If your vehicle is over 10 years old, you might assume it no longer holds much value, but that’s not always the case. Older vehicles can still be used to secure a car title loan, giving you quick access to cash when you need it most.
At Cash Loans Alberta, we can offer car title loans for cars over 10 years old, helping drivers unlock the value of their vehicle, even if it’s not brand new and even if their credit isn’t perfect. These loans are fast, flexible, and designed to work for real people in real financial situations.
In this blog, we’ll break down how title loans work for older vehicles, what benefits they offer, and what to consider before applying.
Applying for a Car Title Loan
Getting a title loan on an older car is pretty straightforward. In fact, car title loans for cars over 10 years old follow a simple process similar to newer vehicles. You’ll need to provide a government-issued ID, proof of income, photos of the vehicle, and its current mileage. You also need to show that the car is fully paid off—the title must be in your name, with no active liens or financing from a bank.
- Your vehicle might be older and at the cusp of acceptance. Some lenders will accept cars as old as 12 years. This might only get you $400, but this could be precisely what you need.
Applying can be done online or in person and takes around 25 minutes. When using, you need a form of ids such as your driver’s license or passport – that way, they know who’s borrowing money from them! They usually approve loans within 24 hours, but if you’re approved on the same day. This could save time because there is no waiting period between application and approval.
Be Sure You Have the Proper Documents
You can contact a car title loan lender in Alberta directly or visit their website to verify eligibility requirements and get more details. One of the main advantages of car title loans for cars over 10 years old is that you don’t need established credit or a credit check to qualify. Instead, the loan is secured by your vehicle’s title, which acts as collateral. Because of this, the vehicle must be fully paid off, and the title must be in your name. If a bank or another lender still holds a lien on the car, you won’t be eligible, as the lender needs full ownership of the vehicle to use it as security for the loan.
Be Sure You Are Good With the Terms for a Title Loan
Understanding the terms of your car loan before you sign anything is essential. You can keep driving your vehicle for the entire time without exception and still retain ownership. The only thing that is taken from you in exchange for collateral is your title until they’re repaid with the loan.
So many people are using these loans because the loans are outstanding for many benefits. They are safe as the payments are small and stretched over a very long period.
With car title loans for cars over 10 years old, you get to keep driving your vehicle while accessing the equity locked in it. This cash can be used for various purposes—paying off existing loans, covering overdue bills, investing in a business, or even using it as a down payment for another loan. Whatever your financial need, using your older car as collateral can be a practical way to get quick funding without selling your vehicle. We at Cash Loans Alberta have been helping thousands of customers with their short and long-term financial needs.
Get approved for a loan today- no credit check required!
