Do you know how much your vehicle is worth? Do you have an estimate of what you’re looking to borrow with a car title loan? The first thing you need to do is find out the current title loan value of your vehicle!
Title Loan Lending Amounts
Loan amounts vary widely based on state limits but high value vehicles will allow you to access higher loan amounts. These loan amounts can range from $2,500 in California to upwards of $20,000 with a car title loan in Florida and Texas.
What’s My Vehicle’s Value
Vehicles that are newer with low miles have a higher value than older high mileage cars, but most cars that are operational should still have some equity.
It’s important to remember that the value of your car can change quickly, so always consult with a reputable lender to get the most accurate estimate if you’re looking for the title loan value of your car as well as how much money you can expect with a car title loan. The more money you borrow with a vehicle equity loan looks good initially. But limit your loan amount to what you absolutely need as high funding amounts can lead to situations where you can’t make the payments and risk repossession or default. Even if your title loan value is more than you expected, only borrow what you need!
Other Factors Your Car’s Value
You can quickly look up how much it’s worth with KBB or other services, but any licensed auto title loan lender will want to do an in-person inspection to see how the vehicle looks in person and they also may want to take it on a test drive to see how it performs. It goes without saying but a vehicle in bad condition or one that doesn’t run will result in a loan offer that’s much lower than what you may have first expected.
Aftermarket equipment: Does your vehicle have any add-on features or aftermarket additions that could make it more valuable to a title loan company? For instance, bigger tires, new rims, or a new engine? These features can increase the vehicle’s resale value and in turn, get you more cash with a title loan. On the flip side, some features and add-ons may actually decrease the car’s resale value. It all depends on what the current title loan value of your car is.
Location of the vehicle: Is your car in your possession and easy to have inspected? Or is it in another state or far away area making it difficult or nearly impossible to complete a timely vehicle inspection? The location of your car matters because no lender will approve your loan if they can’t visually inspect it.
Type of vehicle title: Does the car you hope to use for a car title loan have a standard car title? Or does your car title say it’s a rebuilt or salvage title? Apply for cash from a title loan lender with a salvage title, but the loan amount will likely be lower than what you’d typically expect as any car marked as anything other than a standard title will have a lower value and you’re probably better off applying for a salvage title loan.
My Vehicle’s Title Loan Value & Quote
Contact Hyperlend to get a quick quote and start your online application We’ll first determine the value of your car and then draw up a title loan estimate that shows different calculations on your monthly payment, loan terms, and financing amount.