If you're in a financial bind, you might be asking: "How much can I get for a title loan?" You're not alone, many people turn to a title loan for quick cash during emergencies.

At Tennessee Title Loans, Inc., loan amounts range from $300 to $2,500, depending on your car's value. But how do lenders determine how much you qualify for?

We look at myriad factors when assessing your car's value, the most important being the seven below. By using our criteria, you can arrive at an answer to your "how much can I get for a title loan on my car" query.

How Do Lenders Determine My Title Loan Amount?

Your vehicle’s value is the main factor in deciding how much you can borrow for a title loan. Lenders assess your car based on these 7 key factors:

1. Lien-Free Car Title

Before answering, "how much can I get for a title loan on my car?" let's discuss the importance of your vehicle title. Tennessee title loans require a paid-off, lien-free vehicle title to qualify for a title loan. This means you own your car outright with no liens or legal judgments against it. 

Your car title does not impact your loan amount in any way. However, you must have a paid-off, lien-free title to start the process. If you need help finding out if you have a lien against your vehicle title, contact your local DMV for more information. 

2. The Car's Age

Age is one of the first things we look at when considering cars for vehicle title loans. Generally speaking, the older your car is, the less it's worth. But naturally, there are exceptions. For example, classic cars are often worth more than their modern-day counterparts. If you're lucky enough to own one of these models, you will likely qualify for the higher title loan amounts.

3. The Car's Make and Model

Some makes and models come with premium features that increase the price. Vehicles from Tesla, Land Rover, Mercedes, BMW, and other luxury brands are worth more than run-of-the-mill manufacturers like Toyota, Ford, and Fiat.

4. The Car's Modifications

Decals, custom paint jobs, and spoilers can decrease the value of your vehicle. Even though you may love the work you've done for it, others may fail to see the value. Thus, it diminishes its worth.

5. The Car's Condition

We look at the mechanical condition and your car's cosmetic condition. Simply put, the better you look after your vehicle, the more it will be worth. Everything from stained interiors to dented bumpers to chipped windscreens can soil its value.

6. The Car's Service History

An up-to-date service history means the car is less likely to have significant problems. Therefore, vehicles with complete service histories are worth more when acquiring a title loan (and selling the vehicle in the future).

7. The Car's Odometer Reading

Finally, the odometer reading dramatically affects the car's value. The higher it is, the less it's worth. Although, we consider mileage alongside the vehicle's age. Average mileage is considered between 10,000 and 12,000 miles a year. Thus, a two-year-old car with 50,000 miles on the clock is deemed high mileage, and its value is reduced.

Why Choose Tennessee Title Loans, Inc.?

When searching for fast and reliable title loans, borrowers trust Tennessee Title Loans, Inc. because:

• Fast approval – Get cash in as little as 30 minutes
• Flexible loan amounts – Borrow up to $2,500
• No credit check required – Approval is based on your car’s value, not your credit score
• Keep driving your car – You retain full use of your vehicle while repaying the loan

How to Apply for a Title Loan Online

We've answered your burning "how much can I get for a title loan on my car" question, so it's time to look at the steps involved in securing a title loan. You might be surprised by how easy it is!All you need to do is follow the steps below; you don't even need to leave the house:

1. Get started by completing our convenient online title loans form. You'll find it at the top of our website. Ensure you select the right loan, as we also offer payday loans.
2. As soon as you send the form, we'll review your information and call you to discuss the process, ensure you meet the requirements, and set up a meeting point. If you'd rather not visit your local Tennessee Title Loans, Inc. branch, we can come to your home or workplace.
3. Whether you visit the store or we come to you, make sure you bring everything you need: 
• Driver’s License or State Issued I.D.
• Lien-Free Title to Your Vehicle
• Your Vehicle for Inspection
• Proof of Income 

We'll conduct a quick inspection of your vehicle and determine how much you qualify for.  After you've completed the process, your emergency funds will be deposited on the same or the following business day. 

Secure a Car Title Loan Today From Tennessee Title Loans, Inc.!

The answer to your "how much can I get for a title loan on my car" question depends on your vehicle's age, odometer reading, modifications, make and model, service history, and condition. You can acquire a more significant title loan with a higher-value car.  If you are ready to fund emergency expenses with a title loan, complete our easy-to-use online form, and we'll give you a call. 

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.