The Simple Secret To Figuring Out The Title Loan Value Of Your Car
When I wanted to figure out the title loan value of my car, I quickly learned that It's important to understand the factors that play a role in adding or subtracting from that value.
This article sums up what I learned, starting with these factors that make up the overall worth of your car, truck, or van. Before moving to how Texas title loans depend on this value.
Understand The Factors Affecting The Title Loan Value Of My Car
1. Make And Model
Luxury vehicles command high value. Manufacturers like Acura, Cadillac, BMW, and Lexus (to name but a few) boast pricier features and premium performance. Therefore, they're worth more than average-standard, everyday vehicles like Toyota, Volkswagen, and Nissan.
Looking after your vehicle keeps it in great shape and thus, allows it to retain its value. If you aren't regularly rotating tires, changing oil, and keeping up with your service schedule, the car's mechanical condition will suffer. Consequently, the value plummets once the mechanics start to fail.
Furthermore, the cosmetic condition impacts the worth of the entire vehicle too. Scratches, stains, and dings (even minor ones) indicate insufficient overall maintenance.
Each year, manufacturers bring out new versions with better features and sleeker, more modern bodies. Because of that, the value of last year's models decreases and doesn't hold onto their resale value.
In fact, analytics published by Carfax notes that new vehicles lose around 60% of their entire worth during the first five years of their life.
Take a look at your odometer as the reading greatly impacts the value of your vehicle. The higher the number, the more likely your car has suffered more wear and tear.
If you've ever gone used car shopping, you'll realize that the vehicles with higher mileages are priced lower than those with lower odometer readings. Once your car, van, or truck reaches 120,000 miles, you have to spend more to keep your vehicle in great shape.
Even if your vehicle is relatively new, a high mileage significantly decreases the total value. You can do as many tune-ups as you like, but you can't change the number on your odometer.
How Car Title Loan Places Value Yor Car
Now that you have the contributing factors under your belt, you need to apply this theory. Don't worry; figuring out the title loan value of my car wasn’t as difficult as you might think. You only need to follow these steps! And no, being a math wizard isn't required.
Step One: How Much Is Your Car Worth?
We looked at the factors that affect the value of your vehicle above. There are lots of online calculators that allowed me to input all the details to determine the final title loan value of my car.
Just remember to be honest about the mileage and condition.
Step Two: What Percentage Do You Get?
Generally speaking, title loan lenders offer a percentage of your car's value. Through Texas Car Title and Payday Loan Services, Inc. you can borrow up to $15,000.
You can speak to the online title loan representative that will be helping you through the process to learn how big is the loan you’d get when you use your car title.
Step Three: Do The Math
The last part is simple. Multiply your car's value by the percentage the title loan lender gives! After that, you will have an accurate picture of how much you get.
With that said, you shouldn't always request the maximum amount. Instead, calculate how much money you need to fund your emergency and try to receive that figure only. There's no point in repaying a large sum of money that wasn't necessary in the first place.
The Quickest Way To Get A Title Loan
Once you learn the amount of the loan that you can get, you may want to take the steps needed to acquire it. The following 6 steps are exactly what you’ll need.
- Complete the online Texas car title loan form.
- Wait for one of the loan representatives from your closest Texas Car Title and Payday Loan Services, Inc. location to give you a call back to discuss the process and the requirements. They will also answer your questions and set a meeting place that suits you, including your home. However, you can come into the store if you'd rather.
- Wherever you decide to meet the verification agent, head there. Don't forget to bring your driver's license (or any state-issued ID), lien-free title to your vehicle, vehicle, and proof of income.
- The loan associate will examine your vehicle and paperwork to determine whether you qualify for the loan.
- If you are eligible, you can finish the final steps of the process with the help of the title loan representative.
- Finally, you will receive the title loan money on the same day or the following bank business day.
Obtain Title Loans Today!
Applying all this theory into practice allowed me to calculate the title loan value of my car. The same can apply to you. Once you've decided to get the money you need, you can submit an online form to get your title loan today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.