With classic car title loans, you can use a classic vehicle or any older car that still has value as collateral for an auto title loan. There are several vehicles that are now considered classic cars because they are at least 25 years old. Such classic vehicles include All American vehicles manufactured before the ’80s. Most older vehicles manufactured around this time or older can qualify as classic cars and you can tap into significant equity with a secured loan.
What Do I Need To Apply For A Car Title Loan On An Older Car
The requirements for fast online title loans on an older car or even a classic car are similar to what we require for a typical car title loan. Basically, the vehicle has to have enough equity and you have to own the car outright! If your classic car does not have a title, you will need to get a salvage certificate from the DMV. When applying for classic car or older vehicle title loans borrowers must be at least 18 years old and reside in the state where their vehicle is registered.
The requirements may vary with different state regulations, but the majority of classic or older cars that are 25 years or older can qualify as collateral for a loan. You can use a classic car title loan to get money fast if you own an early model classic Corvette, Mustang, or truck that is still worth something! Most applicants that own classic vehicles keep them in excellent condition and you’d be surprised at how low the mileage is on some of the vehicles that are from the ’60s and ’70s.
What Is The Process To Apply For Auto Title Loans On Older Cars
The classic car title loan application process is similar to when you apply for an auto title loan for another vehicle. You can apply directly online or fill out an app with a lender in your neighborhood. You can also use one of our simple loan calculators to get an estimate of your classic auto title loan amount so you can determine how much money you can borrow using your classic as collateral.
How Much Money Can I Get With A Classic Car Title Loan
We often see higher funding amounts for classic cars and vehicles older than 10 years that are in good condition. This is because those cars still have value and you can get more money than someone who has a beat-up newer vehicle with high mileage and applies for a title loan without a credit check. The classic car or classic vehicle equity is determined by the car dealership, vehicle expert, or classic vehicle appraisers that look at your vehicle to determine its value. For example, someone who’s looking for a classic truck title loan will be able to qualify with up to $15k in equity even if their old pick-up only 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 with an online title loan!
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. The total lending term may vary depending on state regulations, but it makes sense that if you borrow more money with a classic car that’s older than 10 years you should have more time to pay it back. We are able to offer shorter terms for your convenience but due to set payoff term lengths, we do not recommend taking out a classic auto title loan or any title loan if you don’t have the means to make monthly payments.
Can I Get An Auto Title Loan For Cars Older Than 10 Years
In most cases, a car that’s older than 10 years will not qualify as a classic vehicle or even an older vehicle. In larger metro areas like Atlanta or Albuquerque, you may have more options, but that doesn’t mean you will always get approved. We see funded title loans for cars that are older than 10 years all the time and these secured loans for vehicles 10 years and older are similar to standards that we offer for our classic auto title loans.
Why Do I Need To Get A Salvage Certificate From The DMV For An Older Or Classic Car
It all depends on your state’s regulations but the majority of states require an early model classic vehicle to have a salvage certificate before it can qualify as collateral for an auto title loan. So if you want to find out whether or not you can get classic car title loans just contact us and we’ll let you know what you need to bring in. It’s always better if you have all your paperwork ready! Whichever type of loan you’re looking for we can help you get started with the paperwork and on your way to getting funded for a classic title loan!
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.