There is a lot of pride that comes with owning a classic car. Maintaining and restoring an older vehicle takes a lot of effort, and it is no small feat to have a classic car in working condition.
If your car hobbies or your current situation has left you needing fast cash, a title loan can be the perfect solution. While life can be unexpected and an expense may have knocked your budget off, you do not need to sell your beloved car!
Instead, ChoiceCash Title Loans can allow qualified borrowers to get the money they need and keep their car while they pay off a loan. It can be easier than you think to find car title loans on classic cars!1
How Do Car Title Loans on Classic Cars Work?
If you’re down on your luck financially, a car title loan can be just the solution for your financial woes. Car title loans are a secured installment loan that can let borrowers use their vehicle’s title instead of their credit history to obtain cash!1
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When you apply for a car title loan, your vehicle’s title will be collateral for the loan. This makes the loan secure and allows the approval process to be flexible for your convenience. A car title loan can be a temporary trade with your title to get the cash you need.1 You can even keep driving your classic car during the repayment process- as long as you make your payments on time!1
Will My Classic Car Qualify for a Car Title Loan?
If you are searching for car title loans on classic cars, you’ll find that it is not a hassle to find out if you are eligible. Even though the approval process is flexible, there still a few qualifications that you and your vehicle must meet.
Your eligibility for a title loan will depend on a few factors:
- The Value of Your Car
- Your Income and Ability to Repay the Loan
Since your credit is not the focus of the approval process, your vehicle and its equity will be. Equity is simply the difference between what you owe on the vehicle and its current market value.
If your vehicle is a classic car or an older model, you may not even be financing the car at all. This means that your equity will likely be based upon the market value of the classic car. Typically, a title loan will allow you to borrow anywhere from 25%-75% of your vehicle’s value if your income is able to support that loan payment each month.
The more equity your vehicle has, the more you may be able to borrow from! Typically, the market value of a vehicle will depend on these factors:
- The Make, Model, and Year of the Vehicle
- The Style of the Car
- The Condition of the Vehicle
- The Mileage on the Odometer
With classic cars, the process to determine market value is similar, but there is a difference with the year the vehicle was made. An older car may be valued less than a newer model in the traditional market, but many classic cars will still hold a considerable amount of equity as an older car.
Fortunately, ChoiceCash Title Loans can offer a title loan calculator online. Most borrowers do not know their vehicle’s current equity, and they do not have to! This tool takes away the hassle of learning your vehicle’s equity yourself and does the hard work for you. You can learn not only what your car is worth, but you can also receive a free title loan quote in the process.
Classic cars are the few older vehicles that can hold value well. If you have a title of a classic car in your name, you may be able to use it to get the cash you need!1
What Can I Use My Car Title Loan Funding for?
Financial hardship can happen to anyone at any time, and it doesn’t discriminate! An unexpected bill or situation may have thrown your budget off, and you need fast cash. If you’re looking for car title loans on classic cars, you may be curious what you are allowed to use your funds for.
With traditional bank loans like auto loans, that funding must go to something specific that the bank chooses for you. Title loans can be a bit more flexible with how you spend your cash. Some of the most common ways that borrowers will spend their title loan cash are:
- Covering the Expenses of a Funeral or Wedding
- Paying off Medical or Credit Card Debt
- Covering the Cost of Surgery or Medical Bills
- Paying for Home Repairs or Maintenance
- Covering the Cost of Classic Car Repairs or Restoration
Not every borrower’s financial situation looks the same, but their cash is often spent similarly! A title loan could be the perfect solution for your financial woes when you have found yourself in a tricky spot.1
What is the Approval Process Like for Car Title Loans on Classic Cars?
The approval process for car title loans on classic cars does not need to be a hassle! ChoiceCash Title Loans can offer a quick and easy title loan process that is designed to help borrowers in a financial emergency.1
You can expect the approval process to look like these three simple steps:
- Fill Out a Short Loan Inquiry: Borrowers can choose to fill out an inquiry form online, or over the phone with a representative. It can take just a few minutes to do, and all that is needed is for you to answer a few questions about your income, vehicle, and personal information.1
- Send in a Few Documents: Once your information is submitted, a loan agent will reach out and ask for a few documents. These documents can be used to verify your information and speed the approval process along! While these documents may change from state to state, you can expect to need items like:
- Proof of Income
- Proof of Residence
- Recent Photos of the Car
- A Government or State Issued Photo ID
- Classic Car Title in Your Name
Fortunately, these documents can be submitted online via email or fax for your convenience! While they may seem like a hassle, these are likely documents you have laying around.
- Find Out if You Qualify and Get Your Cash: After your documents and information are submitted, a loan agent can verify your information and find out if your car qualifies for cash! Approved borrowers can get their funds in as little as one business day.1
Where Can I Apply for a Car Title Loan Online?
It’s easier than you think to apply for car title loans on classic cars! You can get started on your title loan today from the comfort of your home with just a smartphone or computer. Head over to the website to fill out your form today and find out if your vehicle can qualify for the financial help you need.1
For a more personalized walk through the approval process, give a loan agent a call at 855-914-2945. Loan agents are available for extended hours throughout the week to take your call!1