You may need to determine your car’s value for obtaining car title loans online successfully. There are different ways to assess the value of your car. Of course, the value differs with the vehicle’s model, interior and exterior condition, make, mechanical shape and additional features such as airbags and anti-lock brakes. Although a car’s loan value is not set in stone, you can still work out the average title loans quote you will get for your car
These are just few of the methods that you can opt for in this case:
- Assess your car’s condition by looking for mechanical flaws as well as cosmetic problems. If you are unsure, you can contact a trusted mechanic to appraise the condition of your car.
- Browse the official site for The Kelley Blue Book. Depending on the car whose worth you want to know, you can click either on the “Used Car” tab or the “New Car” tab. Enter the year, model and make of the car from the provided boxes on the next page and then proceed to know the “Suggested Retail Value” of your vehicle. Fill out any additional features that your car may have and continue. Follow the guidelines closely, scour the selections carefully and based upon the condition of your car, get the approximate loan value for it.
- Surf through consumer websites, other car-related resources and magazines like Auto Trader and Consumer Reports to get a general idea about the loan value your car is worth. Keep an eye open for cars that are similar to yours in terms of mileage, cosmetics, wear and tear and any other extra features.
If you want title loans from banks, you will need to determine the LTV or loan-to-value percentage that your bank will offer. A lower LTV is considered lower risk and therefore, offers lower interest rates. To verify the LTV rate, you can:
- Simply contact the bank to find out their standard LTV percentage.
- Check out the bank’s assessed value that it uses. This may include the NADA values, Black Book or Kelley Book values. The LTV percentage is based on the car’s trade value, retail value or loan value.
- After looking up the value from the appropriate source that the bank refers to, multiply it with the LTV percentage to calculate the loan value that you will get on your car.
Thus, by doing your homework and proper research, you can easily have a fair idea about the value of your car and get hold of your loan quickly and easily!