One thing you should do before you take out a title loan is determine the vehicle’s value. Once you know the title loan value of your vehicle you can then make the next steps to determine if a loan is right for you and how much you need to borrow.
What Factors Determine My Car’s Value For A Title Loan?
Multiple factors will determine your title loan value and these include your desire loan amount, interest rate, and payoff term. Any company similar to Highway Title Loans will want to know if the loan will be paid back! Lenders will look at the following when they attempt to determine the value of a vehicle:
– The age and condition of the car. This includes factors like 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 goes back nearly 60 years) and those that are still in great condition, can retain their value. But most cars that are older than 2010 will likely lead to a smaller loan amount with most title loan companies.
– The vehicle being used as collateral. Your car’s equity is the main factor used to determine the title loan’s value. A luxury sports car will obviously have a higher estimated value when compared to a popular vehicle that’s seen as a standard “no frills” type of vehicle.
– The number of miles on your car. You could have a newer vehicle that’s a luxury model, but if it has mileage that’s over 200k, you’re going to have trouble getting approved for title loans with high mileage vehicles. The same is true for a vehicle that’s older but in great shape with very low mileage. Consider the situation of someone looking for an auto title loan in Albuquerque. Obviously, the market condition for vehicles in that part of New Mexico are higher than in other parts of the county, but you should expect more cash for the equity of your car than in other areas. The value of that car will probably be within an amount that qualifies you for over $1,000 and that should work for both the lender and the applicant.
Once I Know The Value Of My Car Qualifies, How Can I Get Started With A Title Loan Application
As soon as you know your title loans value, the process to get approved for a loan is actually quite simple. Once you know the value, you can often get a quick online title loan quote with an interest calculator that shows you many different financing scenarios.
Fill out the Highway Title Loans online for or call 877-433-5454 to start your application. The most significant requirement for online title loans will be the value of your car’s collateral, so assuming you have enough equity available, there should be no concerns about getting guaranteed approval for online title loans!
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.