Are you currently struggling with unexpected bills or expenses? It’s possible that when you get one bill under control, you may find yourself slipping behind another. If you need financial relief, a car title loan may be a resource to consider. However, if you’re curious about your potential loan amount, you may be searching for “title loan value of my car” online. But did you know you can determine your potential loan amount online in no time?
With an auto title loan, qualified borrowers may be able to receive their funds within a short time frame. The good thing about applying for title loans is that applicants need to meet two initial qualifications: having a vehicle title in their name and proof of reliable income.
Do you own a car that is in your name? If so, you may qualify for a title loan. But, what is the value of your vehicle? Keep reading to learn more about car value and title loans.
When you apply for a title loan, you must have a qualifying car with sufficient equity. But how do you value your car for a title loan?
Suppose your vehicle is newer, is the latest model, and has great upgrades. In that case, the technology in your car is relatively up-to-date compared to models from five to eight years ago. Since most consumers express higher interest in vehicles with more updated features, that means the newer your car, the higher your car’s value. The more equity your vehicle has, the more likely you are to receive a significant loan amount through an auto title loan if your income supports it.
With a car title loan, you’re using your vehicle’s title as collateral for the loan. That means that your car is the asset you use to secure money! Secured loans like title loans can often be more flexible to apply for than other loan options.
To find out if your vehicle will qualify for a title loan, you may need to get an appraisal. Although it can sound daunting, it can be simpler than you might think. Does your car have equity? The equity of your vehicle is determined by its potential and present financial worth. In other words, a car’s equity is simply the difference between its market value and what you currently owe on it(if any).
1) Negative Equity: Is your vehicle worth less than the amount on your loan? If your vehicle currently has a low release value, it’s possible that it has negative equity. If there is no equity to access from, it may not qualify for an auto title loan.
2) Positive Equity: Have you almost paid your car in full? Do you only have a couple of months of payments left on it? Positive equity is the financial result of a vehicle being worth more than the money still owed on it. The good thing is that the higher your car’s equity, the greater the potential of obtaining more emergency cash from a title loan.
You might be asking yourself, “How do I determine the value of my vehicle?” It can be simple if you use different online tools that can do the hard work for you!
You can use several sites online to find the information you need. Below are three resources you can utilize:
1) The Online Title Loan Calculator Tool from LoanMart
2) Kelley Blue Book Online
3) Dealership or Online Appraisal
If your vehicle’s value is sufficient, you may be eligible for a car title loan. That is a good financial resource for many vehicle owners to consider since they could potentially utilize their car’s titles as collateral for funding.
The good news is that there are no obligations when you inquire about an auto title loan, and if found eligible, you may receive a quote from your lender before you start the approval process. To find out how much your car is worth through a title loan, simply contact your title loan lender or provider to help you determine your vehicle’s value!