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How to get a title loan for cars older than 10 years

By MattJones

When a financial emergency hits many times you’re in need of quick cash.  Traditional financing methods like personal loans or going to credit unions or banks can be extremely challenging because of the time it takes to get the money you need.  Additionally, these companies look at your credit score and history very closely and many times you have to have good credit to get money quickly.  This is where car title loans can come into play.

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The main question people ask, however, is “How can I get a vehicle pink slip loan for a car older than 10 years?”

Often times people who need cash quickly don’t have a newer car, and title loan companies are not interested in taking a bad loan on.  You see, how an auto title loan works is like this:  A person pledges the equity in their car, pickup truck, or SUV to a lender and then the lender makes a loan based on a percentage of the equity in the car, truck, or SUV.

So, as an example if you have a car that has $7,000 of equity in it, you may be eligible to borrow anywhere from 60-90% of the vehicle’s value.  Of course, this depends on many different factors–one of which is the lender.  The lender will decide how much risk they want to take and then will take the time to calculate out how much money they want to loan you.  The main factors that go into this are as follows:

  • Your personal income – how much money you make each month.  A lender wants to know that you can repay your loan and they will look at your monthly income from your job
  • Additional / other income sources   A lender will want to see if you have additional income in the form of investments, rental property, child support, or other revenue streams.  The more income streams you have, the more the lender will feel confident in lending you money
  • Your credit history – while your credit history isn’t as important when you want to get a title loan for a car older than 10 years, it still is important.  Lenders will examine your credit history.  The good thing about getting an auto title loan is that even if you have had a bankruptcy in the past, or a foreclosure, or past credit history problems–car title loan lenders tend not to focus on these as much.  They are more interested in the equity in your car.  Your vehicle is what the lender is loaning against and the equity in that vehicle.
  • Personal references – In most cases a lender will want to have several individuals “vouch”for you.  Having people “vouch” for you or give you a reference shows that you are a trustworthy risk for the lender
  • Professional references – Sometimes an auto title lender will want you to give professional references.  This can include work history, or current job contact information.
  • Make, model, mileage of the car.  Of course the main thing is how much equity your car has in it and the type of vehicle.  If you have a BMW that is completely paid off and is a really new car, then the lender is going to feel comfortable in loaning you a lot of money.  But, you need to understand one crucial thing.  You must make payments on your auto title loan otherwise the lender can repossess your vehicle.  When you get a car title loan a lender will become the first lien on your car title.  So this means that they can take your car, pickup truck, or vehicle back if you don’t pay the monthly payments.

All in all, whenever you are considering getting an auto title loan for a car older than 10 years, or any auto title loan at all.  Contact The Net Lender today to get pre-qualified for an auto title loan.  You’ll find our staff easy to work with.   Just simply fill out the application form or call us at (213) 893-4237.  You can also call The Net Lender at 888-663-7074 and speak to a representative today.  The call is free and there is no cost or obligation.

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