If you are in a position where you are thinking of applying for a title loan, you may have already tried figuring out the answer to the question of how much are title loans for.
And perhaps you’ve never really been able to get a straight answer from other lenders you have asked. Honestly, the answer can be complicated though since the rules and regulations surrounding title loans can change quite often.
Here, at TFC Title Loans, we will do our best to answer that question and any others you may have as simply as possible.
At TFC, we are passionate about consumer education, lender transparency, and customer support. We are determined to help you understand each step of the process so that you can make a fully informed decision on whether or not you would like to get a title loan with TFC Title Loans.
When applying for approval for a title loan, the amount is based on several different determining factors. These determining factors include the restrictions of the state in which you live, the value of your vehicle, and the particular lender’s calculations.
Ever since we first opened our doors in 1994, we have helped thousands of customers obtain title loans for their emergency funding at extremely competitive interest rates. With offices all throughout the United States, finding car title loans near you is easy! We are the oldest title loan lender in the state of California and that has given us nearly 25 years of experience to perfect the lending process so that we can get you the most money out of your title loan.
If you would like to learn more on how much you can get from a title loan, then continue reading. If you have already decided that you wish to apply for a title loan, then simply fill out our online application today!
Read more about title loans from https://en.wikipedia.org/wiki/Title_loan.
One of the largest determining factors in the approval of your application and the amount you can be granted for your car title loan is dependent on the value of your car. This is because a title loan is a form of secured loan. It uses the market trade-in value found in your car as collateral for your loan. You can find out a general estimate on what your car’s trade-in value is. It can be done before applying by using KBB. Just input the age, make, and model of your vehicle. Then, you will get a ball-park estimate of what your car is valued at.
Here, at TFC Title Loans, we use a more exact estimator which we input your cars information into so that we find a value based on the year, make, model, style, mileage, and condition. And we try to determine the trade-in value as that is what most dealerships would value you it at.
Read more about trade-in value from https://www.autotrader.com/car-shopping/why-trade-value-lower-retail-value-228531.
Every state in the Unites States has different requirements and regulations when it comes to title loans. The three main states that we service are California, New Mexico, and Arizona. California’s regulations surrounding title loans tend to be significantly stricter than both New Mexico and Arizona.
The lowest amount you can get with a title loan in California is $2,600. The highest title loan you can get, in California, is $50,000. Both Arizona and New Mexico’s lowest loan amount is $1,000. This means that to obtain a title loan in California, your car ought to be valued at $4,000 at the lowest. Whereas to obtain a title loan in New Mexico or Arizona? Your car ought to have a value of at least $2,000.
When getting a car title loan, there is are a handful of required documents you’ll need in order to apply and submit an application. In order to obtain a car title loan and for initial application, you’ll need:
Additionally, you’ll want to review your state laws and regulations to see what might be required per your location. It’s also highly advised you either contact or visit your local car title lender in-person! Why? To identify the required documents as well as any fees associated with the car title loan process. They’ll help you understand how does a car title loan work and exactly how an auto title loan can benefit you.
What we can actually lend you is different from what your car is actually valued at. TFC Title Loans can usually lend you around 50% of your vehicle’s total trade-in value although there are exceptions where we can approve you for more or for less.
Getting more or less than 80% of your vehicle’s trade-in value is usually determined by your proof of income. Although, this proof of income does not need to be steady employment.
As long as you can prove that you have a steady influx of money enough to repay the loan? And afford the monthly payment? You could be approved! Wondering about the trade-in value of your car? Well, that and your ability to repay the loan in full through affordable monthly payments are of equal importance in your approval!