There are many factors that make up the equity of a vehicle. What is equity? The equity of a vehicle is a general financial sense of the current and potential economic worth of an automobile. The higher the equity of a vehicle the more it is worth. In turn, when you get an auto title loan on a vehicle with a high equity, you can be approved for a larger amount of funding.
But what are some of the factors that make up a vehicle’s equity?
- One of them is the mileage of the car. A car with less mileage is most likely worth more than the same exact vehicle with a higher mileage. This is because statistically, cars are considered more reliable for long-distance traveling when they have a low mileage on the odometer.
- The age of a car is also a factor that affects its value. Typically, a car from a more recent year will be worth more than a car that was new ten or twenty years ago. Technology is constantly being updated, and a car that was made a year or two ago is going to utilize more modern technology than an older car. This technological advantage is what gives newer cars a higher value than older cars.
- Another factor that contributes to a cars value are certain alterations on a car. For example, a car that has just received a brand-new engine is usually going to have a higher value than the exact same car with the original engine. I’m sure you can guess why a newer engine would give a car an economic edge. Customarily, the more updated a car is the higher its value.
How Equity Affects Title Loans
You now know that there are many variables that work together to make up a car’s equity. How does that apply to a car title loan? What can your cars value do for you? For one, the higher the equity of your car, the more you can get approved for a LoanMart title loan.
When you go through the car title loan approval process with LoanMart, we look at principal elements such as your ability to repay the loan and the equity of your vehicle, instead of just focusing on one component like your credit score. LoanMart looks at a wider range of circumstances so we can accept the most loan inquiries we possibly can. LoanMart believes everyone deserves a chance when it comes to quick and convenient funding.1
If you take care of your car, you are contributing to its equity. Those regular check-ups and tune-ups weren’t all in vain, they have been protecting the equity of your car. That is why car title loans are such a smart option, because you are using the money you have invested into your vehicle to secure your loan.
How to Get a LoanMart Car Title Loan
Getting a car title loan with LoanMart has never been easier. Despite what the value of your vehicle may be, you may be able to get approved for funding on a LoanMart title loan. We have a high approval rate, so that means people with cars of all kinds of values, and even people with all types of credit scores are approved with us every single day.1
When you want to begin your LoanMart car title loan journey, all you have to do is go online to our homepage and click on the colorful “APPLY NOW” link. This will bring you to your initial information request. The entire form should only take about 5 minutes to fill out, and we can tell you if you are approved for your title loan when you have completed it.
Once you have been approved and have discussed your FREE QUOTE with your LoanMart title loan agent, they will request a few documents from you. Some of these documents will include:
- Government issued photo ID
- Proof of insurance
- Proof of income
- Title to your vehicle with your name on it
- Photos of your car
Once everything is in place, the last step is to go over the terms of your loan with an underwriter, sign your title loan contract and receive your funding. You can choose to receive your funding in one of multiple ways:
- Electronic deposit
- Money gram
- Stop by our licensed location and get your money from us in person
If you would like some more reassurance, you can check out our customer testimonial page. Although LoanMart never requires you to disclose your title loan spending history with us, SOME OF OUR CUSTOMERS HAVE CHOSEN TO SHARE THEIR STORIES ANYWAY, just to show everybody how helpful a LoanMart car title loan can be.