Can I Get a Title Loan on an Old Car?

Key Takeaways:

• Title lenders don’t focus on a vehicle’s age as long as it is mechanically sound
• You can borrow as much as 70% of the vehicle’s value with some lenders
• You must prove you can afford the monthly payments to repay the loan
• You don’t need good or even average credit to get a title loan on an older car

If you need emergency cash and wonder where to turn, the answer might be in your old car. Title loan companies offer title loans for older cars all the time. The age of the vehicle isn’t a factor they focus on. Instead, they look at the car’s current value and ensure there’s enough money to borrow and keep its value.

So, when wondering if I can get a title loan on an old car, the answer is usually “yes,” but it depends on whether you meet the criteria. Fortunately, title loans have simple qualifying requirements and even allow bad credit, so they are easier to get.

At Swift Title Loans, we make the application process simple and fast. You can know within a matter of minutes whether you qualify for an older or classic car title loan.

How Old Can Your Car be for a Title Loan?

Most lenders don’t have a predetermined age for your car to qualify for a car title loan. Instead, they focus on whether the car has enough value since it is the loan’s collateral. This means that if you violate your loan agreement, the lender has the right to repossess the vehicle and sell it.

Typically, older vehicles are worth less than newer cars, so you may find that you can borrow less on an older car, but most lenders won’t turn borrowers away just for having older or classic cars.

How Much Cash Can You Get on Title Loans for Older Cars?

The loan amount you can get depends on the car’s value and your ability to repay the loan. Most title loan lenders allow loan amounts equal to 20% to 50% of the car’s value, but some go as high as 70%.

The key is to prove how much you can afford to repay. Since a title lender’s credit criteria are much lower than most lenders require, they rely on your ability to make the monthly payments. Fortunately, this only requires you to prove you have a stable income; it doesn’t have to be from employment; it can be from many sources, including:

• Worker’s compensation
• Retirement income
• Social Security benefits
• An inheritance
• A settlement

How Much is My Car Worth?

You can get a general idea of how much your car is worth using sites like Kelley Blue Book, but the value the title loan agent determines may be different. Here are the factors that affect your car’s value:

• Vehicle make and model: Some vehicle makes and models are worth more than others, even as they age.
• Mileage: The more mileage an older car has, the less it may be worth. This is because high-mileage cars are more prone to break down.
• Location: Certain vehicles are in higher demand in certain locations, so where you live will affect your car’s value.
• Demand: Like any product, the higher the demand for your vehicle’s make and model, the higher its value.
• After-market upgrades: Some after-market upgrades may increase a car’s value, but it depends on what’s done.
• Vehicle history: If the vehicle has been in accidents or has had extensive damage, it could lower its value.

How to Qualify for Online Title Loans for Older Cars

Qualifying for online title loans is simple. Here’s what’s required for the approval process:

• Prove you own a valid vehicle with your name on the car’s title
• Proof of proper auto insurance, if required in your state
• Proof of income to show you can afford the monthly payments
• Prove you have residency in the state you’re applying for the title loan

What are the Required Documents?

You’ll typically need the following documents to get a title loan:

• Valid photo ID, including a driver’s license or passport
• Copy of your vehicle insurance with details of coverage
• Proof of income such as pay stubs, award letters, or bank statements
• Recent utility bills, lease agreements, or mortgage statements
• Copy of the vehicle’s title with your name on it

How Fast Can You Get Cash on Old Car Title Loans?

The best part about older or classic car title loans is that you can quickly get the cash. At Swift Title Loans, some borrowers get same-day cash when they apply online and early in the day. If you don’t get final approval before the cutoff for a same-day payout, you can typically get the funds by the next business day.

Factors to Consider Before Applying for a Car Title Loan

Before borrowing a title loan, consider these factors:

• Is it an emergency? Auto title loans should only be used for emergency cash. If you can wait to save for the expense or have other means, use those first.
• What’s the monthly payment? An auto title loan can have high interest rates, which means high payments. Make sure you can comfortably afford repayment.
• What’s the interest rate? Title loans don’t have competitive interest rates. Make sure it’s worth paying the higher payments to borrow the funds.
• Do you risk losing your car? If you can’t keep up with your payments, the title loan company can take the car, so don’t borrow too much.

FAQ

Final Thoughts

Old car title loans are possible if you meet the title loan lenders’ simple criteria, including proof you can afford the loan and proof of vehicle ownership. If you’re experiencing a financial emergency, you can apply online with us, submit your documents online, and get funds as soon as the next business day.