You can get a large amount of cash if you take out a secured title loan on an older car.

Can I Get A Title Loan On Older Vehicle Or Classic Cars?

 

To qualify for title loans on an older or “classic car”, you first need to understand if the loan makes sense based on how much money you can expect. It’s highly likely you’ll be approved for a loan on an older classic car if it holds enough value. Most older vehicles have high mileage and because of that they don’t carry much value, but some classic vehicles and other cars that are well maintained can actually be worth a good amount of cash. In fact, many older classic cars actually go up in value. A vehicle’s resale value is a primary factor when determining whether someone gets a secured title loan and 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 a car is determined by what you could sell it for on the open market, but there are a large number of lenders who make their own value determinations. The trade-in value of classic cars (sometimes equal to the typical book value) is the most readily used, but often a good estimate for investment values can be made by a qualified appraiser. Typically a lender will lend no more than 60% of the value of a car If you do not know what the value of an older car may be, then an appraiser should be able to evaluate the vehicle for free. Most online lenders are familiar with the make and model of the car because this is often a good commercial lure – in the case of private party purchases – only dealers can offer them.

As always, a vehicle is only worth what someone wants to pay for it and that’s why you should get qualified with a company that specializes 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 also know this value to get the most out of the transaction.

 

Title Loan Lender Restrictions On Older Vehicle Year and Models

If you’re going to get an auto title loan on an older car you will have to calculate the multiple of the car’s value by the current cost of the vehicle. For instance, if you are going to borrow $500 from the lender for 4 months, you will have to pay $75 per month for 4 months to get the full $500 paid back. If you’ve calculated that the average sale price of a late-model car is $8,000, then the vehicle’s value will probably be higher if it’s also a classic car. The lender has determined that, with the subtracting of the $75 for each payment, in order to pay down this car, you will be able to pay an amount at least that of the value that you have determined. If there is a $100 belief within the market that the car is worth $125 per month, then for the first four months (by the end of the loan) you would only need to pay $125 per month for the loan.

It’s simpler to figure 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 kind of pricing to determine a trade value. Most lenders use this calculation as the base, but there are many other value systems being used in determining how much a car is worth. 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.

 

Tap into your vehicle equity with a classic car title loan on an older vehicle.

What’s Needed For Car Title Loans On Classic Cars

If your online title loan request includes recent information (a copy of your title, or an electronic bill of sale) that indicates a relatively high value, know this valuable information. Lenders have a Generally Non-Liability Agreement with the owner of the vehicle, and in such agreement equity of property is figured. However, in a case that they might settle for less. This account should state that the lienholder has the right to compel the sale for a set amount of money, which is a fraction of the value of a vehicle.

Older vehicles and classic cars will often have more mechanical issues and wear and tear. Because of that, it’s going to be nearly impossible to find a company that offers no inspection title loans for classic cars. We’re not saying this option doesn’t exist, but realistically you will have to verify your car in person and submit to some type of 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 require someone to view the car in person if they can’t actually inspect it.

 

Find Title Loan Companies Offering Old Car Title Loans

We all agree that a classic car or even older cars carry significant value and therefore meet the eligibility requirements for most vehicle equity loans. But what about an older car that has high miles and little to no 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. Start by working with a lender and possibly come to agree on an amount that works for both parties. The balance of the vehicle can be sold separately (as long as the title has not become ready for sale), or it can be turned over to the creditor in installments.

It’s a good idea to rely on an attorney or title broker who specializes in classic cars. That way you can determine the value of an auto title loan for older cars can be worthwhile and should offer a good rate. Not only will you limit the value of your automobile, but you will also help make better use of the money you’re looking to borrow. After all, title loans are one of the fastest, and easiest ways to get money by tapping into the significant equity that’s sitting in your classic car. There’s really no reason to take out a high interest loan when the interest rates may be a bit lower by using the vehicle as collateral!

 

Use your classic or older car to get a car title loan online.