What Year Does Your Car Have to be to Get a Title Loan?

Title loans are a unique type of installment loan that allows you to borrow off of your car’s equity and turn it into cash. To borrow off of your car’s equity, your vehicle must have a substantial amount of value.

Some factors that contribute to your vehicle’s equity are:

  1. The Make, Model, and Year of Your Car
  2. The Style of the Car
  3. The Number on the Odometer
  4. And Other Factors!

As soon as a car is driven off the dealership lot, it will depreciate in value, and that will change the equity. The year that your car was made will impact its equity and how much you can borrow through a title loan! The more your car is worth, the more you can potentially borrow since there is more equity to access.

So, what year does your car have to be to get a title loan? With loan options like ChoiceCash Title Loans, cars from all different years could potentially qualify for a title loan!1

CALL OUR TEAM

Call our toll-free hotline to speak with a specialist.
How Does a Title Loan Work?

Title loans were created to help borrowers from all types of financial backgrounds get the financial relief they need. Instead of just relying on a borrower’s credit history for loan approval, a title loan will often consider other factors more:

  1. The Value of Your Vehicle
  2. Your Income and Ability to Repay the Loan

Title loans are collateral-based loans, meaning that they require your vehicle’s title as collateral for the loan. This makes the loan secure and allows the approval process to be much more flexible towards borrowers with little to no credit history. Since your collateral is more important during the approval process than your credit history, the value of your car will matter the most. The more your vehicle is worth, the more you can potentially borrow through a title loan!

What Types of Cars Can Be Used to Get a Title Loan?

To be eligible for a car title loan, you must have a vehicle with enough value. There is no all-inclusive list of cars that could be used to get a title loan. It is not as simple as just asking the question, “what year does your car have to be to get a title loan?”

Since there are many different types of cars from all different years that can hold value well, there can’t just be a list of cars that will automatically qualify!

While there is no all-inclusive list of cars that have equity, there are a few common car models that are often seen qualifying for a title loan:

  • Toyota Corolla
  •  Chevrolet Malibu
  • Ford Focus
  • Ford Explorer
  • Chevrolet Impala
  • Honda Civic
  • Honda Accord
  • Nissan Maxima
  • Toyota Camry
  • Subaru Impreza

If you don’t see your vehicle on there, don’t panic! There are hundreds of cars from different years that can qualify for a car title loan.

What Year Does Your Car Have to be to Get a Title Loan Online?

Your vehicle is the most important part of the title loan approval process. Your eligibility for a loan and your loan amount will be based upon the equity in your car!

While you might be wondering, “what year does your car have to be to get a title loan”? Your car does not have to be from a specific year to qualify for a car title loan! The year that your vehicle was made is not as important as how much it is worth. That being said, a car from 2012 could have less value than a car from 2008!

Your vehicle’s title will be used as collateral for a title loan. With an unsecured loan, a borrower’s credit history is the biggest eligibility factor, as it will tell a lender if they are a risk to lend to or not. With a title loan, your vehicle is more important than your credit, since it is being used as collateral. The collateral negates the risk to lend to you if your credit is less than ideal.

To be eligible as collateral, it must have a certain amount of equity! If you are like most borrowers, you aren’t aware of what your car’s current equity is. As soon as you purchase your vehicle, it begins to depreciate in value in most cases. That’s why loan options like ChoiceCash Title Loans create a title loan calculator.

This online tool allows you to submit basic information about your car. Then, you’ll receive a free equity estimate, and a title loan quote! This two-for-one tool can be found online, and it only takes a few minutes to use.

To use a title loan calculator to find out your vehicle’s equity, you will need to know a few identifying factors about your car. You will need to submit:

  1. Your Vehicle’s Make and Model
  2. The Year Your Vehicle was Made
  3. The Mileage on Your Odometer
  4. Any Surface or Cosmetic Damage to the Vehicle
  5. The Style of Your Car and any Modifications

All of these factors will contribute to your car’s equity and determine what your vehicle is worth! The more equity your car has, the more you can potentially access through a title loan.

How Much Can I Borrow When I Get a Title Loan?

The amount that you can borrow through a title loan will depend on a few factors:

  1. Your Income
  2. The Equity in Your Car
  3. Your Current Debt-to-Income Ratio

For most title loans, you will be able to borrow anywhere from 25%-75% of your car’s value.1 The greater the equity in your car, the more you have to borrow off of!  During the approval process, a loan agent will take a look at the value of your car, and your income. Then, they will also consider your current debt-to-income ratio. This can help determine what you can afford for a monthly payment, and your loan amount will be based on this. The less debt you have and the higher your income, the higher your loan amount could be.1

What Documents Do You Need to Get a Title Loan?

During the approval process for a car title loan, there are a few documents you will need to submit to verify your information. Luckily, these documents can all be submitted online for your convenience!

While the exact documents you need may vary from state to state, you can expect to submit these:

  1. Proof of Income: Since your loan amount and eligibility are dependent on your income, you will need to show proof of income. While you do not need a traditional 9-5 to apply for a title loan, you will need proof that you can afford a loan! Typically, most borrowers will submit pay stubs, bank statements, or even disability award letters.
  2. Verified Address: When you apply for any loan, you will need to supply a lender with your valid address. Most borrowers use a recent credit card statement or utility bill to do so!
  3. Recent Photos of Your Car: While a vehicle inspection is often required during the approval process for a title loan, you can bypass it with ChoiceCash Title Loans! Just submit a few photos of your car and odometer.
  4. Car Title: This is the most important part of the approval process! The car’s title must be in your name when it is submitted.
  5. Photo ID: You will be required to submit a government-issued photo ID when you apply for a title loan online. This helps provide proof that it is you applying for the loan! Typically, most borrowers will use their passport or driver’s license, but other IDs qualify.  A military ID card can often be used also!

If you have any questions about the approval process or the documents you need, you have resources! Call 855-914-2945 to learn more about the online approval process. ChoiceCash Title Loan agents are available 7 days a week for extended hours to answer any questions you might have.1

How Can I Get a Title Loan Online?

During the approval process, many potential borrowers may consider the question, “what year does your car have to be to get a title loan?” But the answer is any year could potentially qualify for a car title loan!1

Applying for a title loan doesn’t need to be a big hassle. With ChoiceCash Title Loans, the entire approval process can be just three simple steps:

  1. Fill out a Short Loan Inquiry Form Online, or Over the Phone
  2. Submit Your Documents and Verify Your Information
  3. If You Qualify, Get Your Cash in Just One Business Day!1

If you can get your cash in as little as one business day, why wait to see if you are qualified for a car title loan? Get started on a loan today by visiting the website, or by calling a loan agent at 855-914-2945. See if your car can qualify for a car title loan today!

What Year Does Your Car Have to be to Get a Title Loan?

Apply Now
GET YOUR CASH IN 24 HOURS!1

After filling your application form online, our title loan specialist can help you find the best way to pick up your cash in less than 24 hours.

Questions? Call 1-855-914-2945

Let's get started!

CALL OUR TITLE LOAN TEAM

Call our toll-free hotline and speak with a dedicated Title Loan specialist!

APPLY NOW

Apply online with our secure application. It may just take 5 minutes, and you may be approved within an hour! 1

GET YOUR CASH IN 24 HOURS!1

After filling your application form online, our title loan specialist can help you find the best way to pick up your cash in less than 24 hours.

Questions? Call 1-855-914-2945

Let's get started!

CALL OUR TITLE LOAN TEAM

Call our toll-free hotline and speak with a dedicated Title Loan specialist!

APPLY NOW

Apply online with our secure application. It may just take 5 minutes, and you may be approved within an hour! 1