To qualify for title loans on an older or “classic car,” you must first understand if the loan makes sense based on how much money you can expect. If it holds enough value, you’ll likely be approved for a loan on an older classic car. Most older vehicles have high mileage, and because of that, they don’t carry much value, but some classic vehicles and other well-maintained cars can be worth a good amount of cash. Many classic cars go up in value. A vehicle’s resale value is a primary factor when determining whether someone gets a secured title loan. Because of that, any older car that’s maintained its value can get you qualified for same day cash from Premier Title Loans!

Classic Car Title Loans – What Qualifies

In many places, the value of your vehicle is determined by how much comparable cars sell for on the open market. Even though each lender determines the specific loan amount, the resale value is the primary source to determine the title loan value. All types of vehicles can qualify for a title loan, including classic vehicles and older cars with significant mileage. It doesn’t matter if your vehicle is from the 70s or if it’s a rare Corvette from the 90s. Any car or truck with an appraised value of $6,000 or more should have no problem qualifying as collateral for a loan.

As always, a vehicle is only worth what someone wants to pay for it, and that’s why you should only apply with a company specializing in equity financing for classic autos. So, knowing what it is worth is the initial determinant of the trade value. The vehicle’s value is a fundamental component of the loan, so it makes sense to know this value to get the most out of the transaction.

Title Loan Lender Restrictions On Older Vehicle Year and Models

It’s easy to determine the value of an auto title loan for older cars using an online tool like Kelley Blue Book, Haggerty Valuation, or any other online resource that provides this pricing to determine a trade-in value. Most lenders use this calculation to determine an initial estimate. This is especially true for older cars that can fluctuate based on vehicle conditions that would otherwise be minor. The key to being a successful title loan borrower is to provide valuable information upon application.

Older and classic vehicles often have more mechanical issues and other damage. Because of that, it’s challenging to find a company that offers no inspection title loans for classic cars. Realistically, you must verify your vehicle in person and submit to some in-store inspection. In scenarios where the lender offers no inspection loans, they will still require extensive proof that a classic car exists. This can include videos or pictures, and likely will need someone to view the vehicle in person if they can’t inspect it.

Find Title Loan Companies Offering Old Car Title Loans

We all agree that classic or even older cars carry significant value and meet the eligibility requirements for most vehicle equity loans. But what about an older car with high miles and little collectible value? In situations like this, it’s helpful to search for the best first loan offers and see if they also provide refinancing options for people with high rates.

It’s a good idea to shop around for quotes from title loan companies offering cash for classic cars. Many of these vehicle valuations can differ widely; some lenders may offer higher loan amounts with better financing terms. Apply with Premier Title Loans to get multiple quotes in just hours!

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!