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 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 for a title loan 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 pre-approval for a title loan based on their resale 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. In addition to your monthly income and state of residence, a vehicle’s resale value is one of the factors 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 for a title loan.

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. Many types of lien free vehicles can qualify for a title loan, including classic vehicles 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 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 consider applying with a company that gladly accepts title loans on classic cars. 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 Vehicles

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. Before inspecting the vehicle, most lenders use this calculation to provide an initial estimate. This is especially true for older cars, which can fluctuate based on minor vehicle conditions. 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 with a car that’s shared or not titled in your name. Besides owning a vehicle, you also need proof of income, a goverment issued ID, 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 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 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 sometimes arises with classic vehicles is that some lenders require an up-to-date smog certificate before they’ll sign off on 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. Some classic cars have trouble getting approved for updated registration 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 of $5,000 or more for a classic car that doesn’t even run! 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, 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 to first determine your vehicle’s value and then see if you qualify for a title loan.

Shop around for quotes from title loan 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!