Your Classic Car Can Get You a Car Title Loan

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John Brown

John Brown, Financial Analyst

Last Updated:

Have you ever imagined the day your kid goes off to college, or that house remodel for the new nursery room? But we both know that every dream comes with new expenses, many of them unplanned. Unforeseen situations, like trips to the doctor or home repairs, may come your way and your savings may not be enough to finance them at the time. But if you own a classic car, you could consider an online classic car loan to get that much-needed extra cash.

A classic car title loan is a secured, short-term loan using your vintage or classic car as collateral. Most lenders set an age limit of 10 years on used cars, before approving them as collateral, as those older ones no longer hold any substantial market value. Vintage and classic cars are the exception as they are rare, and their market value is usually disproportionate to their age.

Title Loans on Vintage or Classic Cars

Vintage and classic cars are most often soft spots. If you own one, you probably understand why. They can be childhood dreams or adulthood fantasies — and this fantasy market is only rising. Classic cars are usually treated like royalty by their owners, with regular maintenance, fixes, or, when needed, restorations to the original form and functionality. This is why these cars are collectibles and can have significant value depending on factors like manufacturing year, restoration quality, and authentic parts.

After all that investment, it may be tough to part with your car(s). At the same time, some experiences or moments in life may require more than you can afford. In such cases, a classic car title loan, possible even with a bad credit score, could be a way to obtain some of the needed funds without necessarily having to lose your car.

Wonder if your car would qualify? Here are the top 10 classic cars used as collateral for loans:

  • Buick Riviera 1963-1965
    Buick Riviera
  • Lincoln Continental 1961-1969
    Lincoln Continental
  • Toyota 2000GT 1967-1970
    Toyota 2000GT
  • Jaguar MK V DHC 1949-1951
    Jaguar MK V DHC
  • Dodge Challenger R/T 1970-1974
    Dodge Challenger R/T
  • Volkswagen 1200 Cabriolet 1960
    Volkswagen 1200 Cabriolet
  • Chevrolet Camaro 1966-1969
    Chevrolet Camaro
  • Cadillac 1959
  • Chevrolet Corvette 1953-1962
    Chevrolet Corvette
  • Ford Thunderbird 1955-1957
    Ford Thunderbird
Your Classic Car Can Get You a Car Title Loan

How Classic Car Title Loans Work

Lenders use the equity in your car as collateral and provide you with a loan against it. Classic cars have a lot of value, as they are not readily available on the market. Many lenders collect vintage cars and pay a hefty sum for them in auctions.

When you request a title loan on a classic car, the lender will have your car appraised. According to the market value, the lender will decide the maximum amount of credit that they are willing to offer. For example, if the value of your car comes in at $25,000, the lender may be willing to lend you between $18,000 and $20,000.

A lender never loans the full value of the car. They keep a risk margin in case you stop paying your classic car title loan installments. In that scenario, the lender would auction off your vehicle to reclaim the amount that you still owe.

When dealing with classic cars, a lender may decide to use a car pawn instead of a title. In a car pawn, your car is stored in a storage facility until you repay the loan in full, whereas, in an auto title loan, the borrower can drive their vehicle and keep it in use while they repay the loan.

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How to Get a Loan for a Classic Car

Requesting an old car title loan is a straightforward process. After you fill out the form on our website, we will connect you with one of our approved lenders. Subsequently, you will be able to view their offer and, if in agreement, start communicating directly with the lender to continue the process. We have established a large network of vetted lenders who understand confidentiality needs and are concerned about protecting your personal data.

Documents Required

The process of getting connected to a lender is fast, secure, and can be done from the privacy of your home. To begin, you will need to meet the following requirements:

  • Provide your bank account details
  • Have a valid, government-issued ID
  • Have a social security number
  • Have a car title (proof that you own the car)

Step-by-Step Instruction

The advantage of classic title loans for older cars is that bad credit doesn’t weigh as heavily in the availability or amount of the offer. With your car as collateral, you do not need to worry about your credit history too much.

But, before you even submit the online request for an auto title loan for an older vehicle, make sure your car is in the best condition it can be. Prepare the necessary documents mentioned above and ensure your vehicle is currently registered and legally owned by you.

Once you’ve done all that, follow the next steps to find a lender through

  1. Submit the loan request by filling out our quick online form
  2. Our lenders will evaluate the information you’ve provided
  3. Within minutes, you’ll be redirected to a loan offer that you may accept or reject
  4. In case you reject the offer and are still interested in an auto title loan for older cars, you can start the whole process again from step 1 above

Before agreeing to an offer, make sure to thoroughly read the terms and conditions and evaluate them carefully against your situation. Double-check that you will be able to meet the payment deadline(s) so that you get to keep your precious car.

Once you and the lender settle on the terms of the loan and you provide the necessary documents, you will likely get the loan money deposited directly into your bank account. The whole process is smooth, secure, and convenient.

Repaying the Old Car Title Loans

With classic car title loans, you sign over the title of the car to the lender until the loan is fully repaid. Since these loans are short-term, they usually come with higher interest rates. Depending on your lender and the amount received, you may have between two weeks to a month to repay your loan.

In case you are not able to meet the payment deadline(s), your car will be repossessed. Unfortunately, in some cases, your loan may not be discharged if your car sells for a lesser price than the remainder of the loan. In that case, you are still legally obliged to repay the rest of the remaining sum. So it’s important to review and understand your payment plan to ensure you can follow through with it.

Auto Title Loan Benefits

Auto title loans have several benefits. First, they are a decent option if you need extra cash fast. Applying for a bank loan takes time. Banks also have a stringent vetting process. Classic car title loans, bad credit or not, are processed reasonably fast, especially if you have all your documents in order.

Secondly, if using to request a loan, you’ll benefit from a private, fully online, and secure process. Your information won’t be shared with anyone but a prospective lender.

Lastly, lenders will usually make you an offer even with a poor credit history. Also, when you look into it, classic car title loans, especially online ones, have a high approval rate. So classic car title loans are a convenient way of acquiring quick cash.


How old can a car be for a title loan?

Most lenders refuse to provide auto title loans for older vehicles since their market value might not be satisfactory. Classic and vintage cars are an exception, however. Those are collectibles, and their value does not correlate to their age. The car’s condition is also quite important for the lender when considering a loan request.

Can I use my classic car as collateral for a loan?

Yes, both classic and vintage cars can be used as collateral for a title loan.

Can I get a title loan on an old car?

Yes, auto title loans for cars older than 10 years are possible in two cases:
– You have a vintage or classic car
– Your car is in excellent condition, has authentic parts, low mileage, and runs well still

How to get out of a title loan without losing your car?

The most important thing to keep in mind when applying for an auto title loan is to make sure you will be able to keep up with the payment schedule and/or deadlines. Do not borrow more money than you need and do not agree on terms and conditions that are impossible to follow. You will be out of a title loan once you fully repay it, which can be done on the agreed-upon schedule or even prematurely if the lender allows it.