How Much Can You Get on a Car Title Loan?
One of the first things that people ask us here at TFC Title Loans is “how much can you get on a car title loan?” Lenders use a wide variety of factors to assess and determine the value of your vehicle and how much they can lend you on it. However, not all lenders let you in on that process in the way that TFC Title Loans does. This article will go over exactly how you can figure out an approximation of what you will be able to borrow and how we go about the process when qualifying you for a title loan.
We, at TFC Title Loans, have been in the title loan industry since 1994 and we have gained extensive knowledge from all those years of experience. We have crafted new ways of valuing your vehicle and determining a lendable amount so that the process will be as easy as possible and you will be able to borrow as much money as you might need. We can usually give you a quote over the phone by knowing just a few simple facts about your vehicle. We go to all this trouble to make the process as quick and painless as possible because we are aware that you are probably in a hurry and need money quickly.
For almost 25 years, we have consistently made our customers our top priority which is why we care about transparency and consumer education. We want to help you understand each step of the lending processing before you make any commitments. To understand better how much you can get on a car title loan then please continue reading. If you decide that your car has enough value in it or you would like to receive a free quote from us on your vehicle, then fill out the online application or give us a call today!
There are title loan limits and restrictions in certain states that call for minimums and maximums on what lenders can give to borrowers regardless of what the car in question is worth. These tend to be stricter in California than they are in Arizona and New Mexico. Those are the three we will expound on here but the other restrictions can be found easily enough online if you do not reside in one of those states. California’s minimum for a title loan is $2,600 and you can borrow up to $50,000. Arizona and New Mexico both have a state minimum of $1,000. If you are looking to get a title loan in California, then your car ought to be worth at the very least around $4,000 and if you are looking to get a title loan in New Mexico or Arizona, then your car ought to be worth at the very least around $2,000.
Determining the Value
You can get an idea about the value of your car before even speaking with us if you wish to by checking out any number of various car value estimators. One long-standing online free estimator is Kelley Blue Book. If you input your vehicle’s age, make, and model then you will be able to find out a ball-park estimate of what your car may be worth. That is usually the first step we take in determining how much we can lend you. We run your vehicle through a more exact estimator to determine the trade-in value of it by using the year, make, model, style, mileage, and condition. Most lenders go by the trade-in value of your car since that is what most dealerships would pay for it if you were to get rid of your car.
To give you a free quote, we only require the basic facts. To get you a more solid quote with loan terms, we require pictures of your vehicle to verify the mileage and the condition of your vehicle. Then when we pass over the money that you are borrowing we like to take a quick look at your vehicle in person so we can verify that the pictures were accurate and current.
Determining How Much We Can Lend
Once we have determined a more exact picture of the trade-in value of your vehicle we can cut that down to the lendable amount for your title loan. We are usually able to offer around 50% of the trade-in value price to qualified applicants. You can occasionally qualify for more than 50% or sometimes qualify for less. Whether you can get more or less than 50% is usually determined by your proof of income. We cannot overextend our customers because of the high-risk it poses to both us and them. We never want to put you in a situation that you cannot handle. So even if your car is valued highly but your income on the lower side then you will not be able qualify for the full amount that your car is worth because we want you to be able to pay off the loan with ease.
If you are left with any questions after learning about how we determine the value of your car and how much you can get on a car title loan, then please give us a call. We would love to answer all your questions and give you a free quote on how much you may be able to borrow. However, if you have already decided that you would like to apply for a title loan with TFC Title Loans right away then go ahead and get started with our online application!