How to Get a Title Loan for Cars Older Than 10 Years
Table of Contents
- What is a Car Title Loan?
- Can I Get a Title Loan for a Car Older Than 10 Years?
- How Does Car Title Loan Work?
- Requirements For A Car Title Loan
- Get Started With TNL Car Title Loans
When a financial emergency hits many times you’re in need of quick cash. Traditional financing methods like personal loans or going to credit unions or banks can be extremely challenging because of the time it takes to get the money you need. Additionally, these companies look at your credit score and history very closely and many times you have to have good credit to get money quickly. This is where car title loans can come into play.
What is a Car Title Loan?
Car title loans, otherwise known as title loans, pink slip loans, or auto title loans are loans that use your vehicle as the collateral for a loan. These types of loans allow a borrower to take out a loan that is equal or lesser than their car’s equity value. In order to qualify for a car title loan, a borrower must first be the sole owner of their vehicle, meaning the car is paid off and is free of any liens. The car title should be under the borrower’s name before it can be used to take out a loan. If a borrower owns a car that has a market resale value of around $6,000, then the loan amount for their car title loan will be up to $6,000. Of course, for each lender this may be different. Car title loans offer financial solution to those who are typically unable to get a loan with a bank or other financial institution due to a low credit score. Borrowers who struggle with poor credit or are trying to recover from their financial history can still have access to loans through TNL Car Title Loans.
Can I Get a Title Loan for a Car Older Than 10 Years?
If you are the owner of a vehicle that is older than 10 years old, you can still be eligible for a car title loan. With TNL Car Title Loans, we take vehicles that are 1999 or newer. The amount you can get for your car title loan will be completely dependent on the current resale value of your car. Most of the time, car that are only 10 years old will carry more value than a car that is 15 years older. However, in certain cases, such as classic cars, the value may vary. To see if your vehicle carries enough equity value to qualify, give us a quick call at 888-663-7074 or fill out our quick form online to immediately see how much you can get for your car.
Every state has different laws when it comes to lending practices so be sure to familiarize yourself with your local state laws to see if your state has a minimum or maximum loan amount pertaining to a car title loan.
How Does a Car Title Loan Work?
The name of the loan comes from the use of your car title as collateral for the loan. When you take out a car title loan with a lender, the lender agrees to give the borrower an amount of money that is equal or less than the equity value of the car. To back this loan amount, the car title will be transferred under the lender’s name to hold until the loan is paid off by the borrower. While paying off this loan, borrowers can keep their car and continue to use it. However, if a borrower defaults on the loan and is unable to pay the loan back, then the car title will stay under the lender’s name and the car will need to be given to the lender.
Requirements For A Car Title Loan
To get started on a car title loan, give us a quick call at 888-663-7074 or fill out our quick form online to find out immediately if you qualify for a loan with TNL Car Title Loans. A loan officer will be in touch with you, and after going through a few details about the make and model and mileage of your car, you can find out in less than 15 minutes if your application is approved for a loan. You’ll also find out how much you can get for your loan.
Second, after you’re approved for the loan, you’ll need to gather some paperwork and documents that are needed for your loan contract. These documents include:
- Valid form of ID or driver’s license
- Car title or pink slip, must be under borrower’s name
- Proof of income of at least $1,500 a month (this could be from social security, disability, etc.)
- Proof of up-to-date insurance and registration for the vehicle
After you turn in these documents, your loan officer will help you create a flexible payment plan that fits you and your needs. Finally, you’ll have access to cash immediately once you decide how you would like to receive your funds. Your loan can be disbursed by check or deposited into your bank account, or you can also pick it up at any MoneyGram location located in retailers nationwide.
Get Started With TNL Car Title Loans
To get started on your car title loan today, give TNL Car Title Loans a call at 888-663-7074 or fill out our quick form online to see if your car qualifies for a loan and how much you can get for your loan. Loan approval can take less than 15 minutes and you can get your money as fast as the next business day!