One thing you should do before you take out a title loan is determine the vehicle's value. All types of newer vehicles will qualify for a title loan, 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.
What Factors Determine My Car's Value For A Title Loan?
Multiple factors will determine your title loan value, including your desired 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 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 being used as collateral. Your car's equity is the main factor determining the title loan's value. A luxury car will have a higher estimated value when compared to a vehicle with high mileage that's seen as 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 a title loan of at least $2,000.
- The miles on your car. You could have a newer vehicle, but if it has mileage that's over 200k, you're going to have trouble getting approved for a title loan. 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 county, 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.
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 loan's value, getting approved with Highway Title Loans is quite simple. Once you know the value, you can often get a quick online title loan 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 the Highway Title Loans 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 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.