If you need fast cash to pay for unexpected expenses you’re probably looking to find out how much cash you can get with an online car title loan. Can you borrow enough to pay for what you need? The first step is to determine the value of your car and exactly how much you can get for the collateral in your vehicle. Let’s figure out what kind of numbers you’re looking at.
How Much Money Can I Borrow With A Title Loan?
The value of your car is what will determine how much money you can borrow with a title loan. The amount you can borrow is based on different factors that may include your specific state’s lending regulations as well as your vehicle value and employment information. In some situations, you may be able to borrow up to 70% of your vehicle’s value. Again, 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. You’ll need to have a clear title to first qualify and that car title needs to be in your name and show a vehicle that’s completely paid off.
What Is The Value Of My Car And How Much Is It Worth?
If you’re not sure how to calculate the value of your car or figure out how much it’s worth, don’t worry. It’s actually a pretty easy process. The first step is to find out how much your car is worth on the resale market according to Kelley Blue Book or NADA. Then, subtract any outstanding loans or liens on the vehicle. This will give you the estimated market value of your car.
Of course, 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 my 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 at the beginning. 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 That Determine The Title Loan Value Of A Car
Besides the car’s mileage and year of production, there are multiple other factors that go a long way in determining how much your car is worth and what you can get from an online auto title loan lender. These include, but are not limited to
The condition of the car: Even though your car may be newer it might not have the value you hope for if it’s damaged or has other cosmetic issues. Sure 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.
Special features or 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 and the market will set that amount.
Location of the vehicle: Is your car in your possession and easy to have inspected? Or is it in another state or far away location making it difficult or nearly impossible to complete a timely vehicle inspection? The location of your car matters because no lender is going to give cash based on the value of your car when they can’t visually inspect it.
Type of vehicle title: Does your car that 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? You can still apply for cash from a title loan lender if you have 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.
Ultimately, How Much Money Can I Get For My Car
If you’re wondering how much a title loan is worth, it’s important to know that there are many factors involved in the process, but most companies will settle on an amount between $1,000 and $5,000.
Speak with a representative from an online finance company for more detailed information on your specific car and what you can expect. With a clear understanding of all these factors, you’ll be able to make an informed decision about whether or not a car title loan is right for you.
At Hyperlend, we can help you to come up with a clearer picture of exactly how much equity can be pulled out. 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. Contact us today to see the value of your car and most importantly how much money you can get with a title loan!