Can I Get A Title Loan If My Car is Old?

You’ve probably heard all about car title loans and how wonderful they are. After all, they’re super convenient, fast, and don’t require a lot of paperwork. You just need a functioning car, and you’re all set to take out a loan. But wait, what if your beloved car is a little old? Can you get title loans on a car of an older model? In order to find out, keep on reading this blog.

Can You Get a Title Loan if Your Car is Old? 

Most of our clients wonder whether they can take out a title loan if their car is a little too old in the market, and the truth is, it depends. Every lender has different rules and regulations. While some companies have strict rules, others are more lenient and can adjust their directives a little. Ultimately, it is better to talk to your lender beforehand and conduct thorough research on where you’re getting the loan from. This way, you will know if your preferred lender is willing to take your car as collateral or not.

How Old Should Your Car Be to Get a Title Loan? 

Every title loan lender is different. There are some who prefer newer, more market-friendly models, which means if your vehicle is older than 10 years, they most probably won’t accept it. However, there are other lenders who have a larger time frame than that. Instead of 10 years, they might accept models that are around 15 to 20 years old.

Essentially, it all depends on the value of your car. Title loans are calculated based on how much your car is worth, and if it is old, it may not garner as much money. A new or affordable variant will still be easier to trade for a lender.

How Much Money Can You Get With an Old Car?

If your lender accepts the model of your car and holds its collateral, then the loan you get will depend entirely on the condition of the car. For instance, if it is a classic car that has been properly maintained and looked after, then you might get a good sum. However, if the vehicle looks shabby or needs lots of repairs, then chances are the loan amount might not be as high. For a better quote and estimate, though, consult a lender near you.

Contact Us for More!

You never know when an emergency might strike, leaving you in a dark pit of financial crisis. But if you find yourself spiraling, unable to make ends meet, or just need a quick monetary solution, title loans might be your best bet. Even if you have an old car that might not be as well-known, don’t worry. There still might be some use to it if it’s been kept in prime condition. Nevertheless, for more information on the rules and process of taking out a title loan, reach out to Advantage Finance LLC at (281) 410-5337. You can also visit us at 616 FM 1960 West #680 Houston, TX 77090, near the 45 and FM 1960 in the Chase Bank Building.

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