It would be to your best interest to learn the value of your vehicle before you go into a car title loan lot. Having this figure to go buy will help you identify whether their loan offer is fair in an indication to your vehicle’s worth.
An auto title loan is a loan available to an individual who owns the title to their vehicle. Getting an accurate determined value for your vehicle would be in the interest for your loan amount.
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The make and lines of the vehicle. The lender will use those factors to become familiar with the reliability and the security of the vehicle.
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Is the car popular or in high demand? The lender will be watching their backs. If you default on your loan, they’ll repossess the vehicle. The lenders don’t want a hassle in getting their money back through the selling of the car. The more popular the vehicle, the higher value on the vehicle.
ACV stands for Actual Cash Value. As previously stated, ACV is what an insurance company will pay you for your vehicle in the case of a total loss. It is the fair commercial value of your vehicle just prior to the car accident. ACV is depending on the car insurance company’s method of calculation. This takes into consideration various indexed values of your vehicle. Chances are you’ll receive the Kelley Blue Book or NADA value of your car if it is totaled.
History of the vehicle. Those vehicles that have been salvaged or in accidents are less valuable and make them most difficult to sell.
Year and mileage of the vehicle. When your car is older or the mileage is high, the price depreciates in value.
What condition is the car in? Obviously, if the vehicle’s in good condition, the value will be higher.
What kind of manufacturer options /upgrades is present in the car? Any type of upgrade on the inside or out will raise the utility of the vehicle.
Location market value. The value in your car will go down if the type of vehicle isn’t in high demand for your area. If you live in Alaska and are trying to have a fair price on a convertible, your value will go down, owing to the poor resale value in the region for that type of car.
As you can see, there is more than the blue book value in a lender’s determination of your vehicle’s loan. If you want to set the value of your vehicle yourself to get a comparison figure when you talk to the car title loan lender, you’ll find the Kelley Blue Book online site to help you gather that information. This tool will take the information you enter and tell you the fair market price for your vehicle. Since there is no human touch with the vehicle, it will be up to you to enter all the details your vehicle has going for it. Enter any added feature, sound system, interior upgrades, and even tire information. The online tool will use that information to tell you the value of your vehicle. Provide all the details you can on your vehicle and this tool determine an accurate value to your vehicle.
Take this figure with you when you shop at store locations and use it to compare to online car title loan companies. You will be better equipped prior to knowing how many you could possibly get for a loan. Many car title loan lenders will lend about 50 percent of the determined value and will use the vehicle as collateral. Some companies will only lend up to 25% and others have fixed limits no matter what the value of your vehicle is. Lenders want to be repaid for their loan and if that means selling your, they want to make sure they get back what they gave out.