Can I Get A Title Loan On An Old Car?

Most of us know what a title loan is. We know we can use our car titles to get extra cash on loan using it as collateral. But, what if your car is older? Can I get a title loan on an old car? Does the age matter?

The answer is sort of yes and no.  The age can matter, as it's usually the case that an older car has more wear and tear and more miles, which can then have an effect on the car's value.

That being said, the value of the vehicle you have the title to is what determines your qualification and the loan amount you could be given. Do you have a lien-free title to your car? Keep reading to find out how that can help you get extra cash with Nevada Title and Payday Loans, Inc.

Does The Vehicle's Age Effect A Title Loan?

The vehicle's age does affect your loan approval. Older cars tend to be worth less than newer cars. The age of your car can affect the amount you are approved for. It's unlikely that your car won't qualify for at least some amount of cash, though. If you have a clear title in your name, you should be okay.

Another factor considered in the approval process is the condition of the vehicle. Older cars tend to have more wear and tear, or damage. That will come into play when our Nevada Title and Payday Loans, Inc. specialist inspects your vehicle.

Can I Get A Title Loan On An Old Car With Damage?

Even if your car is damaged, you may still get approved for a title loan. Depending on the extent of the damage, we could ask that you provide a little more information about your employment or other qualifying factors. 

Our loan specialists work with you to get you the money you need. While we can't guarantee everyone’s situation will lead to a title loan approval, we can say we typically find a way to make it work.

Generally, you'll get approved for the most money if your vehicle isn't damaged, though you can likely still be approved if your car needs a little work. In fact, you could even get a loan with a car that doesn't run. It depends on the situation, but it is possible.

Can I Get A Title Loan On An Old Car In Someone Else's Name?

The clear car title must be in your name. This is a hard stop in the approval process. It's a situation that arises when someone purchases a vehicle for cash off another party and the title is still in the name of said party.

The title must officially be in your name to use it for a title loan. You'll need to make an appointment with your DMV to get it re-titled into your name. Once you have the title in-hand, you can use it to apply for a title loan.

What Do I Need To Qualify For A Title Loan?

Different lenders may have varying qualification requirements. You need the following to qualify for a loan with Nevada Title and Payday Loans, Inc.:

• State-issued driver's license or ID
• Vehicle
• Title to the vehicle in your name

It's that simple. You'll provide a little personal information on the necessary forms, as well. Your loan specialist will perform an inspection on the vehicle and you'll know how much you can get once it's completed. 

You can be approved in as little as 30 minutes. You can be given the loan in cash, or have it direct deposited to your checking account.

Can I Get A Title Loan On An Old Car If I Have Bad Credit?

Your credit history and score aren't used to determine eligibility for a title loan. The biggest factors are the lien-free title in your name and the condition of the vehicle, along with what type of vehicle it is. Traditional loans put a lot of weight on credit scores and payment histories, while this type of loan does not.

How Much Can I Get A Title Loan On An Old Car For?

Borrowing limits vary by state. Here in Nevada, you can borrow up to $15,000 against your vehicle's title. Typically, an older car won't qualify for the high end of the limit, but it always depends on the whole situation.

To Wrap It Up

You can get a title loan on an old car. Though you might not get the maximum amount allowed, you can get something to help with your unexpected expenses. We make the process as smooth and painless as possible. You can get your cash that day, in most cases.

If you need a little financial help and you have the title to your vehicle, fill out an inquiry form today and speak with one of our loan representatives about getting the funds you need. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.