If you own an older vehicle, you may wonder whether its age will prevent you from starting a title loan inquiry.
The answer depends on more than age alone.
You can receive a title loan on an old car may still be reviewed if you have a lien-free title in your name and the vehicle is available for inspection.
Vehicle age, mileage, condition, title status, and current value may affect the amount available if you qualify.
This guide explains how title loans on older cars work, what items are generally needed, and what to review before signing any agreement with Nevada Title and Payday Loans, Inc.
Quick Answer: Does Vehicle Age Matter?
Yes, vehicle age can matter.
Older cars may have more mileage, wear, repairs, or cosmetic damage, which can affect the vehicle’s value.
However, age is not the only factor.
A representative may also review:
- Vehicle make and model
- Mileage
- Mechanical condition
- Cosmetic condition
- Title status
- Current market value
- Application information
- Ability to repay
- Other requirements
Submitting an inquiry does not guarantee approval, a specific loan amount, specific terms, or funding.
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 with a transfer car title. 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
If you are asking, “Can I get a title loan on an old car?” the next step is to review the title status, vehicle condition, required items, and repayment terms.
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. Nevada Title and Payday Loans, Inc. can explain current title loan requirements for qualified borrowers. 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.
Frequently Asked Questions
Can I get a title loan on an old car?
An older car may still be reviewed for a title loan if you have a lien-free title in your name and the vehicle is available for inspection. Approval is not guaranteed.
Does vehicle age affect a title loan?
Yes. Vehicle age may affect the review because older cars often have more mileage, wear, repairs, or lower market value.
Can I get a title loan on a damaged car?
A damaged car may still be reviewed, but damage can affect vehicle value and the amount available if you qualify.
Can I get a title loan on a car that does not run?
A non-running vehicle may be harder to review. Ask a representative what information may be needed for your situation.
Does the title need to be in my name?
Yes. The title needs to be lien-free and in your name.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
