One thing you should do before you take out a title loan is determine the vehicle's value. Many types of newer vehicles will qualify as collateral, and if the car is entirely paid off, you can quickly estimate the car's resale value and your loan amount.
Once you know the title loan value of your car, you can then take the necessary steps to determine if a loan is right for you and how much you need to borrow. At Highway Title Loans, we can determine your car's value in minutes once you apply online or call us at 877-433-5454. If you want to check your car's valuation on your own by looking at comparable resale values, that's an option as well.
Another benefit of determining your vehicle's title loan value is that you can save time from the outset by knowing whether your vehicle qualifies. No one wants to waste time applying for a loan that they don't qualify for. By knowing how much your car or truck is worth, you can then decide if it's worth the time to apply. Some vehicles manufactured after 2014 with fewer than 150,000 miles will qualify as collateral, and loan amounts as of 2026 start at $1,000. A good rule of thumb is that you stand the best chance of qualifying for a vehicle equity loan with a car valued at $3,000 or more. Anything lower than that, and it will be difficult to use that as collateral.
What Factors Determine My Car's Value For A Title Loan?
Multiple factors will determine the value of your title loan, including your desired loan amount, interest rate, and payoff term. Any company similar to Highway Title Loans will want to know whether the loan will be repaid. Lenders will evaluate the following to determine your car's resale value:
- The age and condition of the car. This includes mileage, wear and tear, dents and scratches, etc. Some older cars, such as classic vehicles(check the Blue Book values for classic car title loans that go back decades) and those still in excellent condition, can retain their value. But most cars older than 2010 will lead to a funding amount of $3,000 or less.
- The vehicle used as collateral. Your car's equity is the primary factor determining the value of your title loan. A luxury car will have a higher estimated value than a high-mileage vehicle, which is considered a standard type of car. Most popular vehicles in good shape are worth $4,000 or more, and if there's equity in your vehicle, you should qualify for at least $2,000.
- The miles on your car. You could have a newer vehicle, but if it has over 200k miles, you're going to have trouble getting approved. The same is true for an older vehicle in great shape with very low mileage. Consider the situation of someone looking for an auto title loan in Albuquerque. The resale value in New Mexico is higher than in other parts of the country, but you may expect a lower funding amount with any high-mileage vehicle. The value of that car will probably be within an amount that qualifies you for over $1,000.
- The state you live in. Let's face it, some states have higher standards of living than others, and your car could be worth a lot more in a state like California than in Louisiana or Georgia. Vehicle values vary by location, and we've seen cars' values decrease or increase by 25% or more in certain states.
Once I Know The Value Of My Car Qualifies, How Can I Get Started?
As soon as you know your car's value, getting approved with Highway Title Loans is quite simple. Once you know the value, you can often get a quick quote using an interest calculator showing different financing scenarios. It takes less than 15 minutes to view your repayment options and estimated loan amount, and there's no obligation to get a quick quote with us; we won't even check your credit score.
Complete our online form or call 877-433-5454 to start your application. The most essential requirement for online title loans will be the value of your car's collateral, so assuming you have enough equity available, there should be minimal concerns about qualifying.
Janet Patterson is VP of Marketing Communications for Highway Title Loans and the feature editor of its Lending Blog. Janet has worked in the financial service industry for over a decade, with 7 years of experience in the car title loan industry. She previously managed a customer service team that helped and advised consumers on all their lending related questions and concerns.