Idaho title loans allow you to borrow a lump sum of money to fund emergencies without requiring a good credit score. However, the amount of money you can borrow largely depends on the value of your vehicle. Therefore, people with newer vehicles are often the target market. However, don't worry; you can still obtain a title loan with an older car.
In this guide from Idaho Title Loans, Inc., we will cover everything you need to know about using an older car for title loans in Idaho before sharing our quick and simple process. Find out how to get a title loan to cover a financial emergency today.
5 Factors When Using An Older Car For Idaho Title Loans
Regardless of your vehicle's age, there are several factors to consider before starting the title loan process. However, there are slightly different aspects to keep in mind when considering a title loan with an older vehicle. While a newer vehicle typically fetches more money, you can still be approved for a car title loan with an older vehicle if you take these factors into account.
Here are five factors that can influence getting a title loan with an older vehicle:
1. Car's Age
You'll likely be pleased to know that your vehicle's age is not the main factor dictating title loan approval. That said, it can be a useful indicator when estimating the value of your car. As you probably know, older vehicles are generally worth less than their newer counterparts, unless they're considered a classic or vintage car.
When a loan associate determines your loan amount, they will verify the age of your car. They will do this using the manufacturing date, not the model year. These are not always the same. For example, the model of a 2019 car indicates when that car started being made. However, your specific vehicle may have been manufactured in 2020.
2. Vehicle Equity
Understanding your car's value is important so we can determine your Pocatello ID vehicle's equity. We use this figure to decide how much we can lend you. In simple terms, equity is the difference between what you owe (if anything) and its market value.
If your older car is still on finance, you won't be able to qualify for a title loan from us. Your car must be fully paid off, and you need to have a lien-free vehicle title to get approved. However, you can still determine its equity for future reference by subtracting the amount you owe from its overall market value.
If you've paid off your vehicle completely, you're in luck! You won't be rejected for not owning your car outright, and your Pocatello, ID, old vehicle equity depends entirely on its market value and the other factors we're discussing below.
3. Car Condition
While the overall market value for your vehicle is helpful to learn, it doesn't tell the full story. Consider it a general guide, rather than validation that someone would pay that price for your specific older car. There are many nuances to your vehicle's actual value, and its condition is one of them.
If you haven't taken care of your car cosmetically, mechanically, or electrically, you likely won't be able to fetch a similar price to the market value. However, if you own vintage or classic cars and keep them in excellent condition, you will likely fetch a higher value. In fact, even owning a regular old car that you've taken care of can still hold a decent amount of value.
The following are some factors about your car’s condition that can influence the title loan value:
- Dings, dents, and scratches
- Glass damage
- Interior wear (rips, stains, or excessive wear on your seats)
- Missing components
- Paint job
- Quality of parts (does every car part work as it should?)
- Tire maintenance
4. Vehicle's Odometer Reading
Your car's mileage influences its overall value. However, we evaluate your vehicle's mileage along with its age. For example, if you have a 15-year-old car with 150,000 miles, we consider it to have average mileage (around 10,000 to 12,000 miles annually), so the odometer reading doesn't heavily affect its value. Conversely, if that same car has only 70,000 miles, its value will likely be higher.
On the other hand, if a newer car has high mileage (above 12,000 per year), its value will be negatively impacted. Using an older vehicle with low mileage (below 10,000 per year) can potentially put you in a better position than somebody with a newer, high-mileage car.
5. Car's Make And Model
Your car's make and model also play a role in determining the worth of your older vehicle. There's nothing to say that old equals worthless! Numerous older vehicles continue to retain their high demand, thereby increasing the likelihood of maintaining their value.
In fact, even your vehicle's style comes into play, particularly when it comes to trucks. The style or trim can add hundreds, if not thousands, of dollars in resale value.
Required Items For Title Loans In Idaho
Whether you have a newer car or an older vehicle, the requirements for a title loan are the same. We have just a few items you will need to get approved for emergency cash today. You can gather these before starting the process to make it go more smoothly.
Here are the required items for a title loan in Idaho:
- A state-issued photo ID that displays your full name and age
- A lien-free vehicle title in your name
- Your vehicle for a fast inspection
How To Apply For Idaho Title Loans
Applying for a title loan from us with an older vehicle is exactly the same as applying with a newer vehicle. As long as you have the required items mentioned above, you may get approved today. You can begin online before visiting one of our stores in person to get approved.
All you need to do is follow the simple steps below:
- Fill out our short online request form with your name, zip code, email address, phone number, and vehicle details. This sends your basic information to your local Idaho Title Loans, Inc. store. Alternatively, you can contact us by phone during our standard office hours.
- Once we receive your request form, we will give you a call to confirm your information and explain title loan terms. At this point, you can also ask questions to confirm anything you’re unsure of. At the end of the call, we will set up a meeting at one of our Idaho store locations.
- Head to your nearest branch with your required items. Ensure that your name matches across all your documents; otherwise, we will be unable to proceed with the title loan process.
- When you arrive, we will look over your documents to establish whether you can qualify for a title loan. We will also inspect the vehicle itself to determine its value (and therefore, the amount you can borrow).
- If you are satisfied with the amount you can borrow, we will walk you through the final stages of the process. You can sign the loan agreement to finish the process. You will receive the money you qualify for later that day or by the next business day.
Get Idaho Title Loans – Borrow Up To $15,000 Today!
Get approved today for a title loan with an older car at Idaho Title Loans, Inc. Our speedy approval process lets you borrow up to $15,000. While an older car may get approved for less, you can still qualify as long as you meet our simple requirements. You can even borrow cash with bad credit and keep your car during loan repayment.
Need fast cash when facing an emergency? Fill out our online title loan form, and we will call you soon to explain how to get approved in person in less than 30 minutes!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
