With classic car title loans, you can use a classic vehicle or any older car with value as collateral. Many vehicles are now considered classic cars because they are at least 25 years old, and some of these cars and trucks are worth far more than newer vehicles. That's because these cars are considered collectible, and even though they may be old, they hold their value very well. Older vehicles can qualify as classic cars, and you can tap into significant equity with a secured loan.
What Is Required To Get A Title Loan On A Classic Car
The requirements for loans on an older or classic car are similar to those for a typical car title loan. The vehicle must have sufficient equity, and you must own the car outright. We'll need to verify your income with payment stubs or bank records, confirm your registration and insurance coverage, and there's a good chance you'll need to bring in the car for an in-person inspection.
The requirements may vary by state regulations, but most cars 25 years or older can qualify as collateral for a loan. You can use a classic car title loan to get cash using an early-model Corvette, Mustang, or truck that has value. Most applicants who own classic vehicles keep them in excellent condition, and you'd be surprised at the value of some cars from the '60s and '70s.
What Is The Process To Apply For A Secured Loan With An Older Car
The application process is similar to that of applying for an auto title loan on another vehicle. Apply directly online with us or call 877-433-5454, or meet with a local lender in your neighborhood. You can also use one of our title loan calculators to estimate your loan amount, monthly payment, and repayment term.
Highway Title Loans is ready to take your online application for a classic car title. We'll let you know in 5 minutes whether or not you qualify. After that, we'll underwrite your loan details, and there's a realistic chance you can get cash for your classic car that same day.
Classic Car Title Loan Amounts
We often see higher loan amounts for classic cars and for vehicles older than 15 years that are in good condition. This happens because cars still have value, and you may get more money than someone with a beat-up, newer vehicle with high mileage who applies for a title loan without a credit check. The vehicle's equity is determined by a car dealership, vehicle expert, or appraiser who assesses your vehicle's value. For example, someone looking for a loan on their classic older truck can qualify with up to $15k in equity even if their truck has 100k original miles. All that matters is what the vehicle is worth on the resale market. If your truck or classic car has equity, you can get cash today.
How Long Is The Payment Term For A Classic Car Title Loan
Classic auto title loans are similar to other financing terms we see with online title loans, and you should expect a payoff time of 6 to 48 months. The repayment term may vary depending on state regulations, but you should have more time to repay the balance than a typical loan. We can offer shorter repayment options for your convenience, but we do not recommend taking out these types of loans if you don't have the means to make monthly payments.
Loans On Cars That Are Older Than 30 Years
Model-year vehicles 1990 or newer will not qualify for a classic car title loan and will instead be funded based on traditional underwriting for vehicle-secured loans. Larger cities, like Atlanta or Albuquerque, have more funding options, but that doesn't mean you will always get approved using an older vehicle as collateral. We typically see quick pre-approval for these loans, and the underwriting requirements are similar to those for most newer cars. The bottom line is that you should qualify as long as you have equity and the car is worth more than $4,000.
Apply For A Classic Car Title Loan With Highway Title Loans
Highway Title Loans works with all types of customers, including those with traditional vehicles and classic cars. Apply online or call 877-433-5454 to borrow $2,500 or more.
Janet Patterson is VP of Marketing Communications for Highway Title Loans and the feature editor of its Lending Blog. Janet has worked in the financial service industry for over a decade, with 7 years of experience in the car title loan industry. She previously managed a customer service team that helped and advised consumers on all their lending related questions and concerns.