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 want to borrow and what you will ultimately get. If there’s sufficient value on the vehicle, 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. Even a classic vehicle with over 150,000 miles can easily qualify for a title loan because 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 irreplaceable and worth thousands. Most vehicles manufactured before 1980 are considered “classic vehicles’ and we can offer you a title loan based on its market value!

Many classic cars go up in value, and that means you can expect more cash than what you would get with a similar vehicle that was manufactured just a few years ago. 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 factor in determining 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 Years and Models

It’s easy to determine the value of an auto title loan for older cars using an online valuation tool that provides up to date pricing and other resale values to determine how much the car is worth. 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. Essentially, this means that your car’s value is the most important factor when it comes to what you need to qualify.

Yes, the car has to be lien free and you probably won’t qualify for a title loan with a car that’s shared or not titled in your name. Besides owning a vehicle, you also need proof of income and valid registration, even if the car is not in operation and is registered as Planned Nonoperation.

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 how it looks, and it’s difficult to determine an actual value without checking out the car.  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 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 will likely require someone to view the vehicle in person if they can’t inspect it.

Another issue that comes up often with classic vehicles is that some lenders require an up to date smog certificate before they’ll sign off the contract. While a smog check makes sense for newer cars, it’s often not an option for a vehicle that’s 40 years or older. Most classic cars have trouble getting approved with new state smog restrictions, and Premier Title Loans will work with you to 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 up to $25,000 for a classic car that doesn’t even run! All that matters is that your car matches up with the current resale value of that vehicle. For example, you may have a 1969 Chevy Camaro with over 200,000 miles. But these older muscle cars are still worth a lot of money, and as such, 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, and as long as they run and are mechanically sound, there’s a good chance you can tap into that equity. In situations like this, it’s helpful first to determine the value of your vehicle and then see if you can qualify for a title loan.

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 online or call 800-250-6279 to get a quote for a classic car title loan in less than an hour!

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!