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Can You Get a Title Loan for a Car That’s Older Than 10 Years?

February 18, 2019 | By Louis Tully


A car title loan is perhaps one of the fastest and easiest ways for consumers to borrow cash today. This is especially true for people who suffer from a poor credit history or have no credit to speak of at all. As long as your car comes completely paid off with no lien attached to the title, you could qualify for same-day cash without any hurdles, hoops, or hiccups!

So, if you’re a car owner and you’ve come face to face with a financial emergency, turning in your car’s title for cash is an option that’s readily available to you. But don’t go dashing for the glove box just yet. Here’s a more in-depth look at car title loans and what role they could play when life throws the inevitable curve ball your way:

How Do Title Loans Work?

Title loans are a unique way to get cash when all other lending offers fall short. They allow you to pull cash from your car’s equity by using its title to secure the loan. In order to be considered for approval though, the potential borrower’s title must be free of any liens.

This is why this type of loan doesn’t require an impressive credit score or even proof of income. Granted, loans this easy to obtain come with a hefty price tag. Interest rates and other fees can stack up quickly if the borrower happens to default on their loan. Also, the repayment period isn’t nearly as flexible as traditional loans. Those interested in getting a title loan should carefully consider their own ability to pay back the loan on time to avoid unwanted charges or losing your car altogether.

What Is Required for a Title Loan Approval?

As mentioned, title loans don’t require a lot for approval. Here are the following things you’ll need to show your local lender in order to be considered for a title loan:

  • Your driver’s license (or a valid state photo I.D.)
  • The lien-free title to your car
  • Your car (for inspection)

When you’re ready to begin the title loan approval process, simply make sure you’ve got these items handy and then proceed to a title loan store location near you to get the ball rolling!

Can You Still Get a Title Loan for a Car That’s Over 10 Years Old?

Here’s the million-dollar question, “Can I still get a title loan if my car is 10 years old?” The answer is maybe.

Getting a title loan for cars older than 10 years is a coin toss. You see, in order to get title loan cash, your car has to have some sort of trade-in value. Accordingly, your local lender will have to undergo a quick inspection of your vehicle before they can make you an offer. As long as your ride still holds value, you could still get cash no matter how old it is. But there are a lot of factors to consider other than age:

  • Condition: Sure, maybe you brought in a 2005 Cadillac DeVille, but in what condition? A car’s wear and tear can have a big impact on its depreciation.
  • Maintenance history: Depending on how old the car is, a lender might ask you about its repair shop history. If the car doesn’t run great, it’s probably not worth anything great either.
  • Mileage: Mileage is another mile marker lenders will look at when determining your car’s overall value. Needless to say, more miles equals less value.

In order to get cash from your vehicle in this way, it needs to have some positive equity to pull from. So, even if your car is older than 10 years, you may still be able to use it to get a car title loan so long as it’s still holding any value.


How Are Title Loans Different from Traditional Loans?

Title loans and traditional loans are very different in more ways than one:

Car Title Loans

  • No credit check necessary.
  • Short repayment term.
  • Fast approval.
  • High APR.
  • Your car is used as collateral.
  • Approval requirements are minimal.

Traditional Loans

  • Credit check is required.
  • Longer and more flexible repayment terms.
  • Longer approval process.
  • Competitive APR.
  • Your car is not involved.
  • Approval requirements include a variety of factors; income, assets, credit, debt-to-income ratio, etc.

It’s plain to see that both lending options come with their own list of pros and cons. Deciding which loan is a better fit for you all depends on your own personal circumstance. That’s why no one in the world can make this decision but you.

Are Title Loans for Me?

Like we said, only you can decide if title loans are for you or not. If your car is too old to lend any relief in the form of a car title loan, there are many other options out there to consider. Speak with your local lender today and get the financial boost you need to get back on track and put your stress miles behind you.