Older vehicles don’t have the value of shiny new cars, but that doesn’t mean you won’t qualify for a title loan if you own an aging automobile. It’s actually not that uncommon to get a title loan for older cars. You just need to take the appropriate steps. If your vehicle is creeping up in age and mileage, here’s how to get a loan.
Determine the value
You can get a title loan for older cars as long as they still have enough value left in them. They need to be able to support the loan, since title loans are secured based on the vehicle’s equity rather than your personal credit score. This means the value of the car will help determine how much you can qualify for in the loan process.
If you don’t know the value of your vehicle, there is a simple method to find out. Start by checking the mileage of your car and honestly assessing its condition. Then, use an easy online tool such as Kelley Blue Book or NADA to look up your vehicle.
Determine the ratio
Once you have determined the value of your vehicle, compare that number to the amount you would like to borrow. The value of the vehicle should be at least twice as much as your title loan for older cars. If it is, then you can probably qualify for a title loan on the vehicle.
Something to keep in mind as you work through this process is the cost of repairs. Vehicles with high mileage may have high maintenance needs. If it would cost more than the vehicle is worth to make a medium-level repair, then you might not be able to (or might not want to) get a title loan for your older car. This is because the equity in the car would be wiped out with just one repair, reducing its value to nothing.
While it is possible to get a title loan for older cars, there may be some restrictions in place. Some lenders may put an upper limit on the mileage a car can have in order to qualify for a title loan. Others may place restriction on the age of the car. For example, a lender may not offer title loans on vehicles more than 10 years old.
Find the right lender
The bottom line on how to get a loan for your older car is to find the right lender. Look for one that has no restrictions or that looks at value only rather than mileage or year. Find someone local who has an established reputation in the industry.
We welcome older vehicles
At Cash-N-Go Auto Title Loans of Phoenix, we’ll help you get a title loan for older cars. We can get your title loan funded in 30 minutes. We offer low rates and payment plans that will fit your budget, with no prepayment penalties or hidden fees—and no credit required! Contact us today to find out how much cash we can put in your hands in no time. Reach our experienced team at 602-264-3640.
Categorised in: Title Loans