California residents are familiar with the fact that you can get a title loan using a lien free car or truck. But what about if you have an older vehicle or a classic car? It turns out that you may be able to borrow more money than what’s common with a typical car title loan. These classic car title loans are great for anyone who has a high value classic vehicle and even if you have high mileage or a car that’s years 1980 or older you can qualify for a loan of $5,000 or more!
Apply For A Same Day Title Loan With An Older Car
To apply for an older vehicle title loan, you must show proof of ownership and provide a clean and clear title that’s in your name. Licensed lenders in CA must inspect your vehicle to check its value before offering a loan. This inspection is done by a private party and they determine the value of your car. The vehicle inspection shouldn’t take more than 30 minutes and can be done at your home or place of business.
Other requirements for older car title loans may include comprehensive and collision insurance to cover the loan amount. Overall, older vehicles can still be a great option for title loans in California. Bring in your vehicle and proof of ownership along with income verification, have it inspected, and you could receive instant cash!
Types Of Older Vehicles That Qualify For A Title Loan
While most people think of older vehicles as those 10 years or older, any car with equity and a title can be used for a title loan. This includes classic cars, vintage vehicles, and even antique cars, in some cases. Some companies will even allow cars that aren’t necessarily considered classics to qualify, albeit at a lower funding amount.
Benefits Of A Classic Car Title Loan
The most apparent benefit of these types of car collateral loans is that they often have more equity, which leads to a higher loan amount. Consider that the average title loan amount here in California is around $3,000. Now, look at the average $4,500 for vehicles that are typically viewed as classic cars. Even with high mileage or other mechanical issues, these classic cars still hold their value because they are considered collectibles or have high demand.
Another benefit of using a classic car for collateral on a title loan is the option for extended loan terms. Due to the higher equity and loan amounts, many lenders will offer longer terms for these loans to make payments more manageable for the borrower.
Older vehicles that have substantial equity can get you far more cash than a typical title loan and you can’t pass on this type of benefit if you need to borrow $5,000 or more. You won’t get approved for a payday loan or bank loan at that amount if you have bad credit but it’s possible with this type of loan and all you need is equity in your vehicle!
Apply For Title Loans In CA With An Older Classic Vehicle
At California Title Loans, we make it easy to get pre-approved online for a classic car title loan!
To apply for a loan in San Francisco or anywhere else in CA, you’ll need about 30 minutes to fill out our online form and complete the underwriting over the phone. Lending companies have minimum credit score requirements, making this an excellent option for those with bad credit or no credit. So don’t let the age or mileage on your car hold you back from getting the cash you need today – apply now for a title loan with California Title Loans!
Having lived and worked in California his entire life, Robert has a strong appreciation and understanding of the online lending environment. He’s managed teams of sales agents and customer service reps for a local title loan company and fully understands how important it is to respect and listen to his customers. He’s approaching 10 years in the title lending industry and looks forward to helping consumers all across the state.