How Much Can I Borrow With A Title Loan?
If you're in a sticky financial situation, you may be wondering, how much can I get for a title loan on my car? If that's the case, you certainly aren't alone. Plenty of people find themselves in monetary difficulties every day.
In this article, we'll explore the borrowing limits for car title loans, and how much you may be able to receive to cover medical bills, veterinary fees, and other unexpected expenses.
How Much Can I Get For A Title Loan On My Car?
Generally speaking, the answer to your question "how much can I get for a title loan on my car" is between $601 and $15,000. These are the minimum and maximum loan limits we offer at Carolina Title Loans, Inc. for this loan.
But, for a more accurate answer, you'll need to understand how we establish affordability. With loans for car titles, you can still find out if you qualify for approval even if you have poor credit. Therefore, we have to use different parameters to determine how much we can lend.
It's your vehicle's worth that will dictate the specific answer to your "how much can I get for a title loan on my car" question. So, to estimate the amount you could borrow, you need to consider the same factors we use to measure its worth. These factors are:
1. The Vehicle's Age
Cars lose almost 60% of their value (on average) during their first five years of life. So, older vehicles aren't worth as much as their newer cousins.
That said, there are exceptions. Classic cars are likely more valuable than some newer models.
2. The Vehicle's Mileage
We look at your mileage in line with your car's age. Generally speaking, the higher the odometer reading, the less it's worth.
However, that may not be true if the vehicle is old and the mileage is comparatively low. The average mileage is 10,000 to 12,000 miles per year. So, a four-year-old vehicle with 40,000 miles on the clock is considered average.
3. The Vehicle's Make And Model
Some makes and models are more expensive than others due to premium features. If you own a higher-end vehicle, you will likely qualify for higher title loans.
4. The Vehicle's Condition
We take into account mechanical and cosmetic conditions to figure out how much it is worth. Loose wheel bearings, dented bumpers, and even stained interiors can be enough to decrease the value. So, looking after your vehicle is essential!
5. The Vehicle's Service History
A complete service book means your car has undergone the relevant maintenance to decrease the risks of serious breakdowns. Therefore, your vehicle will be worth more if it comes with an up-to-date service history.
6. Any Modifications To The Vehicle
Finally, custom paint jobs, decals, and spoilers can negatively impact your vehicle's value, as others won't get the same joy from them as you do.
How To Get Loans For Car Titles
Now that we've answered the "how much can I get for a title loan on my car" question. If you're happy that you can borrow as much as you need to fund your emergency, you probably want to know how to get one. So, we're sharing our step-by-step tutorial below:
- Complete the online form on this website. We also provide installment loans, so please make sure you select the right type of loan before filling out the form.
- We will give you a call back to discuss the process and ensure you've got the things you need to qualify. You can also give us a location to meet you if you would rather not come into the store. We can come to your home or workplace, or another convenient location.
- Wherever you decide to conduct the face-to-face portion of the title loan process, ensure you arrive on time and have the following items with you:
- Your lien-free title to your vehicle
- Your vehicle (i.e., a car, truck, or van)
- Your driver's license or another form of identification issued by the state
Get Loans For Car Titles Right Here, Right Now!
How much can I get for a title loan on my car? It depends on the value of your vehicle, which we establish based on its age, mileage, service history, condition, make and model, and modifications. Provided you're happy with the amount we can offer, your money can be in your account the same day you submit a request. To get started now, simply complete our simple online form and we'll be in touch to guide you through the title loan process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.