Getting a Title Loan on Classic Cars or Vehicles
LoanMart does do loans on Classic cars but there is always a big difference between what “classic” means. An older car that is well maintained does not mean it’s a classic. A classic car is something that is collectable and has been restored. Antique classics are usually 100 years or older while regular classics are somewhat historic or define a period of time that people want to remember.
So for your car to be considered a classic car with LoanMart, the first rule of thumb needs to be it should be in showroom condition and have a solid and sustainable value.
Now, some people might wonder if they can use the liens of classic cars for a loan. Usually it is because they prefer to have their regular automobile (the one they regularly use to drive around) free from any loans so that in case something untoward happens, they won’t lose their main vehicle. A classic car may be seen as a great source of money that’s relatively safe to touch, since it is just sitting around.
The good news is that car title loan providers such as LoanMart do consider classic cars for auto title loans. The catch, however, is that the car has value. It must be very well-maintained with all working parts and should still be worth something in the classic car market. These requirements are strictly enforced because LoanMart needs to ensure that the vehicle you are using as a collateral comes with some value, in case the need to sell it off arises.
While the usual vehicles that are used for car title loans are often regular sedans, motorcycles, trucks and other types of vehicles for daily living and use, LoanMart does regularly see classic cars for valuation. The common terms are as follows:
- Prepare the documents needed for applying for a car title loan – whether the vehicle is considered as a classic car or not. The documents for both “regular/usual” cars and classic cars are the same: proof of identity and residence, documents that show your capacity to pay (i.e. proof of income), the lien on the vehicle that is being applied for, and photos of the vehicle itself.
- Take pictures of the classic car and show its running. Any documentation of the value also helps.
- Submit the documents to the loan officer and wait for a call. When everything is in order, you can expect a loan officer to give you a call soon after so you can discuss the valuation of your vehicle. The professionals at LoanMart are capable of evaluating the equity of your classic car in just mere minutes, as their trained eye knows what to look out for and they have a working memory of current car values. This is very important to people who are in a hurry and would like to have their loan in the soonest possible time.
- Study the loan amount, interest rate, and payment scheme and sign the necessary documents stating your agreement to the loan. When everything is in order and you find that the loan amount is to your liking, all you need to do is to sign the agreement. LoanMart will collect your car title for safekeeping with the intent to release it to you after you make the final payment on your loan.
- Wait for your loan amount to be released to you. The great thing about transacting with LoanMart is that everything is made efficient for the customer, including the way in which the customer collects the loan amount. Talk to the loan officer about your preferred method of getting the money and you can expect it to be in your hands in as short as 24 hours3 on a regular business day, provided that all your papers are in order.
- Pay for your loan regularly until the last date. Now, the task of paying for the loan is up to you to fulfill every month, for the duration of the loan. Again, LoanMart makes it easy to pay for the loan because they also have several options that you can choose from to send the payment.
- After sending the last payment, inform the loan officer about your completed due and he will process the return of the lien on your classic car.
As you will see, it is very easy to apply for, process, pay, and collect the lien on your classic car. The most important variable, however, is the condition of the classic car that you want to use as collateral. One should understand that compared to regular vehicles, the requirements for classic cars are more stringent because they are not as easy to sell off as regular repossessed cars. These vehicles, while usually fetching a good price, will require a certain market that really targets classic cars. Thus, it is important to consider the following things before you apply for a car title loan using your classic car:
- Have everything cleaned and replaced before applying for a loan. Dingy windows need to be polished, non-working lights ought to be replaced, and the engine must run as smoothly as possible, among others. To cut the story short, make sure your classic car is in near-perfect condition before you even apply for a car title loan.
- Have the necessary documents in your name. If you have inherited a classic car from your grandfather, you want to make sure that the documents that came along with it are amended to reflect your name as well as your ownership. This is the easiest way to ensure that your documents will be processed smoothly. However, if the vehicle’s car title is in the name of someone else you may want to ask LoanMart to help you. The company is also a licensed registration provider affiliated with the Department of Motor Vehicles, so they are very adept at handling registrations and other transactions like the one you are concerned with. There is tedious paperwork that comes with transferring the vehicle title of one person to yourself, and this is something they can do for you should the need for it arise.
- Ensure that your vehicle is currently registered. Classic cars tend to sit in the garage and be forgotten when it comes to registration time. If you need to work on updating the registration, you can also call on LoanMart to assist you with that. This is imperative, as you cannot move forward with the loan application if the vehicle is not currently registered in your name and up to date. LoanMart’s position is such that they can work on this for you as well, saving you lots of time and effort in the process. Just make sure that you have a copy of the title as well as the last vehicle registration so they can do their part smoothly and in less time. If you have lost the car title to your classic car, you will be happy to know that LoanMart can also help with that. It might take some time, but you are assured that the company helping you with is perfectly capable of seeing results.
So, if you happen to have a classic car sitting in your garage, you might want to put that up for a car title loan if you need to. It is a great option to turn to when the need for finances arise, and is sometimes the preferable alternative to the regular car that you use to drive around. For the time being, make sure that the vehicle is well-maintained and everything is running smoothly even if you do not use it regularly. It will even help if you drive it around once in a while, so that the engine does not get cold. Also, driving it from time to time will allow you to know if everything is running smoothly. You would not want to find out on the day that it is being evaluated that there is something wrong under the hood. When the time comes that you will need it for a car title loan, you will not have to suddenly attend to maintenance tasks that can make or break your approval for a car title loan.