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05 Jul 2019   /   0 comments

Can I Get A Title Loan For a Car Older Than Ten Years?

Caroline Mwandawiro
Can I Get A Title Loan For a Car Older Than Ten Years?

Can I Get A Title Loan For a Car Older Than Ten Years?Financial needs are inevitable. Sometimes we plan ahead for financial needs, other times, they just come, and you’re running around for money to fix them. Can I Get A Title Loan For a Car Older Than Ten Years? Getting money for financial emergencies can be a serious pain, especially since it takes a lot of time and processes to secure a loan from traditional financing institutions.

Can I Get A Title Loan For a Car Older Than Ten Years?

Additionally, traditional financing institutions will definitely take records of your credit record; hence if your credit record is not satisfactory enough to them, you may not have access to any loan. In all these, car title loans are the rescue, offering you urgent loans without taking your credit record into cognizance. The question now is what vehicle is qualified for a car title loan. To get the complete details of this, we have provided answers to some frequently asked questions relating to the issue in this post. Still wondering Can I Get A Title Loan For a Car Older Than Ten Years?

How can I get a title loan with a car that’s more than 10 years old?

It’s quite easier to get an online title loan with a relatively new vehicle. It’s highly advised you understand how title loans work in California, New York, or anywhere in the USA that permits. Most other title loan companies don’t take vehicles that have been used for too long, but we understand your plight and need for urgent money, so we may accept your old car on the following conditions:

The loan you are applying for must be within an acceptable percentage of your vehicle’s equity.

We have the duty to calculate how much risk we can bear, and from that determine the percentage of your vehicle’s equity we can loan you.

Other factors that we consider include: 

  •    Your monthly income 

We want to know what your average income is. It is from this that we can determine the possibility of repaying the loan. We also check to know whether you have other sources of income like rental property, investment, child support and other streams of revenue.

Your income level will to a large extent affect our confidence in you. Although credit history is not too important in getting a title loan, it is still important if your vehicle is up to 10 years old. We will examine your credit records, although the results will not be our main focus. We will look more into your vehicle’s equity because we are calculating your loan against your car equity.

  •    Personal references

We also look at how reliable the people are vouching for you are, because the more they are reliable, the more confidence we can have that you will pay back.

  •    Professional references

We take account of your work history, and your present job and level.

  •     Type of Car, Equity & Vehicle Mileage

Of course, we look mainly at your type of car, its equity, and mileage. If it’s marketable, then we will get your loan in your hands in a very short time.

Please note that we will repossess your vehicle in the event when you default on any of your payment.

Looking to get a car title loan on your 10 years old vehicle? Want to understand lien on car titles, how to get a copy of a car title or how auto title loans work? Contact TFC Title Loans today and let’s talk further! We’re more than happy and ready to assist you.

Read more about car title loans from https://www.thebalance.com/car-title-loans-315534.

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