Are you a collector of classic cars? Use classic car equity to get title loans to solve a financial problem. If you’ve ever experienced an emergency in your life that required cash right away – such as a roof damaged by a storm, for example – you may not have realized that you have the perfect method for getting a fast loan sitting right in your garage.
Collecting cars is more than just a hobby. It’s a way of life for the many automobile enthusiasts who pour their time, energy, and yes, money, into finding, restoring, showing, and enjoying vintage vehicles. For some lucky collectors, this passion even becomes a side gig that can bring in quite a bit of cash.
For a lot of collectors, working on and driving specific cars or vehicles from a certain era lets them relive moments from the past. If you have fond memories of the cars your parents or grandparents owned when you were a kid or there was that one awesome car you dreamed about constantly in high school, why not look around for one (or three)!
Many collectors would never even consider selling or pawning their beloved classic cars, not even in a time of emergency. But a classic car pink slip title loan is not the same thing as pawning or selling. All it means is that you used the car’s title as an assurance to the company that you will pay back the loan. Provided that you borrow only what you know you can afford to pay back, there is no risk to your car.
The fact that you have a classic car, which is typically worth far more money than the average daily driver, means that you may be able to get a larger auto title loan. This can help cover that last-minute emergency that needs cash right away.
When you get a classic car title loan, one of our many different loan types, it’s important to only borrow what you can afford to pay back. While it’s tempting to borrow more simply because you can, with such valuable collateral, don’t forget that interest will make the payments higher. Taking out an auto title loan against a classic car works best when you simply need a quick loan to pay for services over a weekend or holiday, while you wait for traditional funding to clear the bank. Then you can pay back the loan quickly to reduce the amount of total interest you must pay, and keep your car safe from repossession.
While it’s never an ideal situation to be without emergency savings, there may come a time when you can’t get to your savings, or when you need money before you have access to it. In those cases, having a classic car to put up as collateral can help you easily get an auto loan in the amount you need, and won’t take more than a few minutes to secure.
All you need to do is use the title of a car you own to get behind the wheel of a newer car. Ask us how to join the club of mega-collectors. Most collectors will never need to build separate structures to house their collections but some lucky people – celebrities and sports stars – can and do! These are the famous folks who really love cars and have the means to spend hundreds of thousands of dollars, if not millions, adding to their collections. It’s fun to follow these guys and to think about what you might do if you had a near limitless bank account to draw from. Want to experience some serious automobile envy? Google the collections these celebrities have amassed and prepare to be wowed.
When you’re new to collecting classic cars, it can be tough to zero in on what types of automobiles you want. Here are some questions to keep in mind as you begin putting together your collection:
You should look at cars with an investor’s eye even if you’re not collecting for profit. Buying classic cars involves a certain amount of risk. How much risk are you willing to take to get that one specific model you’ve been dreaming about forever?
Whether you use a car title loan or not, there are the costs involved. As hobbies go, collecting classic cars is an expensive one even after you’ve already bought a few cars. Insuring multiple vehicles can get pricey. Then there’s the maintenance. Maintaining them costs money, too, and some vintage vehicles are particularly prone to problems. Even if you do most of your own maintenance, this element of classic car collecting can take up a lot of time, energy, and cash. And then there’s the question of how and where to store your collection. Collectors without unlimited garage space have to be very selective when collecting.
The best way to make sure that the challenges don’t turn into frustration is to know your limits. How many cars can you comfortably maintain at one time? How many can you store at once without parking them all over your yard? Your circumstances will determine how many vehicles you can have in your collection at one time. Overdo it, and the joy of collecting can lead to exhaustion and an empty wallet.
Do you have the skills to be your own mechanic? If the answer is no, the next question you have to ask yourself if whether you’re willing to put in the time to develop those skills. You can become your own mechanic with help from YouTube and books, but if you’re still learning then you need to choose your cars more carefully than a collector who grew up with their head under the hood.
Don’t forget about insurance! Always request a paper copy of your carrier’s insurance information and have them talk you through what is and is not covered. If your classic car is particularly rare or valuable, you may want to purchase extra insurance.
Collecting classic cars is more fun when you start off on the right foot and should make your life better, not more stressful. While there is a lot to think about, you should also be having fun. Learn everything you can about your favorite cars, find them, and drive them just because you can. Cars can be valuable assets, but they’re still toys and you should have the chance to enjoy playing with them. This article is brought to you by TFC Title Loans!