After serving thousands of clients in the car title loan business, a recurring question that we often receive from people applying for a car title loan is “Can I get a car title loan on a vehicle that is over 10 years old.”
Can an old car qualify for a car title loan? How much money can I get for my car?
In order to obtain a loan, a car title or pink receipt is required as collateral and with that, the mileage reading on your car that affects the amount you can get. Old cars have higher mileage, which is why most title loan lenders are a bit reluctant to grant loans to people with older cars, especially if the car is over 10 years old.
Many people have had meetings with those companies that do not allow title loans on older cars, so we understand their skepticism about qualifying for a loan using the title of a much older car. Don’t worry, we’re here to help you out.
How to get title loans for older cars?
If your current financial status is not good and the urgency of the circumstance requires that you get some quick cash, then you can save yourself the stress by getting a 24 hour title loan.
MVP car title loan company can get you a loan even if your car is more than 10 years old. There are just a few requirements that need to be met first.
With your old car, a valid car title and some other simple requirements, you can get the money you need.
At MVP car title loan company, we help you make the best financial decision in your interest. Your happiness is our top priority, and this is why we do everything possible to get you a car title loan regardless of how old your car is.
So, to answer the previous question, yes, it is possible to obtain a car title loan with a car older than 10 years.
How old can your car be to qualify for a car title loan?
Before obtaining a car title loan, it is important to understand exactly how the title loan process works. When applying for the loan for your car, you must submit the document that shows that the car is registered under your name, thus your property.
Depending on the type, model, and brand of the car, you get a percentage of its value as a cash advance.
But then, the age of your car is also important to qualify for a car title loan. In general, a car that has a mileage reading of around 200,000 is qualified for a title loan.
But this does not mean that a car with more than 200,000 miles cannot obtain a title loan. It all depends on the lender of the car title loan and your willingness to take the risk.
MVP car title loan company is here to help you, even with an old diesel engine truck with high mileage.
The value of an asset: a car, in this case, depreciates over time. That means that as time goes by, the value of your car decreases. In simple words, the older your car, the lower its value.
This value is also influenced by the age of the car. If your car is approximately 10 years old or older, getting a loan on its value could be a challenge. This is why we recommend you to contact MVP services to get the best value for your car.
We believe that regardless of the age of your car, it is always worth something. Your car can be your livelihood, so why shouldn’t it be equivalent to a good value? Car title loans are a way to get quick money, so if you have a car under your name, you can always get a car title loan.
How much cash can you get for your old car?
The most important thing when getting a loan is not the age of your car, but how much value (in cash) your car has, despite its age. Which means that a car can be 12 years old and still worth more.
For example, old or classic cars still retain a high value even after several years of use. If your car still has a clean body and a sound engine, then its value will be quite tangible, even if it is more than 10 years old.
You would be surprised to know that better preserved older cars may be worth more cash than most newer cars.
An older classic car could also be worth more than a car that is less than 5 years old.
The age of your car’s engine and the mileage reading on the odometer influences your chances of acquiring a title loan as well as the amount of the title loan you can get.
The loan amount also depends on how much your vehicle is worth and, in part, on your ability to pay off the loan.
Each car is worth something, and getting a car title loan means obtaining a percentage of this amount. MVP car title loan company knows that you can get you more than 80% of this amount.
A well-maintained regular old car or a clean old classic car may still have some value in it, and we are willing to approve your title loan application regardless of its age.
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If you need quick money for your emergency bills or other financial aid, consider car title Loans at MVP. MVP Car Title Loan has developed a standardized procedure that provides you with the necessary funding within a short period of time and we have implemented a generous and lenient repay policy that allows you to pay the borrowed amount according to your ease.