Cars that Qualify for a Title Loan
Because of the nature of cars having a wide variety of values that are always fluctuating, there is no all-encompassing list of vehicles that qualify for a title loan. However, this article can help you get an idea of which cars may qualify and how the decision is made.
When someone is interested in securing an online auto title loan, it’s important to first understand how it works. A car title loan is a secured loan that works by using an automobile as collateral against the loan, which is why the type of car someone has makes all the difference. The amount of the loan depends on how much your vehicle is worth, but it also is based on your ability to repay the money. The vehicle value and the loan amount is all dependent upon the lender you are using.
Your vehicle may be your best loan option. For some, it could be the largest asset you own. And using it to get an online auto title loan with no restrictions on how you can spend the money could be faster and more convenient for you than traditional lending services like a big bank would offer.
At LoanMart, we believe in making sure we’re financially responsible as a company and encouraging our customers to be the same. We want to counsel you on the best loan option for you.
Value and Condition
We determine the worth of the car by making our own evaluation of the street value for each individual automobile. This is why we conduct our own inspection based on the photos you send. To make the most of this appraisal, make sure your car is clean and in its best shape before submitting. The clearer the photos are, the easier your car can be evaluated. We recommend taking photos outside in broad daylight. Most modern smartphone cameras will be able to capture these photos of your car with acceptable quality.
So while any make, model, or year automobile can potentially qualify for an online auto title loan, the exact amount of an individual loan can vary greatly. The ability to qualify can be greatly affected by the laws and regulations of the state since each state has different minimum and maximum loan amounts. To check the laws and regulations in your state, give us a call or start a chat online to reach one of our representatives.
Age and the mileage on the engine can impact whether or not an applicant will qualify for the exact title loan that they want. Cars are depreciating assets, meaning they don’t retain their original value. In most cases, the older an automobile is the less valuable it is. This is usually true because older cars simply have more mileage, which causes the market value of the car to drop further. The exceptions, of course, are classic or vintage cars which can have more value with age. Customers can also take out title loans on classic cars. You can still qualify for a car title loan if you have an older car with high mileage.
At LoanMart, we know that each customer is different. Each car is as unique as its owner’s situation. That’s why we review each vehicle and case on an individual basis.
Check the Title
The status of the title will also matter when someone is looking to qualify for an online auto title loan. In most cases, an applicant needs to have a car that is fully paid off with no other liens on the title before we can give them the loan amount. What’s most important is that there is equity in the automobile. Equity is the difference between what you still owe on your car and what it is worth. Sometimes there can be an ample amount of equity in the car even when there are still a few payments left on the car. LoanMart can often incorporate the last few payments into your loan if the value of the vehicle allows it to qualify. The beneficial aspect of a title loan is that a lot of these qualifying factors are actually more flexible based on the lender’s discretion.
Your title would also ideally be clear of accidents to contribute to its value. A car that has not been in any accidents would typically be worth more than a car that has seen multiple. If you drive a used car and are unsure of its history, you can check a site like CarFax to see past accidents or damage, mileage reports, etc.
Your name must be on the car’s title in order to get an auto title loan. However, if someone else’s name also appears on the paperwork in addition to yours, there are some things to double check:
- If your name is listed on the title with the word “and” separating your name and the other’s, you may still be able to be considered for a loan, so long as the other owner submits their documentation in addition to your own.
- If your name is listed on the title with the words “or” in between, the other person is not required to submit their information for you to be considered for a loan.
Choose your Vehicle
Do you have more than one car? You can submit information on multiple vehicles to find out which one will be able to get you the most money out of your auto title loan. Typically, though, you can only have one title loan at a time.
If you aren’t sure if a particular car would qualify based on the status of the loan, it is simple to reach out and contact us. We’re happy to help by answering questions and providing more detailed information based on any individual situation. At LoanMart, we can give you a free quote on your particular type of automobile. Just start the submission process on our website or give us a call so one of our representatives can walk you through it. Once you receive a quote on a loan, you are under no obligation to accept it, so there is nothing to lose.
At LoanMart, the only certain way to find out what types of cars could gain approval for title loans is to send in the specific car’s information for us to value it. Fill out our online form or give us a call today!