April 10, 2019
Can You Get A Title Loan On An Old Car?
Every dog has its day. But for cars, that day usually comes earlier in its life than later in its life. The sad fact is, it is hard to sell your old car on your own if it has already had a long and fruitful life. Potential car buyers want to know that the car they are putting their money into will work for them for a long time, and it is hard to do that if they don’t know a lot about a car. And if your vehicle is in the market for some repairs or you’re in the market for a new car, it can make a world of difference to sell off your old car. But for old car enthusiasts, an old car usually doesn’t indicate a lousy car – and this is something title loan companies can also often see. But this doesn’t stop people with older cars from avoiding title loan companies for fear of being turned away.
Unfortunately for many owners of older cars, avoiding title loan companies for fear of getting ridiculed over your car being too old or for fear of not getting enough money is something that happens daily. Title loan companies still want to help you get the money that you need, and they will almost always be able to make you an offer on your old car. If you live in Missouri or Kansas and have an old car, bring it into Midwest title loans and see how much you can get for it. You’d be surprised.
Why We Still See Worth in Your Old Car
An old car is still a driveable car, which means that if push came to shove it is something that you could sell independently – even if just for parts. Midwest title loans are comprised not only of loan experts but also of car experts. These experts see the potential value in each vehicle that is brought in to them, and they make offers accordingly. While pricing on older cars will absolutely vary depending on the make, model, and year of a car, it is still worth it to get it checked out. Regardless of their condition and driveability, a vehicle will always carry worth.
Old Cars Are Sometimes Classics
People also forget that the age of a car sometimes increases the car’s value. If you have a car that is well-maintained and over forty years old, this can often bring you in more money than a new car. For instance, a well-maintained 1970’s era Cadillac Coupe de Ville can average between $12,000-$20,000. A classic Ford Thunderbird from the 1960s will bring you in about the same range to a little more. Pricing and value on loans taken out on your car will always depend upon the shape it is in, the number of modifications that have been made to it, and the type of modifications that have been made to it.
However, classic cars are a perfect example of a golden egg that car owners have been sitting on. If you have a daily driver that needs repairs, but you also have a classic car that you maintain and take care of, consider bringing in the classic car to be evaluated for a title loan. You’ll be able to still drive and keep it, but you’ll also be able to take out potentially a more substantial loan against its title. You can choose to use the remainder of the loan to pay back the loan amount more quickly, or you could use the loan to make further repairs to both vehicles. Your options are unlimited.
Are There Any Restrictions on Title Loans?
There are always restrictions when it comes to taking out any loan, title loans included. However, old car owners will be happy to know that rarely extends to the age of their car. Restrictions at Midwest title loan revolve around age, ownership of the vehicle, and proof of income. To take out a title loan, you must be at least 18 years of age. You must own the car outright, as well. If there is a lien on the title, or if the title has someone else’s name on it, we cannot offer a loan on the title.
Making sure that the title is under your name ensures two things. First of all, it makes sure that you don’t end up paying more and getting less than you bargained for. What we mean by this is that sometimes title loan companies will offer loans to people who have leans on their titles. However, this means that the title loan company essentially buys off the car from the first lienholder and gives you the difference in the loan. In this scenario, the loan requestor ends up paying off not only the amount that they get in their loan but also the amount that the title loan agency paid off on the lien. We don’t think this is a good financial strategy, so this is not a service that we offer.
Additionally, you cannot get a loan on your old car if it is not under your name. This is to discourage spouses, children, and thieves from getting cash from something that is not actually theirs, among other things.
Finally, you must have an ID and proof of income to take out a loan. Income ensures us (and you) that you will be able to pay back the loan and in turn receive your title back.
Do you need quick cash and don’t have the time to research how much your old car is worth, market it, and wait for someone to bite? Or, do you need a loan but don’t want to sell your vehicle outright? Come to Midwest Title Loans and get your car evaluated. We’ll make you an offer based on the car’s value, disburse the funds to you, and you’ll even get to hold on to your old car as you pay back the loan. We have locations in Gladstone, Kansas City, and St. Joseph, Missouri as well as Overland Park and Kansas City, Kansas. Contact us or stop by one of our locations today to see how much your old car is worth.