Can I Get Title Loans on Classic Cars?
The thought of parting with an older or classic car is almost unthinkable! Your timeless car likely comes with a lot of memories and love, so selling it may be off the table, even if you’re faced with a tough financial situation. If you need emergency cash, you can turn your classic car into fast funding without giving up your prized vehicle. Car buffs can apply for title loans on classic cars and access emergency cash by borrowing against the value of their vehicles. To get a car title loan for an older car, an applicant will need to pledge a car title in their name as collateral for the loan.1
In order to qualify for title loans for older cars, applicants will need to meet a few key requirements. First, you must also be of legal age to apply for a title loan, as well as have a sufficient amount of equity in your classic or older vehicle. Therefore, you want to make sure that your car is in good working condition and has a higher market value than what you owe on it – if you owe anything at all. Many classic cars have a significant amount of resale value as the years go on, such as the Chevrolet Corvette, Ford Mustang, and Porsche 911 GT. However, you’ll only be able to obtain a high loan amount if you can prove you have the ability to repay the loan! The last requirement is that you must be able to provide evidence of a steady source of income. A good credit score is not required to get approved for title loans for older cars!1
When you need fast funding, an application process that is quick and easy can be a lifeline. With ChoiceCash title loans serviced by LoanMart, you can apply for fast cash online and get your money in as little as 24 hours if you qualify. Additionally, you can expect helpful title loan agents to guide you through the entire application process and answer any questions that you may have about applying for online title loans for older cars.1
What Do I Need to Get Old Car Title Loans?
A car title loan for an older car is an option to consider when you need emergency cash, but there are several pieces of documentation you will need to provide to obtain loan approval. Make sure you have the following documents handy before applying:1
- Vehicle Title in Your Name to Prove That You are the Legal Owner of the Vehicle
- A Valid, Government-Issued Photo ID, Like a Driver’s License or a U.S. Passport
- Proof of Income, Such as a Bank Statement or a Recent Pay Stub
- Recent Utility Bills, Credit Card Statements, or Lease Agreements To Verify Your Address
- Recent Photos of the Classic Car to Complete a Virtual Inspection
With all of these documents in order, you are well on your way to completing your application! Check out these tips for increasing your chances of getting approved for an old car title loan:1
- Provide Accurate Information: To ensure that your application is as streamlined as possible, try to double-check that all of the information you provide is accurate and your documents are valid.
- Choose a Reputable Lender: If you’re searching for the best place to get a title loan, do your research and compare various lenders, paying close attention to which title loan companies offer competitive interest rates, transparent loan terms, and have glowing reviews on websites like Trustpilot.
How Do I Get Auto Title Loans for Older Cars?
If you have an older vehicle, this does not automatically disqualify you from applying for a vehicle-secured loan. However, there are some important factors to consider when applying for a car title loan for older cars. When it comes to eligibility for a title loan, your lender will want to ensure that you have all of the required documents to verify your information and that your vehicle is in good working order.1
If you meet the initial requirements for a title loan, you should start gathering the required documents that you will be asked to submit. Having all of the right documents in advance helps speed up the process and ensures a smooth application process! Once you have everything on hand, submit a prequalification form online or apply for a ChoiceCash title loan serviced by LoanMart over the phone by calling 855-422-7402.1
Then, if you are initially approved for a title loan based on the information provided, you’ll be contacted by a title loan agent and asked to upload the documents online or send them through email or text message.1
After your documents are reviewed for completeness and you receive final approval, the last step is to decide how to get your money and sign your loan agreement. Choose direct deposit or have your funds added to a debit card to access your money in as little as one business day!1
How Much Money Can I Get Through Classic Car Title Loans Near Me?
While you may think your classic car is priceless, you are likely wondering how much money you can get with a classic car title loan near you. Remember, your car is the key to unlocking cash through a classic car title loan, so the better shape your car is in and the rarer it is, the more money you will be able to get. Your loan amount is largely based on your income and the resale value of your older or classic vehicle.1
You will be asked to provide information about your car’s make, model, style, year, and current mileage as listed on the odometer reading. All of these factors affect the value of your car and, in turn, will affect how much you can borrow through an old or classic car title loan! Accessing up to half of your car’s total value through this secured loan option can be possible depending on your ability to repay the loan. The simplest way to find out how much you can get through a title loan on a classic car is to complete a pre-approval form online or call 855-422-7402 to apply over the phone with a ChoiceCash title loan agent!1