The first thing customers ask us when they apply for a title loan is how much they can borrow. Most applicants know that a title loan allows them to borrow more than a typical unsecured loan, but they don't know that their loan amount is often determined by the title loan value of their vehicle. Loan amounts range from $2,500 to $25,000 in California, and your car's value determines how much money you can borrow.
Do you have a car that's worth $6,000 or more? If so, there's a good chance you can qualify for a title loan, and you won't need to waste time with a credit check when you apply. Your car's title loan value is the main factor when determining your loan amount and you pull out 35% to 60% of the equity value with a title loan. Read on to see your car's exact title loan value and to find out how much money you can borrow with California Title Loans!
Determine The Title Loan Value Of My Car
We determine your car's title loan value by first finding out how much your vehicle is worth. This seems straightforward at first, as you can quickly use an online valuation service to see the resale value of your vehicle. For instance, a 2018 Ford Explorer with 45,000 miles may be worth $15,000 in California, which means you can borrow around $7,000 with the vehicle as collateral. However, a few other things go into determining your title loan amount. First, what's the current condition of your vehicle? While your car may be valued at a certain amount, we can only determine its true title loan value with an in-person inspection. We'll need to verify it's been in no recent accidents and ensure there are no mechanical issues. The last step during the inspection process is to check the mileage and look for cosmetic issues, and only then can we determine its true resale value.
Besides an inspection, we'll also consider your recent lending history before we give you a title loan estimate. Even though a title loan doesn't require good credit, we still must ensure you can repay it, and that means checking employment records to verify your income. Some companies will also want to offer variable loan amounts in different locations, as some vehicles may not be worth as much in certain parts of the state. All these different factors come together in determining your car's exact title loan value!
Contact California Title Loans to get your vehicle's value and find the best lending offer from a company that provides online car title loans in CA. The following documents are required to determine your car's value.
- Title of the vehicle which proves you are the sole owner
- Proof of income – can be a payment slip that shows money coming in
- Government-issued Photo ID
- Proof that your vehicle is insured with current registration documentation.
Your vehicle is appraised, and you will know how much cash you can get about 30 minutes after sending in the docs. California has companies that enable you to drive away with your vehicle. The pink slip is held as collateral until you pay the loan entirely. If you cannot make all the payments, your car can be repossessed and sold to recover the amount advanced. You should ensure this does not happen, as the cash advance is usually 50 percent of the appraised value.
How Much Money Can I Get For My Car's Title
Direct lenders in California must follow all state and federal regulations regarding finance amounts and terms. Expect a loan of $2,501 to $10,000 in CA, with the exact funding amount set by your specific underwriting criteria and the vehicle's value. Some customers will qualify for more than $10,000, but these loan amounts aren't common as there's quite a bit of risk for a lender in offering large loan amounts.
Check your state regulations and federal laws before agreeing on the loan terms. Online lenders will lend 35 to 65% of the car's value, and some customers can qualify for more than with low mileage. For instance, companies offering title loans in Fullerton will typically offer higher loan amounts as the resale values are higher in that part of the state.
What's the title loan value of my vehicle?
Secured loans can be repaid in one to three years, and the car's current value is the main factor determining the title loan value of your vehicle. Even if you borrow a large amount, you should still try to repay your loan quickly, especially with no inspection title loans. You should reconsider if you cannot repay the vehicle equity loan. The main benefit of using a vehicle as collateral is that you can drive your vehicle as you repay the loan. Another positive aspect is that you can borrow more than a typical payday or installment loan.
Online car title loans are a great way to acquire short-term financing with your vehicle as collateral. The first part of the process is getting an estimate with a title loan payment calculator. Secured loans are easy to apply for when you have an initial quote and can have your cash within 30 minutes. Unlike banks that issue loans based on your credit rating, most online equity lenders don't care about credit issues. You should be okay if you can show proof of vehicle ownership and your government-issued ID.
Are you ready to see the current value of your vehicle and what your lending estimate would be? Contact California Title Loans at 855-339-1001, and we'll put together a quote that will tell you the title loan value of your car! Call us today!