If you are thinking about a title loan, you may be wondering how lenders value your car for a title loan. Well, lenders will look at a few important factors, like the make, mileage, model, and condition when figuring out value for a title loan.
If you’re curious to learn more about how a title loan may be able to help your financial situation, you’ve come to the right place. Fill out a brief inquiry form with Max Cash Title Loans today, and you could be well on your way to financial freedom.2 You can also give us a call directly to start the application process over the phone. Whichever method you choose, finding a title loan through Max Cash Title Loans is so easy, you never have to leave your house! 5
Continue reading below to learn more about how to value a car for a title loan.
The Bottom Line on How Auto Title Loans Work
Auto title loans are a short-term loan as collateral for a loan amount. Many borrowers, even those with bad credit scores, are eligible to apply. Furthermore, pending the approval process of the application, they could even receive their quick cash in as little as one business day.
Because title loans are funded through the value of the car’s title, things like poor credit history and credit reports are not significant to the loan process.
Title lenders may execute credit checks on their behalf, but they are generally done to verify if a borrower is in any active stage of bankruptcy. Additionally, one of the terrific advantages of these types of loans is that they allow the borrower to keep their vehicle as they’re making monthly payments on the title loan.
How To Value a Car for a Title Loan
When it comes to title loans, every loan is unique, which means there is no set amount for each title loan. Title loans are funded using a variety of methods. Take a look below at a few aspects title loan lenders consider when evaluating a title loan amount.
The Car’s Equity
First, lenders will look at the equity in your car. You can estimate your car’s value by taking its dollar value and subtracting what you might owe on your monthly payments.
- When a car has equity, it might indicate that it is worth more than anything that you still owe on it. Sometimes, lender may still able to provide car title loans to borrowers who still have payments left in their car loans as long as there is sufficient equity in it.
- However, if you are looking for an auto title loan, it’s a good idea to use a car that is completely paid off prior to beginning your search. This will help you get the maximum loan amount possible for your vehicle.
- Another thing that lenders take a look at is the trade-in value of your car. This is typically found using a service like Kelly Blue Book. They may base our loan offer off of a percentage of the Kelley Blue Book value or the street value. Regardless, the amount will always vary.
The Car’s Condition
- In addition to the previously mentioned items, title loan lenders also have to take a look at the current condition of your vehicle. This information is important because the value of cars, trucks, or SUVs of similar makes, models, and years may not reflect the actual value of your vehicle. This is the primary reason why title loans that don’t require an in-person inspection will need to include photos with the loan application.
- Lastly, to qualify for a title loan, you will also need to demonstrate that you are able to repay the title loan amount. Title loan lenders can verify this information with recent pay stubs or any type of information that shows your monthly revenue.
Furthermore, there are other aspects of your vehicle that a lender might inspect. These additional items include:
- The car’s body (i.e., scratches, rust, dents, natural wear and tear, etc.)
- The car’s mileage (i.e., a photo of the odometer)
- Any prior accidents the vehicle has been in
- The condition of the tires
- The condition of the car’s interior
What Will I Need to Apply for a Title Loan?
If you’re considering applying for an online title loan, there are a few documents you will need prior to applying. While these items may vary between lenders, this is a brief overview of what you will need to start the process:
- A government-issued photo-ID (i.e., your driver’s license)
- Proof of residence (i.e., recent utility bills)
- Lien-free vehicle title
- Proof of income (i.e., recent pay stubs)
- Valid car insurance
- Pictures of your vehicle
Are You Ready to Apply with Max Cash Title Loans? Start Now!
At Max Cash Title Loans, we strive to work with as many individuals as possible.5 We also try to make the title loan process as simple and straightforward as possible.
Are you ready to start your application? Take a look at our quick loan process below!
Step 1: Apply
The first step is to apply online or speak with a loan specialist over the phone. You can also text us if it’s easier!
Step 2: Speak with a Loan Processor
After submitting your application for pre-approval, a loan specialist will contact you to discuss your application in-depth. Additionally, you may also discuss your financial needs, eligibility details, and you may need to submit additional personal information.
Step 3: Receive Approval 1 2 5
Following your conversation, a loan processor will get to work in finding you a title loan. Once we find a direct lender who matches your needs, we can work to get final approval for your application. 5
Step 4: Get Your Funding 1 2
Lastly, following loan approval, you can choose to receive your funds via check or direct deposit into your bank account or credit union! 1 2 In most cases, this process can be complete in as little as one business day! 1 2
If you’re in a financial emergency where you need some fast cash, Max Cash Title Loans may be able to help. 2 5 With our easy and straightforward personal loan process, we make the lending process easy for each and every one of our clients.2
Give Max Cash Title Loans a Call Today
To start your application today, simply complete an online application form on our website or call us directly to start the process over the phone. We’re available seven days a week, and we can’t wait to help you find the cash you need when you need it! 1 2 5