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. Read the article below on how to calculate your car’s equity.
How Do I Know How Much Equity Is In My Car?
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. It is quite easy.
Find Out How Much Your Car is Worth Using Our Online Application
This can be done easily by 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:
Your Car Model Determines Your Loan Amount
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 amounts 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.
Equity Loans for Older Cars
How old is that car? Currently, a lot of title loan companies do not accept cars that are over fifteen years of age unless it is a classic car. Note that this condition doesn’t work for a classic car. Learn more about how to get a title loan with a lien.
High-Mileage Auto Equity Loans
How many miles are in the car? The more mileage a car has the lesser the amount of money that one can get. A car that doesn’t have much mileage on it is eligible for more money when qualifying for a car title loan.
Condition of the Car
What’s the current condition of the car? Is it in great shape or has it deteriorated significantly? This determines the equity of the car. If it is in great shape, you can get a large sum of money. You can also get a title loan and improve your credit score after bankruptcy.
For those vehicles that are hardly maintained or repaired, the equity is 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.