To qualify for title loans on an older or “classic car,” you must first determine whether the loan makes sense based on how much you want to borrow and what you will ultimately get. If the vehicle has sufficient value and is titled in your name, you may be approved for a title loan on an older classic car.

Most older vehicles have high mileage and little value, but some classic vehicles and well-maintained cars can be worth a good amount of cash. Even a classic vehicle with over 50,000 miles can possibly qualify as collateral if it has a high resale value. Not only that, but while some vehicles mass-produced 20 to 30 years ago are only worth a few hundred dollars, those that are 50 years old are harder to find and can be worth a lot of money. Some vehicles manufactured before 1980 are considered “classic vehicles,” and we can offer loan pre-approval based on their resale value.

Many classic cars go up in value, so you may get more cash than you would get for a similar vehicle manufactured just a few years ago. Along with your monthly income and state of residence, a vehicle’s resale value is one factor used to determine whether someone qualifies for a secured title loan. Because of that, any older car that’s maintained its value can get you pre-qualified.

Classic Car Title Loans – What Qualifies

In many places, your vehicle’s value is determined by how much comparable cars sell for on the open market. While each lender offers specific loan amounts, your car’s resale value is the main factor in determining how much you can borrow with a title loan. Many lien-free vehicles qualify, including classic cars and older cars with significant mileage. It doesn’t matter whether your vehicle is a 70s model or a rare Corvette from the 90s. Any car or truck with an appraised value of $6,000 or more has a good chance of qualifying as collateral.

As always, a vehicle is only worth what someone is willing to pay for it, which is why you should consider applying to a company that offers title loans on classic cars. The vehicle’s value is a key part of the loan, so it makes sense to know it to get the most out of the transaction.

Title Loan Lender Restrictions On Older Vehicles

Lenders often estimate an older car’s value with an online valuation tool that provides up-to-date pricing and other resale values to estimate the car’s worth. Before inspecting the vehicle, most lenders use this calculation to provide an initial estimate. This is especially true for older cars, whose value can fluctuate based on minor condition differences. Essentially, this means your car’s value is the most important factor in qualifying.

Yes, the car has to be lien-free, and you probably won’t qualify for a title loan if it’s shared or not titled in your name. In addition to owning a vehicle, you need proof of income, a government-issued ID, and a valid registration, even if the car isn’t in operation and is filed as Planned Non-Operation in California.

Older and classic vehicles often have more mechanical issues and other damage that can quickly lower their resale values. Yes, these cars are older, and many have cosmetic issues after years of wear and tear. But a classic car’s value is often based on its appearance, and it’s difficult to determine its true value without inspecting it. Because of that, it’s challenging to find a company that offers no-inspection title loans for classic cars. Realistically, you should expect to verify your vehicle with an in-person inspection. Even when lenders offer no-inspection loans, they will still require extensive proof that a classic car exists. This can include videos or pictures, and will likely require someone to view the vehicle in person if they can’t inspect it.

Another issue that sometimes arises with classic vehicles is that some lenders require an up-to-date smog certificate before they’ll sign off on the contract. In California, gas-powered vehicles from model year 1975 or older are exempt from smog checks. Some classic cars have trouble getting approved for updated registration with new state smog restrictions, and Premier Title Loans may be able to help you get cash for your classic car without a smog check.

Find A Title Loan Company Offering Title Loans On Older Cars

Classic, or even older, cars can be worth a lot of money, and some borrowers can get a title loan of $5,000 or more on a classic car. For example, you may have a 1969 Chevy Camaro with over 50,000 miles. But these older muscle cars are still worth a lot of money, so you can borrow against that equity.

But what about an older car with high miles and little collectible value? Some of these vehicles are worth more than you think. As long as they run and are mechanically sound, you may be able to tap into that equity. In situations like this, you should first determine your vehicle’s value, then see whether you qualify.

Shop around for quotes from companies offering cash for classic cars. Vehicle valuations can vary widely; some lenders may offer higher loan amounts and better financing terms. Apply with Premier Title Loans online or call 800-250-6279 to get a quote for a classic car title loan.

Jessica Chase

Jessica has been working in the title loan lending industry since 2012. Before that, she managed a team of customer service representatives for one of the largest payday loan companies in the US. Since coming to Premier Title Loans, she’s overseen our sales and marketing department and looks forward to educating consumers on their different financing options. Jessica is always open to feedback and questions related to short term loans!