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 $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 in your name. Most licensed lenders in CA will want to inspect your vehicle to check its value before putting together a quite, and this can be done at an inspection location of your choosing. During the inspection, they determine the value of your car, 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 can include comprehensive vehicle insurance to cover the loan amount and liability coverage of at least $30,000 in California. Overall, older vehicles can be an excellent option for anyone looking for an equity loan. You can sometimes expect a higher loan amount with a classic vehicle versus a car manufactured over the past few decades. Bring in your car and proof of ownership along with income verification, have it inspected, and you can receive cash in 24 hours or less from California Title Loans!
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 even antique cars, in some cases. 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 at some of the values we see with 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 less than 100,000 miles.
In addition to classic vehicles, we also offer title loans on all types of older cars that can be 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 with California Title Loans. Each situation is different, so call us at 855-339-1001 to see if your vehicle qualifies for a title loan!
Best of all, your vehicle doesn't need to run or be in good shape to qualify! We've seen customers qualify for a classic car title loan using a vehicle that's been inoperable for years, as all that matters when you apply for a title loan is how much the car is worth!
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 cars from the past few decades, which typically leads to a much higher loan amount. Consider that the average loan amount for title loans in California is around $3,000. Now, look at classic cars' average resale value of $4,500, 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 hold value based on their high demand.
Another benefit of using a classic car as collateral is extending the repayment term. Due to the higher resale amounts, many lenders offer longer payoff terms for these loans to make payments more manageable. As of 2024, 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, and you can't pass on this if you need to borrow $5,000 or more. You won't get approved for a payday loan at that amount with bad credit, but it's possible with 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 approved for a classic car title loan online! There's minimal paperwork to fill out, and you should qualify for at least $2,500 with a vehicle valued at $6,000 or more. Not only that, but you don't need to hand over the keys to your car when you get a title loan! Unlike the old days, when you had to pawn your vehicle as collateral, we can do everything online through the DMV within an hour or less. 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 pink slip will be returned to you once the loan is fully repaid!
Title Lending companies have minimal credit requirements for title loans on older vehicles, 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!