When you have decided to take out a loan using your car title as collateral, that means you are ready to take out a car title loan, or a pink slip loan. Sometimes, it is common to hear different persons ask how they can tell how much equity or loan that they are eligible for based on the car they drive.
How Can You Tell How Much Equity Your Car Has?
This can easily be done by simply filling the online form that is found on the car title loan website. Based on the form filled, the following can determine how much equity that your car can get for you:
Model
The model of the car is very important. Is it a Toyota? Ford? Or a Lambo? What model of Toyota is it? A Lamborghini will bring in more loan amount than a Toyota of the same year. Currently, one can access up to $50,000 based on the model of the car that you currently drive.
Age of The Car
How old is that car? Currently, a lot of title loan companies do not accept a car that is over fifteen years, except it is a classic car. The older your car, the lesser amount that you can access, except in the case of a classic car that is known to be more valuable than some modern and new cars. Note that this condition doesn't work for a classic car.
Mileage
How much mileage does the car have under its belt? The more mileage that it has, the lesser amount that one can get on the car as a title loan. A car that doesn't have much mileage on it is eligible for more money as title loan.
Condition of the car
What's the current condition of the car? Is it in great shape or has it deteriorated so bad? This can determine the equity of the car. If it is a great shape, you can get a lot of title loan on it, and vice versa.
Repairs record
For those vehicles that are hardly maintained or repaired, the equity on those cars are usually low because it seems that the car has been neglected. If there are repair records of the car, then there is a higher chance to get higher equity.
Lien
A lot of title loan companies do not accept a vehicle that has a lien of any kind on it. For a company that accepts a vehicle with a little lien on it, they may reduce the amount that can be gotten on such a vehicle because there is a precious lien on it, not minding how small it is. Learn more at https://www.msufcu.org/fin40/story/779/