What's The Most I Can Get On A Title Loan?
If you ask, “What's the most I can get on a title loan?” our guide will provide the easy answer. The good news is that you can make an accurate estimate by considering the vehicle's resale value, condition, and your loan repayment ability. But how exactly are all these numbers calculated? Keep reading to discover the answer to “What’s the most I can get on a title loan?”
What Is The Highest Amount I Can Get On A Title Loan?
Before pursuing Tennessee Title Loans, examining a few critical factors is essential when determining how much you can qualify for if you are approved for a title loan.
1. The Market Value Of The Vehicle
The market value of your car will depend on the following:
- Year, make, model, and trim
- Engine size and type
- Additional features (like performance packages, heated seats, etc.)
You can insert this information and your location into a form on a particular website and find out the range of what the vehicle is worth. The three industry-standard car value guides include Kelley Blue Book (the oldest), NADAguides, and Edmunds (the youngest). Remember that lenders generally offer you up to 50% of the vehicle’s value.
2. The Vehicle’s Condition
To find out ‘What is the most I can get on a title loan?’, you must consider the vehicle's value and condition and adjust the matter accordingly. The condition of used cars is typically divided into four grades – excellent, good, fair, and poor.
The majority of vehicles that are being sold usually fall under the second category. But you might still be able to get a decent deal, even if the condition of your car is ‘fair.’ Remember that many lenders need more time to be ready to deal with cars in poor condition.
- ‘Excellent’ means that the vehicle looks new and needs no reconditioning. It is free of rust and has never had any body or paintwork.
- A vehicle in ‘good’ condition is free of significant defects. The body, interior, or paint might have minor blemishes, and the car may have a tiny amount of rust.
- ‘Fair’ cars have mechanical or cosmetic defects, but they are still in reasonable running condition. There can be repairable rust damage, and the tires may have to be replaced.
- Your vehicle is in ‘poor’ condition, in case it has severe cosmetic and mechanical defects. It is also in poor running condition. By the way, cars with a branded title (flood, salvage, and so on) or unsubstantiated mileage fall under this category.
3. Your Ability To Repay The Loan
If you have a brand-new car in excellent condition, it doesn’t necessarily mean the loan amount will be much higher than average. If you can’t prove that you have a stable income that will help you repay the loan, you might not qualify for a higher loan amount.
Is There A Way To Increase The Value Of Your Car?
Before searching for a title loan, please ensure your vehicle is in peak condition.
- Deep clean the vehicle – if the car is clean and well-maintained, people might assume you also treat the engine.
- Perform cost-effective maintenance – you may qualify for a higher loan if you spend cash on changing bumpers, blinkers, or fixing buffed scratches.
- Always be kind to your vehicle – brake lightly, keep the car clean, constantly monitor tire pressure, and top up the liquids when needed. So that if you ever must use your vehicle as collateral, it is in fantastic shape.
Applying For A Title Loan – A Step-By-Step Guide
With Tennessee Title Loans, Inc, you can find out ‘What is the most I can get on a title loan?’ without visiting the store. Submit an online inquiry form, and our friendly loan representative will contact you shortly. If you don’t want to drive to the store, you can ask the agent to visit your preferred location. Bring your ID, lien-free title, and vehicle to the meeting.
The verification agent will quickly inspect the car and tell you how much you might qualify for. You wouldn’t have to pay any fees to find out this information. You must sign a few documents if you agree with the loan terms. After that, you will receive your cash the same day or the following business day.
Get Your Emergency Money Today!
Now that you know how to find out ‘What is the most I can get on a title loan?’, you might want to start looking for a reputable lender willing to offer you that sum. With Tennessee Title Loans, Inc., you might qualify for up to $2,500.
Plus, the verification process may take only half an hour. We are committed to assisting you in getting the cash you need. That's why you can apply even if you have bad credit. Once ready to start, fill out the online inquiry form.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.