How much is my Car Worth?
When your finances have been hit hard because of an emergency, a job loss or an unexpected expense, the blow to the budget can be substantial. For consumers who lack enough savings or other resources to alleviate the financial shortfall, a title loan may be an option to get the money needed to pay those unexpected expenses. But how much money can you secure from a title loan?
The best way to understand how much you can borrow is with a title loan quote, and the process is fast and easy. A quote doesn’t lock you into the loan, but it does provide a good idea about how much money you can borrow when emergencies threaten to ruin your budget.
How Much Does a Title Loan Quote Cost?
There is never a charge to receive a title loan quote.
In fact, obtaining a free title loan quote may be the easiest way to decide if this type of loan will work for you. As a quote provides a ballpark figure for how much money you may be able to secure from the value of your car, you will understand if that amount is what you might need…or want. When you receive an estimate, you will know how much money you can borrow, how much your monthly payments will be, and the amount of time necessary to pay back the loan. You might even have options to adjust the loan to suit your situation.
What Information Do You Need for a Title Loan Quote?
You’ll need to enter your car’s year, make and model, mileage and trim details as well your name and the amount of money you’re looking to secure for the loan. Receiving an estimate is not the same as applying for the loan. However, you will be given an estimate as to how much your car is worth and how much you can borrow from a lender.
The quote you receive is determined, in part, by the basic details of your car. The make and model of your car is one of the most important factors for the quote; prices vary dramatically based on the manufacturer and the model. The age of the car is also important because the value of a car drops with age. Mileage is also an important factor; high mileage means that the car may have more wear and tear on the motor and this means that the value is lower.
Of course, the extra feature of your car also may give the value a boost. Leather interior and other upgraded features may mean extra dollars to your bottom line.
What About Title Loan for Other Vehicles?
Title loans aren’t just available for cars, trucks, vans and SUVs. If you have a motorcycle or a recreational vehicle (RV), you also can receive a free quote. For motorcycles, however, the maximum loan amount is $4000.
Title loans for an RV are not capped, so your loan estimation for this type of vehicle will depend on the value of your RV, personal credit history, and other factors.
Will your Title Loan Quote Differ from the Actual Loan Value?
The estimate you receive won’t necessarily be the actual amount that the lender approves for your loan. When you apply for the loan, other factors may affect your loan amount. Your car may have additional cosmetic issues that affect the value, or your state may have a borrowing threshold that affects your loan amount. Lenders also have minimum loan terms that must be met.
In addition, the value of the car may be impacted if you still have an outstanding loan against the vehicle. If you’re still paying off your car, you might not have amassed enough equity to meet minimum loan terms. Or you may have had to borrow more than the vehicle’s sticker price because of a previous car loan..
Your Quote & Credit Scores
The evaluation for a loan also takes into consideration an individual’s credit history. The quote is meant for informational purposes and only provides an estimate as to the amount you may be able to borrow based on the value of an automobile. Title loan interest rates are incredibly variable; those with a high credit score may have very different interest rates than an individual whose credit score places them in subprime lending territory.
If you have questions or concerns about interest rates, loan origination fees or other details, give us a call at 866-553-3840 to speak to a LoanCenter Loan Officer for assistance.
If You Wish to Refinance, Should You Request a Quote?
A title loan quote helps you understand the value of your automobile and allows you to estimate how much you may be able to borrow. If you already have a title loan for your car, and you wish to refinance, you should submit your information.
Those wishing to refinance their title loans typically are looking to lower their interest rates, lower their monthly payments, or borrow more money. By submitting your information, you can review your particular situation with an experienced loan officer, and find out if you could improve the terms of your existing loan.
What to Do After You Receive a Quote
Once you receive your title loan quote and you’re happy with the estimate, the next step is beginning the process of the loan approval. This means that you will need to provide more detailed information to the lender, including the car’s title, your social security number and other background information. The lender will check your credit score to determine your credit risk/worthiness. Having a poor credit score does not mean you will be denied for a loan, but a low score could affect the interest rate.
One of the most frequently asked questions during the approval process is “What happens if I can’t find my car’s title?” If you don’t have the title to your car, don’t stress. A lender can still help guide you through the process of obtaining the proper documents.
Paying off a Loan Early
Since your title loan quote allows you to estimate your maximum loan value, you may have an idea about how much you plan to borrow. Rest assured, paying off your title loan early won’t result in any extra fees. Pay it off as quickly as you wish.
Even if you can’t pay off the principal early, you should always pay on time. When you pay a loan on time, this can help boost your credit score. Some lenders will report on-time payments to the credit bureaus. However, late payments may put a ding on your credit score…and, yes, late payments are reported, too. Just how important is payment history? According to myFICO, payment history makes up 35 percent of your score!
But before you can secure the cash you need, get that free quote! If unexpected expenses have left you without a means to meet all your financial obligations, a title loan quote can help you determine how much value your car holds and how much money you can borrow. Getting a quote is simple, fast and, best of all, free!