Can I get a title loan on an old car?

My wife and I have been painting our house in preparation to sell it, but funds are low. To help cover the cost, I’m thinking of taking out a car title loan on my work truck. The only problem is that the truck is almost 20 years old. Can I get a title loan on an old car?

Answer
Getting a house ready to go on the market is a big task, but you must be excited! If you find the right lender and title loans are legal in your state, you can get a title loan on an old car.
Most lenders won’t care how old the car is, as long as it still has some value in the retail market. Title loans typically offer 25% to 50% of the vehicle’s market value, so expect to get that amount based on the blue book value of your car.
To find the highest offer and most favorable terms, shop around and compare offers from a few different lenders.
When applying, you should have the following handy:
  • The vehicle title and registration
  • Your driver’s license and proof of residency
  • Proof of insurance
  • Proof of income and employment
If you want to avoid a title loan’s high APR, consider a personal loan or other low-interest options.
If you want to save money on car insurance, the Jerry app is a good place to start.
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Jack Walsh
Answered on Nov 29, 2021
Jack is an insurance specialist and writer living in Buffalo, New York. He has a BA from Union College and worked as an insurance agent with Jerry before joining our content team. He enjoys using data and research to break down complex subjects and convey a story. In his spare time, Jack enjoys cycling, cooking, and exploring Buffalo’s beautiful waterfront.
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