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. 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 older 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 a car is determined by what you could sell it for on the open market, but many lenders make own their value determinations. The trade-in value of classic cars (sometimes equal to the typical book value) is the most readily used. Still, often a reasonable 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 the value of an older car, 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 an excellent 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 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 also to 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 need to determine the car’s current value and determine if there’s enough equity to tap into. 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 subtraction of the $75 for each payment, to pay down this car, you will be able to pay at least that of the value 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 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 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.

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 vehicle’s owner, and in such agreement, property equity is figured; however, in a case, 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 and classic vehicles often have more mechanical issues and wear and tear. Because of that, it will 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 in-store inspection. In scenarios where the lender offers no inspection loans, they will still require extensive proof that a classic vehicle exists. This can include videos or pictures and likely will require someone to view the car in person if they can’t inspect it.

Find Title Loan Companies Offering Old Car Title Loans

We all agree that classic cars or even older cars carry significant value and therefore 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. Start by working with a lender and possibly agree on an amount that works for both parties. The vehicle’s balance can be sold separately (as long as the title has not become ready for sale) or turned over to the creditor in installments.

It’s a good idea to rely on an attorney or title broker specializing in classic cars. That way, determining the value of an auto title loan for older cars can be worthwhile and should offer a reasonable 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 in your classic car. There’s no reason to take out a high interest loan when the interest rates may be slightly lower by using the vehicle as collateral!

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!