Most California residents know they can get a title loan using the equity from a car or truck as collateral. But what if you have a high-value older vehicle or a classic car? You may be able to borrow more money than expected with a typical car title loan, as classic cars are often worth a lot of money. Classic car title loans are perfect for anyone with a classic vehicle, and even if you have high mileage or a car from 1980 or older, you can qualify for a loan of $2,500 or more!
Apply For A 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 in your name. Most licensed lenders in CA will want to inspect your vehicle to determine its value before giving a quote, and this can be done at an inspection location of your choosing. During the inspection, they determine your car's value, ensure it runs, and verify the mileage. The vehicle inspection shouldn't take more than 30 minutes, and after that, you'll sign off on your loan and pick up your cash.
Other requirements for older car title loans include proof of income, a government-issued ID, and comprehensive vehicle insurance that covers the loan amount. Overall, older vehicles can be an excellent option for anyone looking for an equity loan. You may sometimes be able to get a higher loan amount for a classic vehicle than for a car manufactured in the past few decades. Bring your car and proof of ownership, along with income verification, for inspection, and you can receive cash quickly after completing the underwriting requirements!
Types Of Older Vehicles That Qualify For A Title Loan
While most people think of older vehicles as those twenty years or older, any car with a paid-off title can be used for an auto equity loan. This includes classic cars, collector cars, vintage vehicles, and, in some cases, even antique cars. Some companies will even allow vehicles that aren't necessarily considered classics to qualify, albeit at a lower funding amount. This includes vehicle models from the 80s and 90s worth $5,000 or more on the resale market. You'd be surprised by some of the values we see for cars these days, and there's a good chance you can cash out equity from your older car if it's in good condition and has fewer than 100,000 miles.
Are you looking for specific examples of classic cars that recently qualified as collateral for a title loan in California? Look no further, as we have you covered with some of the most popular vehicles. Ford Mustangs from the late 60s are often used as collateral, and Chevy Corvettes and Camaros from the same time period hold their value exceptionally well. We also offer pre-approval for title loans on older-model Porsches and Mercedes from the 60s, 70s, and 80s, as many of their models will easily qualify for a title loan of at least $2,500 in California.
In addition to classic vehicles, we offer pre-approval for title loans on all types of older cars that are licensed with the California DMV. This includes motorcycles, semi trucks, and RVs from the past few decades. Even if you don't think these vehicles are classics, we can see if they qualify as collateral. Each situation is different, so call us at 855-339-1001 to see if your vehicle qualifies for a title loan.
Best of all, vehicles with higher mileage or minor mechanical issues may qualify as long as the car holds sufficient resale value. We've seen customers qualify for a classic car title loan even with a vehicle that's been inoperable for years, because all that matters when you apply is the car's value.
Benefits Of A Classic Car Title Loan
The most significant benefit of classic car collateral loans is that these older vehicles are often worth more than those from the past few decades, which typically results in a much higher loan amount. Keep in mind that the minimum loan amount for title loans in California is $2,500. Now, look at the high prices paid recently for classic cars, and you'll see you should be able to borrow far more when you apply using an older vehicle that retains its value. Even with high mileage or mechanical issues, these classic cars often retain their value due to their high demand and an ever-shrinking supply.
Another benefit of using a classic car as collateral is the ability to extend the repayment term. Because of the higher resale values, many lenders offer longer payoff terms for these loans to make payments more manageable. Repayment terms of up to 4 years are possible with a high-value classic car.
Older vehicles with substantial equity can get you more cash than a typical title loan. If you need to borrow $2,500 or more and have equity in a classic vehicle, a title loan is worth considering. You won't be approved for a payday loan at that amount with bad credit, but you may be approved for a title loan, and all you need is equity in your vehicle and proof of income.
Apply For Title Loans In CA With An Older Classic Vehicle
At California Title Loans, we make it easy to get pre-approved for a classic car title loan online. There's minimal paperwork to complete, and you should qualify for at least $2,500 if your vehicle is valued at $5,000 or more. Not only that, but you don't need to hand over the keys to your car when you get a title loan. You'll agree to a loan amount and repayment term, and your lender will be noted as a lienholder on your car's title. You keep driving your vehicle, and the car's title will be returned to you once the loan is fully repaid
Title loan companies have lower credit requirements for title loans on older vehicles than unsecured lenders, which typically require good credit, making this an excellent option for those with bad credit or no credit history. So don't let the age or mileage on your car hold you back from getting the cash you need today. Apply online for a car title loan with California Title Loans or call 855-339-1001.