Key Takeaways:
- Title loans on classic cars are possible as lenders focus on the vehicle’s value
- You must have a clear title with your name on it to apply for a title loan
- You get to keep driving the classic car while repaying the title loan
- Some borrowers can get funds the same day that they apply for the loan
Classic car title loans offer a way to get fast cash when you have a financial emergency. The loan process is quick, and your credit scores don’t matter. Lenders, like Swift Title Loans, focus on the car’s value to determine if you qualify and whether you have proof of stable income to repay the loan.
Here’s everything you must know about title loans on classic cars.
Are Title Loans on Classic Cars Possible?
Yes, it is possible to get a classic car title loan. Just because you have an older car doesn’t mean a title lender won’t offer a title loan. Title lenders focus on the car’s value, not its age. If you took good care of the classic car, it may be worth enough to get a loan to satisfy your financial emergency.
Title loan companies don’t have a minimum amount a car must be worth to get a title loan. They look at the big picture, including the car’s current market value and your ability to repay the loan. If the car has enough value and you can afford the repayment, a title loan on a classic car may be possible.
How to Qualify for Auto Title Loans on Classic Cars
Qualifying for old car title loans is just like qualifying for title loans on newer cars. Here are the parameters you must meet:
- Prove you own the vehicle with your name on the title
- Be able to prove the vehicle’s value with clear pictures
- Show you reside in the state you completed the title loan application
- Demonstrate adequate income to cover the loan payments
- Be able to prove you have a clear title, which means no liens
What Do You Need to Get a Classic Car Title Loan?
Every lender requires different documentation for title loans on older vehicles, but generally, here’s what they need:
- Proof of your income, such as pay stubs, bank statements, or award letters
- A copy of the official auto title with your name on it without any liens
- Proof of the vehicle’s value, usually with pictures, but sometimes an in-person inspection
- Proof of your identification issued by the government, such as a driver’s license
- Proof of adequate vehicle insurance if your lender or state requires it
How Much Can You Borrow on a Classic Car Title Loan?
A title loan company will determine how much you can borrow based on the classic vehicle’s value and your income. Many lenders allow an auto title loan amount of 20% – 70% of the car’s value. The exact amount you can borrow varies by lender and your qualifying circumstances.
The key is never to borrow more than you need because the interest rates on title loans are high, and they often have a short loan term. Only borrow what you need and know you can repay on time. If you miss too many payments, the lender can repossess your vintage car and sell it to recoup the funds.
How Fast Can You Get Cash From Your Classic Car?
If you’re looking for financial help, you may wonder how quickly you can get the money. Title loans are one of the fastest funding loans available, sometimes offering same-day cash. This is dependent on how early you complete the online application and get final approval from the title loan company. If you can’t get funds the same day, don’t worry; they are usually available by the next business day if you’ve satisfied the lender’s requirements.
Can You Still Drive Your Classic Car with a Title Loan?
In addition to the fast funding classic car title loans offer, you can continue driving the car. Unlike a pawn loan, in which you must give up possession of the vehicle until you repay the loan, you can keep driving your car while making payments. The only thing you cannot do is sell the vehicle or eliminate the insurance coverage on it until you repay the loan.
Final Thoughts
If you own a classic car and need money but don’t want to sell it, you may be able to borrow against it with a classic car title loan. Before borrowing this loan, exhaust all other options, but if you need funds fast, Swift Title Loan is here to help.
Complete our quick online application and get an answer instantly. This will put your mind at ease and help you handle your financial emergency.
