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Car Title Loans for Cars Older Than 10 Years
Back in the day, pawn shops, credit cards and bank loans were the available funding options. But in recent times, getting a loan against the value of your car has taken center stage in modern financial institutes.
A car title loan involves using your pink slip or car title as collateral to get a certain loan amount in exchange. The mileage reading of the car is one criterion any title loan lender will look out for when granting a title loan. And this is one of the reasons why most people are still a bit skeptical about title loans, wondering if their old car or vehicle can even qualify at all.
So many notable financial institutes - title loan companies will not allow car title loans for cars older than 10 years. So the big question is; is it possible to finance a title loan of a used car of over 10 years old? How can one get access to a car title loan with a car older than 10 years?
Table of Content
- How to get a car title loan for vehicles older than ten years?
- What you will need to get an auto title loan for older cars in California
- Does the age of the car influence the interest rates?
- How much can you get for a car older than 10 years
- What we offer at Car Title Loans California
There are times when you will find yourself faced with challenges that require an urgent financial response. Then the need for quick cash becomes the only thought on your mind.
Normally, you would have decided to approach a tradition bank or credit union, but by now, you are already aware that it takes forever to get a cash advance from conventional financial institutes, including complicated documentation. It even becomes more difficult, if not impossible, to loan if your credit score is not high enough.
So, when your credit is bad, and the urgency of the circumstance demands that you lay your hands on some cash fast, then you can save yourself the stress by getting a car title loan.
Now, the most important thing needed for a car title cash advance is a car and a clear title. Sometimes, the individuals that are in desperate need of urgent cash don’t have newer cars or vehicles to offer as collateral. And most title loan lenders are not interested in funding older cars, as they consider it too risky.
You see, the way a car title loan works is; you pledge the document indicating your ownership of a car or the equity in the car to receive a cash advance in exchange. And depending on the type, model, and make of the automobile you are providing (SUV, trucks, campers or motorcycle), you can get a percentage of its worth as cash advance.
How to get a car title loan for vehicles older than ten years?
The way you get a car title loan on newer cars or vehicles is the same way you get a title loan for much older cars – 0ver 10 years old.
In fact, it is very easy to get a title loan on cars older than 10 years. It is, however, completely up to you to give us chasing conventional lenders for loans opt to get a fast loan approval against your old car, with the title as collateral. You can get a title loan irrespective of your employment or credit status. Once you own a car or at least have enough equity on the car or vehicle, you can get an auto title loan.
Let say you have a car you are driving, probably older than 10 years, you will be allowed to borrow up to 60 % of the value of the car. Getting the current resale value of the car won’t be a problem at all, this is where Kelly Blue Book comes in handy. The amount of loan cash you can get also depends on other factors too which varies from one title loan lender to another.
You can apply online with car title loans California by visiting our website or call us on 1-844-242-7467. We are available to put you through the entire process, from application, documentation, till your loan is approved and you collect your cash.
You need to understand one thing. Since it is an older car, the lender’s assessment of the risks involved may likely affect the loan amount you can get. This amount, of course, will be based on results from the car title loan calculator.
It is easy, quick and free to get a car title loan. Even if your car is over 10 years old, you will not be charged a dime to acquire a cash loan on your car title.
The first thing you do is to walk up to an auto title loan company near you or search online for title loan lenders who are willing to offer you a cash advance against the value of your old car, apply for the title loan, and the auto loan firm will proceed to process your application. Typically, you need a mileage reading of 100,000 max before your car is qualified for a title loan.
After you approach an auto title loan company for a loan, your car’s worth will be evaluated to determine how much it will qualify you to access, and then a title loan representative will guide you through the rest of the process. You can get the financial help you need on the same day that you apply, within minutes, in 1 business day.
Though the Department of Business Oversight regulates and oversees auto title loans, interest rates, as well as other vital requirements, vary between lenders, especially if you are requesting for this loan with an older car. But in general, you should expect to get a cash advance within the range of $2,500 to $50,000.
As you read further, you will see some of the requirements you need to get a car title loan for cars older than 10 years, especially if you live in California.
What you will need to get an auto title loan for older cars in California
Now that you know that it is possible to get a car title loan on cars older than 10 years, let’s see some of the requirements you need to have available to enjoy this title loan service. Along with some documents, you also need to provide details of 5 references.
The other things you need to provide when getting a title loan on and old car in California include;
- Your monthly income. You need to provide any document that shows how much you are earning on a monthly basis. If your income is high, you have a higher chance of getting the loan, and this gives you an advantage in terms of repayment.
Our title loans last for a period of 24 to 36 months. We want to make sure that your monthly earnings can sustain the loan repayment throughout the loan period. If you have another source of income monthly, like unemployment benefits, retirement benefits, royalties, child support and income from rented assets, then you are good to go.
- A quick credit check. While your credit score and history is not a deciding factor in getting a car title loan in California, we still need to do a credit check. You may have an outstanding medical expenses, or a pile of previous unpaid bills, but still qualify to get a car title cash advance against the value of your 11 years old car.
You also must not be in any current bankruptcy. We are simply mindful of your ability to repay the loan.
- Details about your car. We want to see pictures of your car showing every tiny but relevant detail. We als0o want to see the VIN, model, make and mileage reading on the odometer. The current condition of the car is paramount.
In addition to the car and the clear/salvage car title or pink slip in your possession, we also want to be sure that your car is currently in a perfect working condition.
- Your car or vehicle insurance. It is likely that your car has a full insurance coverage, if this is the case, we will require you provide that document too.
Contrary to the general belief that when you take out a car title loan, you could end up losing your car or vehicle. The truth is, we have nothing to do with your car or your car keys. Our only concern is your cat title and the stipulations you make available. And the catch is that you still keep your car when you take a car title loan on a car older than 10 years.
As long as you don’t default the agreed terms, you continue to drive your car wherever you want. The only thing you hand over is your car title.
You can pay off your loan anytime. Car title loans are typically short term loans, but we offer you a longer payment period of 24 to 36 months. You get back your title when you pay the loan in full.
How much can you get for a car older than 10 years
In California the minimum loan amount you can get, according to the Department of Business Oversight in California is $2,500. And depending on the make, model, and age of your car, you can qualify for a cash advance up to $50,000
What we offer at Car Title Loans California
At Car Title California, you do not have to freak out if your car is old. As long as your car is still in sound condition and roadworthy, you could still qualify or a cash advance in a car title loan
We accept all types of cars. So even if you own an old classic car or a car whose value is quite low, you can still get a title loan from us.
We consider the age of your car, the make, model, if there are any additional features, and even the mileage on your car or vehicle. The thing is, your car may be quite old, but could still have some cool features like; back-up camera, a great navigation system, digital stereo, and more.
We consider all these options, and we offer you more if these add-ons increase the present day value of your car.
If you have a car with a high mileage, you can still qualify for a car title loan. The fact that your car has a high mileage does not mean that the car has lost all its value. At Car Title Loans California, or auto title loan program also works best on cars older than 10 years.
Have you tried to get a car title loan on your old car and failed? Are all the car title loan companies you have approached turned down your application because of the high mileage reading on your car? Do you need quick cash to offset outstanding bills, but can’t get a loan elsewhere due to your low FICO score? And the good news is, getting this loan is fast and easy.
What we expect from you is your commitment and corporation. You will have to work with the title loan representative we assign to you in order to correctly and complete the necessary paperwork. It only takes a couple of minutes – 24 hours tops to get done with the entire process.
Does the age of the car influence the interest rates?
No matter the age of your car, 10 years and older, you can still get a cash advance on the value of your old car, using the title of the car.
A lot of conditions affect the value of your interest rate, and in the case of cars older than 10 years, the age of the car is crucial. The make and model of the car also influence the interest rate.