It doesn't matter if it's a 2023👶or a 1923👴model, as long as there is value in your vehicle, you can get a title loan.
Title loans are issued based off how much the car can be sold at a fair market value versus the age of a car. It's all about value, value, value, baby!
A vehicle's age is only a factor if the car was not taken care of, then it could lose its value. Bottom line, a lender will still issue a title loan to you on an old car as long as it still has value and you can meet other loan requirements.
If you are attempting to get a auto title loan using your old car as collateral, there are some things that you need to be aware of:
- The value that the lender believes your car is worth may be lower than what you expect.
- Some lenders will only accept newer models as collateral because they are easier to sell in the case of a repossession. Older cars typically have a more niche market.
- Your older car may have some wear and tear on it. High-mileage cars are not very valuable in the secondary market. Because of this, some lenders may charge higher interest rates on an old car vs. a newer car.
If you are sitting on an old '57 Chevy and you want a title loan, you should check out the vehicle's estimated value on reputable site like Kelley Blue Book.
If your old beater still has some value, a title loan lender will likely be willing to cut you a check! Who knows you may even be surprised by what it's worth!