classic car to pay an unexpected bill or get you out of a financial pickle, why not use your car to get a title loan?
How Do Title Loans Work?
An unexpected expense may have come at the end of the month and knocked your budget back. Instead of selling your beloved classic car, why not get a title loan on it instead? As long as you keep your loan account in good standing, you’ll be able to keep driving your classic car while you pay off your loan.
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Title loans are collateral-based loans that allow you to borrow off of the value of your car. The more your car is worth, the more you may potentially be able to borrow through a title loan!1 Car title loans can help you cover lastminute emergencies that require cash immediately. While you may be tempted to sell your valuable car to pay other debts, ChoiceCash Title Loans can help you get the cash you need and let you keep your car!1
Since title loans are collateral-based loans, the approval process can be fast and efficient. It can take only one business day to get the cash you need in a financial emergency!1
How Can a Borrower Get a Title Loan on Classic Cars?
Unlike traditional loans, approval for a title loan is not solely based on their credit history. Instead, the value of the vehicle is the most important aspect of the loan! While the assumption of many borrowers may be that only newer cars will qualify for a title loan, it is wrong. Cars of all years, makes, and models could potentially qualify for a car title loan! Even if you are still financing your vehicle, it could have enough equity to qualify for a car title loan. This is a result of how car title loans were designed since they are just based on equity, not the number of payments you have left on your vehicle.
The more positive equity your vehicle has, the more you would potentially be able to borrow off of through a title loan. Typically, a title loan amount is anywhere from 25%-75% of your vehicle’s value. Of course, only if your income could support a loan payment of that amount.
The average classic car could appreciate in value up to 50% over a 10 year period! With that amount of appreciation on the market, a classic car could be worth a considerable amount. With the appropriate income, a title loan on a classic car could be enough to cover a financial emergency!
Is Good Credit Required to Get a Title Loan on Classic Cars?
A financial burden is enough to ruin anyone’s credit history. Fortunately, a borrower does not need to have perfect credit to get a title loan on classic cars! With traditional loan options, a credit score can help determine whether or not a borrower is a risk to lend to. With a collateral-based loan option, the collateral offsets the risk. A borrower’s credit history is considered, but it is not the most important part of the approval process.
Instead, these two factors will matter the most to a title loan agent:
- The Value of the Collateral
- The Income of the Borrower
To get a title loan on classic cars, a borrower will use their car’s title as collateral for the loan. This makes the loan secured and the approval process can become much more flexible. The loan amount and a borrower’s eligibility for a title loan are based upon collateral’s value. It is also based on the borrower’s income, which will be used by a loan agent to determine what they can afford each month if they want to get a title loan on classic cars.
If your credit has been ruined from a financial struggle, there is a big chance that you will not be able to qualify for a traditional loan option that is unsecured. Luckily, a title loan is the perfect alternative loan option for borrowers that are not confident with their credit! Financial options like ChoiceCash Title Loans were designed to help borrowers from all credit histories and financial backgrounds.
What Can I Use My Title Loan Funding For?
Financial emergencies and unexpected expenses can happen to anyone. While your financial emergency may not be the same as another borrower, a title loan could potentially be used to cover both of your financial needs!1
The funding you receive from a title loan will be completely up to the value of your vehicle and your income. While you may need funding for a specific purchase, there are a few common ways to use the funding from a title loan:
- Travel and Vacation Costs
- Debt Consolidation
- Paying for Unexpected Bills or Expenses
- Wedding Costs
- Medical Debt and Bills
- Surgery Bills
- Dental Checkups
- Funeral Costs and Expenses
While your financial situation may be different than another borrower’s, a title loan could be the perfect solution to your worries! During the approval process, a loan agent will help walk you through the steps to qualify. Getting funding from a title loan could take as little as one business day with this streamlined process!1 It can be easier than you think to get a title loan on classic cars.
What are the Benefits of a Title Loan on Classic Cars?
Instead of selling your classic car, a title loan could be the perfect way to get cash when you are in a pickle! While many borrowers will think of title loans as just a means to get fast cash, there are many other benefits to take advantage of. With loan options like ChoiceCash Title Loans, borrowers that get a title loan on classic cars can enjoy these advantages:
- Keep Your Keys: For most classic car owners, their car is their life! Understandably, you may be concerned about the status of your car during the loan repayment process. As long as you keep your loan account in good standing, you can easily keep your keys and drive your car like it is business as usual.1
- Faster Funding Options: Financial emergencies do not wait! A title loan with ChoiceCash Title Loans was created to streamline the approval process. The approval process for a title loan is just three simple steps for your convenience, and it can be completed entirely online or over the phone with a representative. Qualified borrowers can get their cash in as little as 24 hours!1
- High Approval Rates: Title loans have some of the highest approval rates of any alternative loan option! With these high approval rates, you are more likely to get approval for the financial help you need in a flash.1
Where Can I Get a Title Loan on Classic Cars Online?
When most consumers think of a loan, they think of how much of a hassle it is to apply for one. The process of applying for a title loan on classic cars is much simpler than you might think! With options like ChoiceCash Title Loans available to you, the approval process can be just three simple steps:
- Fill Out a Short Preapproval Form Online or Over the Phone
- Send in a Few Documents to Verify Your Information
- Get Approved and Get Your Cash!1
Applying for a loan does not need to be a hassle! Get started on a ChoiceCash Title Loan today by going online and getting a free, no obligation quote. Or, give a loan agent a call at 855-914-2945 today!