Auto Title Loans for Older Cars
Table of Contents
- How Do Auto Title Loans Work?
- How To Get An Auto Title Loan for Older Cars
- Why Get An Auto Title Loan?
- Auto Title Loans vs Other Loans
- What About Bad Credit?
- How Much Can I Get With An Auto Title Loan With An Older Car?
If you’re looking to get an auto title loan and have an older car you’ve come to the right place. TNL Car Title Loans can assist you in getting a car title loan even if you have a vehicle that is more than 5 years old. Generally, you can get an auto title loan if your vehicle has less than 200,000 miles on it. Auto title loans, also called pink slip loans, vehicle collateral loans, or car title loans are available with amounts that depend on the make, model, mileage and type of vehicle you have.
How Do Auto Title Loans Work?
Every state has different laws concerning lending and borrowing, but in general, auto title loans provide borrowers quick access to cash by allowing borrowers to use their car as collateral for the loan. In order to qualify for an auto title loan, you must be the sole owner of your car–it must be paid off and cannot have any holds or liens on it. The pink slip, or the car title, must be under your name (the borrower). When you take out an auto title loan, you’ll be borrowing against your car’s resale market value and can get a loan up to that amount. For example, if your car is currently worth $8,000, then you can get a loan up to $8,000. This is why auto title loans are more preferred than a payday loan. You can get loans in higher amounts and you’ll be able to get cash immediately. When you call in for an auto title loan, you can get your loan as fast as the next business day! Best of all, with an auto title loan, you’ll still get to keep and drive your car. The pink slip will be transferred under the lender’s name as collateral for the loan, but when you pay off the loan, it will be transferred back under the borrower’s name.
How To Get An Auto Title Loan for Older Cars
First, give us a call at 888-663-7074 or apply online to get started. When you call in or apply online, one of our loan officers will speak to you about your vehicle and will be able to tell you if you’re eligible for a loan. You’ll also be able to find out right away how much you can get for your loan.
Second, once you are approved for your loan, you will need to gather your important documents and send copies to your loan officer to complete your paperwork. You’ll need a few items such as:
- Driver’s license or ID
- Proof of income
- Vehicle registration and insurance
- Copy of your car title or pink slip
Once you turn in your documents, you will have immediate access to your cash
Lastly, you’ll need to choose how you want to receive your cash. You can receive your loan either as a direct deposit into your bank account, or you can receive a check. You can also access your loan through locations with MoneyGram services, which can be found in retailers such as CVS, Walmart, and your local grocery store.
Why Get An Auto Title Loan?
Fast Approvals – Our streamlined process helps us process your application faster so you can get your cash quickly. We understand you need a loan quickly and we work hard to get it to you as quickly as possible. With TNL Car Title Loans, you can get approved for a loan in less than 15 minutes!
Easy to Apply – We make it super easy to apply for an auto title loan for your older car either online or by phone. Our online application just takes a few minutes to complete and one of our representatives will be in touch with you after reviewing your information. Likewise, you can call us at 888-663-7074 and find out if you qualify for the loan.
Personalized Payment Plans – We can help you create a flexible payment plan that suits your needs and more importantly, your budget. Matching you with the best title loan is the first step. Making sure you have an easy payment plan in place is the second.
No Hidden Fees – We don’t hide fees in your contract and we don’t charge you extra for repaying your loan early. Many times our borrowers pay their loan long before the final payment date and we don’t charge them any penalty fees. Take comfort knowing you can get a substantial cash loan without worrying about being penalized for paying it back early.
Auto Title Loans vs Other Loans
When it comes to needing cash, you definitely have options. However, if you need cash fast, your options start to dwindle. One of the biggest advantages of getting an auto title loan is that TNL Car Title Loans will work with you even when banks are unable to help you. Most loans that you take out from the bank will require a long process. You have to take time to fill out a formal application, wait in line to talk to an associate, and spend time in a meeting to discuss your needs. You also need to wait to hear back about whether your application was approved or declined. If you find out you were declined, then you just wasted precious time that could have been used to solve your financial problem.
That is often the primary reason so many people turn to auto title loans when they need extra funds quickly. Most banks and lenders won’t be able to move quickly enough to help you get the solution you need.
Another reason why people choose auto title loans is that lenders who offer loans such payday loans only offer small amounts of emergency cash such as $500. However, auto title loan lenders such as TNL Car Title Loans can provide cash that are in large amounts such as $2,500 and above. The amount you can receive through an auto title loan is entirely dependent on the value of your car.
What About Bad Credit?
Regardless of why you’re applying for a title loan, we’re here and able to help you get started. Also, you can get the money very quickly if you have had problems with this in the past. That is not always the case with traditional banks and finance companies, who can take a long time processing your paperwork and getting the funds to you.
Car title loans also go by names such as vehicle collateral loans and pink slip loans. They are also generally used for short-term emergency situations. The lenders will keep the payments low, but keep in mind that the interest rate can be higher than traditional financing methods.
How Much Can I Get With An Auto Title Loan With An Older Car?
This is a common question for us and probably for many other lenders too. Many people are quick to assume their older car won’t qualify for a title loan because it’s too old. However, every case is different and even if you don’t think your vehicle will qualify, we encourage you to call or apply online and find out. You are at no obligation to take the loan, should you be approved. The amount you receive for an auto title loan is entirely dependent on how much your vehicle is worth at its current market value, so give us a call or apply online to find out how much your vehicle is worth right now and see how much you can get for your loan.