Can an Old Car Be Used as Collateral for a Title Loan?

Yes! You can get title loans for older cars. You will need to pledge your vehicle as collateral for an auto title loan, but your vehicle’s age may not be an issue. As long as your car has sufficient positive equity, you may able to use it as collateral for a title loan.1

Typically, more recent models of cars will have more value than older ones. But don’t be discouraged! It is still possible to obtain a title loan with an older vehicle as long as it has enough value. You can determine the amount of equity in your car by subtracting how much you currently owe on your vehicle (if anything) from its overall market value. Fortunately, the ChoiceCash online calculator tool is available for applicants to quickly obtain an equity estimate and a no-obligation quote.1

It may only take a few minutes to get through the title loan application process and as little as 24 hours to obtain your money if you qualify.1 Visit the FAQ page or call a ChoiceCash title loan representative at 855-422-7402 to learn more about online title loans for older cars.

title loans older cars

How Do I Get Title Loans for Cars Older than 10 Years?

It can be quite challenging to obtain emergency cash through a traditional bank loan if you are not an ideal applicant and have a poor credit score. However, title loans are typically more flexible and convenient. 

You can still get title loans for cars older than 10 years, but in order to initially qualify, you must meet the basic requirements listed below:1

  • Be 18 Years of Age or Older: Applicants must be 18 years of age or older to apply for online title loans for older cars.
  • Have Enough Positive Equity in Your Car: The amount of positive equity in your car is an essential part of the application process because it impacts the amount of funding you could be eligible for. Additionally, your eligibility for a title loan is largely determined by the value of your vehicle, and your ability to repay the loan based on your income.1
  • Be Able to Provide Proof of Income: When you apply for a title loan with an older car, a title lender will ask you to provide proof of income. However, you don’t need a 9-5 job to qualify for an auto title loan!1 You could provide proof of an alternative source of income during your loan inquiry. Here are a few examples of documents you can submit during your application:

    1. A Benefit Verification Letter
    2. Bank Statements
    3. Pay Stubs
    4. Workers’ Compensation
    5. A Signed Letter From Your Employer
  • Have a Vehicle Title in Your Name: In order to pledge a car title as collateral for a title loan, it must be in your name. If your car title is not in the right shape to apply for a title loan, you must pay your local Department of Motor Vehicles a visit. You can request a title transfer at the DMV if you are the rightful owner of the vehicle. 

If you are looking to get title loans for older cars, it can be easier than you think! Contact a ChoiceCash title loan representative at 855-422-7402 to see if your vehicle qualifies for title loans for cars older than 10 years.1

online title loans older cars

How Much is My Old Car Worth?

The value of your vehicle is one of the most important parts of the title loan application process. Take a closer look at the factors that will determine the value of your car:

  • The Vehicle’s Current Condition: The condition of your vehicle will significantly impact its value, and it is an essential component of your title loan application. A vehicle that is in good condition should be free of any blemishes or rust spots (or they should be minimal), and it should not have any major mechanical issues.1
  • The Make and Model: Typically, most vehicles depreciate in value over time. But, some vehicles tend to hold their value better than others, especially if they are a popular make / model. The more value your vehicle has, the larger your loan amount could potentially be through a car title loan!1
  • The Current Mileage on the Odometer: If your car is older, it may have a considerable amount of mileage on the odometer if you have spent many years driving around in it. But, even if your car has a significant amount of mileage on the odometer, you may still be able to qualify for an online title loan.1

You can conveniently use ChoiceCash’s online title loan calculator tool to help you learn more about the value of your older car.1

What Do I Need for Online Title Loans for Older Cars?

Looking to get online title loans for older cars? You will need to submit a few documents during your online inquiry. ChoiceCash title loan agents use the requested documents to verify your information, and by gathering these documents in advance, you can potentially speed up the application process!1

With ChoiceCash title loans, you can conveniently upload the required documents online without leaving your house. You can also choose to send your documents via email, or simply text the paperwork to a ChoiceCash title loan agent. 

Below is the list of all the documents you must submit during the underwriting process:

  1. Valid Government / State-Issued Photo Identification Card
  2. Proof of Address
  3. Evidence of a Qualifying Vehicle Title in Your Name
  4. Proof of Income or Alternative Income
  5. Recent, Clear Photos of the Vehicle

If you qualify for a ChoiceCash title loan, you could access competitive interest rates and zero hidden fees!1 Dial 855-422-7402 to learn more about applying for title loans with an older car. 

How Do I Apply for Title Loans for Older Cars?

Thankfully, the application process for title loans for older cars isn’t a hassle. You can expect a streamlined and simple inquiry process with ChoiceCash title loans serviced by LoanMart!1

Follow these three basic steps to apply for a ChoiceCash title loan:1

  1. Submit a Loan Inquiry Form Online. Or, Call a ChoiceCash title loan agent at 855-422-7402
  2. Submit the Required Documents
  3. Get Your Money If You Qualify!1

Borrowers who qualify for a ChoiceCash title loan can collect their money in as little as one business day! Even if you have an old vehicle, you could still acquire the funds you need for an emergency. Go online or dial 855-422-7402 to start your loan application today!1

Frequently Asked Questions

You can get title loans for older cars online! The application process can be simple to complete and may only take a few minutes to get through. You can submit a loan inquiry online or over the phone with a ChoiceCash title loan agent.1

Yes, you can get title loans for cars older than 10 years. As long as your vehicle has enough equity and meets the necessary criteria, you may be eligible for a title loan with an older car.1

Older cars can still have value! If you qualify for a title loan with an older car, you can potentially access up to 50% of the value of your car. Depending on your income and the total value of your older vehicle, you could access anywhere from $2,000-$15,000 if you qualify.1

A lien will be put on the title of your car by the title lender after the loan is complete. The lien on your title will remain in place until you have repaid the loan in full. If you pay your loan on time, you can keep driving your car throughout the repayment process.

If you default on your car title loan, your car could be repossessed by the title lender, and you may not have a reliable way to get around anymore! Most title lenders would rather avoid repossession, so make sure to reach out if you aren’t able to complete your payment obligations.

Sebastián S.
Sebastián S.
Sebastián S. is a bilingual digital content writer from Puerto Rico and has been contributing to the ChoiceCash content team for over a year. With a professional background in communications and digital marketing, he’s a passionate advocate for financial literacy and has worked closely with multiple B2C businesses to increase the educational quality of their sites and create engaging content.