Car enthusiasts cherish the classic cars they’ve collected over the years. Perhaps as a child, you always dreamed of owning a classic Porsche or a Corvette, and as an adult, you finally got the chance to own one yourself. If that’s the case, the idea of selling or pawning your vehicle is probably out of the question.
The good news is that you have an alternative option if you ever find yourself experiencing a financial emergency! Instead of selling your classic car outright, you can consider applying for a title loan. Qualified borrowers can receive access to funding from a title loan without giving up control of their beloved vintage cars! You won’t have to worry about losing ownership if you make your monthly payments on time.
Learn why taking out title loans as a classic car owner can help you when you need fast cash.
How Do Title Loans Work with Classic Cars?
A title loan works by using a borrower’s car as collateral for funding from a lender. This is great for individuals that may not be confident with where their credit is at. Lenders may consider your financial history to some extent, but it is not the main focus during the approval process. Instead, lenders care about how much value is in your vehicle and whether or not you can repay the loan.
How Much Funding Can I Get with a Classic Car Title Loan?
The amount of funding a qualified borrower may receive depends on several factors. Lenders look at how much equity is in a borrower’s vehicle when determining title loan amounts because it serves as their funding collateral. It probably holds great value if you are a classic car owner, and your car is in mint condition!
Some people may worry that older, classic cars have a lot of mileage, which could negatively affect their worth. As long as your vehicle is well taken care of, the value should still be worth a decent amount. In general, lenders tend to give out loans amounting to 25-50% of a car’s worth.
Inquire About a Title Loan for Your Classic Car Today!
Classic and vintage cars are fantastic investments to make. They often appreciate overtime, which means you may see a significant return in the years to come. The more years pass, the rarer a vehicle becomes, which then increases the overall worth.
Using your classic car to inquire about title loan funding is a great way to access quick money during financial hardship. If approved, you can receive financing without losing control over the car you love dearly.
You may qualify for this type of financing if you meet these requirements!
- Have a Legal Car Title Under Your Name
- Being at Least 18 Years Old
- Show Proof of a Steady Income
You can learn more about ChoiceCash title loans today! Just visit the website to learn more about title loans on classic cars and if you are eligible for funding.