Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
When people apply for a title loan, the main question is how much cash they can get for their car's title. The answer is simple in one sense: the money you can get for a title loan is based on the vehicle's resale value, and loan amounts can often approach $20,000.
But other factors also determine how much cash you can get for a title loan. These include your state, employment, credit history, and other qualifying factors.
Your title loan value depends on your car's current resale amount and employment status. Any lender wants to know that there's equity in the vehicle and that you can repay the loan.
The total loan value of your car will depend on comparison sale prices and other variables, including demand for your specific make and model. Even though a car title loan lender may see significant equity in your car, they still need to figure out how much they can get for it at a vehicle auction.
Newer vehicles with low mileage have higher resale values, which typically means a higher funding amount with title loans. If you have a car or truck worth $15,000, you can expect $6,500 or more with a title loan.
Other vehicle valuation factors can reduce the cash available when you apply with a title lender. These include what the lender sees during an in person vehicle inspection, as well as any issues that come up when underwriting the loan.
Just because you've been offered a title loan for $5,000 or more doesn't mean you should move forward with that amount! Remember, title loans come with high interest rates and it doesn't make much sense to borrow more than you need if you're being charged interest on that amount.
You should only ask for a higher loan amount on a title loan if you absolutely need it. Or if you're taking out a title loan to pay off another loan with higher interest rates. Borrow only what you need and go with a lender offering only what you need!
While your vehicle value is the most critical factor in determining how much cash you can get, other factors are in play. For instance, do you live in a state with lending limits or caps on how much a title lender can offer? If so, you may be limited to lower amounts on online title loans of as little as $1,000. These loan limits vary by state, so stay on top of the lending regulations before you reach out to a lender.
You can also be limited in what you get for a title loan solely based on your employment situation. The only way to avoid a limit based on your monthly income is to show other ways you have money coming in. Some title loan companies will up your loan limit if you have side jobs or things like social security or disability coming in, which can help you make the monthly loan payments.
Lastly, what type of secured equity are you using as collateral for this title loan? Is it something familiar, like a vehicle or truck? Or are you trying to borrow money using a boat or motorcycle as collateral? Cars and trucks are worth more and will lead to higher funding amounts than if you used a boat or bike as security for a loan.
Use the Car Title Loans 123 online title lending calculator to come up with scenarios showing loan amounts and expected monthly payments on a title loan. Factor in any requirements and lending caps that could be assessed because of your age and financial history, and you should have a detailed estimate showing how much you can borrow with a car title loan.
Call Car Title Loans 123 at 844-567-5011 to learn more about the title loan value of your car!
