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24 Mar 2019   /   0 comments

How Old Can Your Car Be to Get a Title Loan?

Paul

pexels-photo-105032If you are considering applying for a title loan, you may want to know the answer to the question how old can your car be to get a title loan.

One of the first things that individuals worry about when considering a title loan is whether or not their car will qualify for the loan amount that they are seeking.

This is a great question and we want to put our 25 years of experience to use so we can answer this question for you. It is of utmost importance to us, here at TFC Title Loans, that you are making an informed decision that you will be happy you made years from now.

Ever since we first opened our doors in 1994, we have solely focused on lender transparency, consumer education, and customer support. If our customers are happy and successful, then so are we. This is why we want to give you the straight-forward facts so you can make up your mind without any doubts or hesitation.

What year does your car have to be to get a title loan?

When it comes to the question of what year your car needs to be to get a title loan, that does not have a definitive answer since the main requirement is value not year.

The way that market valuation of cars works is more complicated than the newer the better. A car that is older may be worth significantly more than something brand new. This tends to be the case with rare vintage or classic cars that are in excellent shape. Sometimes a 2002 car is valued higher than a 2004 car, just because of the make or model.

And, in other cases, cars that are the same, make, model, and year are valued differently so that one qualifies while another doesn’t, simply based on the condition of the car and how well it was taken care of or maintained by its owners.

Classic Cars

One of the most obvious reasons that we cannot draw a strict year requirement for cars to be approved for a title loan is that classic cars are incredibly valuable, if they are well maintained, but older than most cars you see driving around on the streets. Usually newer cars have a higher value but that is obviously not the case with classic cars.

So, if you have an old classic car that has a high market value, you will be able to get approved for a title loan with ease.

Find Out the Value of Your Car

If you don’t have a classic car but are unsure what your car’s current street market value is then you can get a pretty decent estimate by using a site like Kelley Blue Book. Simply input the age, make, and model of your car and you will get a ball-park estimate of what your car is worth. By doing this, you will know how much your car is worth and that can help you determine whether you will be approved for a loan.

Because of various state restrictions, if you live in California then your car will need to be worth at a bare minimum $4,000/$4,500 while if you live in New Mexico or Arizona, where there aren’t as many restrictions, your car will need to be worth at least $2,000.

This is because we can usually only lend out around 50% of the car’s trade-in value. If your car has a high enough trade-in value and you have sufficient ability to repay the entire loan in monthly installments, then you are sure to be approved.

If you have any remaining questions about the valuation of your vehicle, then we welcome you to give us a call whenever is most convenient for you. We wish to make the process as clear and straight-forward as possible so don’t leave here confused. Simply call one of our friendly customer representatives to get the information you need.

However, if you are interested in obtaining a title loan right away and you believe that your car will qualify then fill out our online application today. It will only take two minutes out of your day since the application is quick and easy. We look forward to hearing from you and working with you in the near future!

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