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02 Jul 2019   /   0 comments

How Are Title Loans Calculated?

Paul

how are title loans calculatedMany individuals ask us how are title loans calculated. Different lenders use a wide variety of factors and determinations to calculate how much money they can give you an Car Title Loans.

However, not all the lenders out there will let you in on that calculation process the way that TFC Title Loans does.

We do this because we strongly believe in lender transparency and consumer education so that our customers can make the best financial decisions for their financial need.

We are the oldest title loan lender in California which means we have gained some extensive knowledge from those 25 years of experience. So, let’s find out How Are Title Loans Calculated!

How Are Title Loans Calculated?

How Are Title Loans CalculatedOver those years, we have come up with new ways to get you the most value out of your title loan. Additionally, we have optimized the application process so we can give you a free quote over the phone just by knowing a few simple facts about your car. We work hard to make the process as fast and painless as possible because we know you are in need of money quickly!

Ever since we first opened our doors in 1994, we have always made customer service our number one priority. We want to help you understand each and every aspect of the lending process before you make a serious commitment.

Want to understand better how title loans are calculated? Please continue reading this resource article where we explain the process. Would you like to receive a free quote from us?  Then fill out our online application and we will give you a call right away!

Read more about title loans from https://www.investopedia.com/terms/t/titleloan.asp.

State Laws and Restrictions

auto title State Laws and RestrictionsPart of our calculations is determined by the existing limits and restrictions placed on title loans in certain states. These restrictions call for minimums and maximums on what title loans lenders are allowed to give to customers regardless of what the vehicle is actually valued at.

Our main service areas include California, Arizona, and New Mexico. California’s restrictions are more limited than those of Arizona and New Mexico. California’s minimum amount for a title loan is $2,600. And, the maximum that you can borrow is $50,000. While in Arizona and New Mexico, they only have a state minimum of $1,000.

These restrictions enter into our ability to approve you since, if you live in California, your car would need to be worth at the very least around $4,500 so that you can qualify for the minimum of $2,600. As for Arizona and New Mexico, your car will need to be worth at least $2,000 in order to qualify for the minimum of $1,000.

The Value of Your Car

The Value of Your CarBefore you get your free quote from us? You can get a pretty accurate estimate on your car’s value. How? Easily enough online and that will help you determine how much you’re able to get from a title loan with us. There are tons of great car value estimators online and one long-standing free estimator is Kelley Blue Book. All you need to do is input your car’s age, make, and model to find out a decent estimate on your car’s trade-in market value.

This is similar to the first step we take to determine how much money we can lend you. We put your vehicle information like the year, make, model, style, mileage, and condition. It’ll be inserted into a slightly more exact value estimator to determine the trade-in value of it. Most title loan lenders will go by the trade-in market value of the car. Why? Since that is the price most dealerships would pay for it.

To get your free quote on a title loan, or car repair loans, we only need a few basic facts about your car. It’s quick and easy. Interested in a more solidly defined quote with customized loan terms? We will need pictures of your vehicle so that we can confirm the mileage and the condition of your car!

Read more about your car value & appraisal from https://www.edmunds.com/appraisal/.

How Much We Can Actually Lend

After we have run your vehicle information through the estimator? And we have a clearer picture of the trade-in value of your car? We will be able to determine the lendable amount out of that trade-in value. Usually, we offer around 80% of the trade-in value to our qualified applicants. Upon occasion, there is the possibility of qualifying for more than the typical 50% or less than that. Getting more or less than 50% of the car’s trade-in value is dependent on the customer’s proof of income. We avoid, at all costs, overextending our customers because we don’t want to put them in a precarious financial position. Now you know How Are Title Loans Calculated!

Frequently Asked Questions
How much money can I get from a title loan?

Title loans for cars are determined by the current market value of the vehicle. If your car is worth $10,000 today, you may be able to take out a loan for (generally speaking) $8,000.

Are there any online title loan calculators?

Give a call to TFC Title Loans or search for their calculator. To supplement TFC, refer to KBB.com's estimate of your vehicle's value. You'll need to know the model year, make, model type, and model trim level.

Are title loans good for emergency money?

Title loans are great for making money in a hurry because you get money quickly and keep your car. No company can match TFC Title Loans when it comes to low interest rate fast cash for any situation.

How Much Cash Can i Get?

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