Car Title Loan: Vehicle's Value
It would be to your best interest to find out the value of your car before you go into a car title loan lot. Having this figure to go buy will help you determine whether their loan offer is fair in reference to your vehicle's worth.
An auto title loan is a loan available to a person who owns the title to their vehicle. Getting an accurate determined value for your vehicle would be in the best interest for your loan amount.
Know what your lender is looking for:
*The make and model of the vehicle. The lender will use those factors to learn about the reliability and safety of the vehicle.
*Is the car popular or in high demand? The lender will be watching their backs. If you default on your loan, they will repossess the vehicle. The lenders do not want a hassle in getting their money back through the sale of the car. The more popular the vehicle, the higher value on the vehicle.
*History of the vehicle. Those vehicles that have been salvaged or in accidents are less valuable and make them more difficult to sell.
*Year and mileage of the vehicle. When your car is older or the mileage is high, the price depreciates in value.
*What condition is the car in? Obviously, if the vehicle is in good condition, the value will be higher.
*What kind of manufacturer options/upgrades is found in the car? Any type of upgrade on the inside or out will raise the value of the vehicle.
*Location market value. The value in your vehicle will go down if the type of vehicle is not in high demand for your area. If you live in Alaska and are trying to get a fair price on a convertible, your value will go down due to the poor resale value in the area for that type of car.
As you can see, there is more than just the blue book value in a lender's determination of your vehicle's loan. If you want to determine the value of your vehicle yourself to have a comparison figure when you talk to the car title loan lender, you can find the Kelley Blue Book online site to help you gather that information. This tool will take the information you enter and give you the fair market price for your vehicle. Since there is no human contact with the vehicle, it will be up to you to enter all the details your vehicle has going for it. Enter any added feature, interior upgrades, sound system and even tire information. The online tool will use that information to give you the value of your vehicle. Provide all the details you can on your vehicle and this tool determine an accurate value to your vehicle.
Take this figure with you when you shop at store locations and use it to compare to online car title loan companies. You will be better equipped prior to knowing how much you could possibly get for a loan. Many car title loan lenders will lend about 50% of the determined value and will use the vehicle as collateral. Some companies will only lend up to 25% and others have fixed limits no matter what the value of your car is. Lenders want to be repaid for their loan and if that means selling your, they want to make sure they get back what they gave out.
About the Author
Approved Money Center Car Title Loan will calculate the fair market price of your vehicle and base your loan amount from it. Understand the payoff expectations before you sign for the money. Visit http://www.approvedmoneycenter.com for more information on how to get started applying for your title loan.
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