If you’re planning to apply for a car title loan, you might be asking why do title loan lenders inspect vehicles? Most title loan lenders inspect vehicles to make sure they are offering their customers the most accurate quote for their loan. At LoanMart, we don’t have to inspect your vehicle to determine your loan. In fact, we just ask for pictures of your vehicle to analyze the outside.
Why Do Title Loan Lenders Inspect Vehicle?
Title loan lenders will inspect vehicles to help determine the amount and accuracy of your title loan, as well as to ensure the car is in working condition. There are many important factors of a vehicle that can affect its market value.
Because a car title loan uses your vehicle’s title as the collateral of the loan, title loan lenders use the market value of the car as one factor for the loan amount. When estimating the market value of a car, you have to take many factors into consideration when estimating it. It’s not just based on the year, make, model, and mileage of the car. These factors all effect the value of the car:
- After-market accessories
- Exterior condition
- Interior condition
- Mechanical condition
- Paint color
Luckily, for customers who don’t have time to stop in to a title loan store for an inspection, you can apply with LoanMart and you don’t have to worry about an inspection at all!
Applying with LoanMart
An inspection on your vehicle is not part of the application process with LoanMart. In fact, you might not have to leave your home at all to apply for your car title loan with LoanMart. You can complete the application and submit all your required documentation from your phone, tablet, or computer. That means you can be sitting at home on the couch and apply for a car title loan.
So, how does applying with LoanMart work without an inspection? It’s easy and can be completed in three easy steps:
- Use our online application to submit the basic information about your car. If you’d rather call our representatives, you can even complete the application by speaking over the phone.
- A LoanMart representative will call you about your qualifying documents. Submit them with our online system by taking pictures.
- Collect your money with a direct deposit into your account or at a MoneyGram near you.
If you have all your information ready to submit, you could receive your money as soon as the same day you applied3. Call us today to get started!
Since you won’t be able to come in for an inspection, LoanMart collects your documentation and pictures that will be able to demonstrate the market value of your vehicle. We will use the following documentation:
- Vehicle title
- Proof of insurance
- Income proof
- Pictures of vehicle (both sides, front, and back)
- Vehicle registration card
- Proof of residency
- VIN, plate, and odometer
- 4 personal references
Factors that Effect Car Value
The value of your car is one determining factor of how much money you can get when it comes to a car title loan, and even selling your car. From the brand of the car to the paint color, there are many factors that contribute to the value of a car. Even if your car is older, it can be in amazing condition and be worth more than a new car.
When it comes to two different cars, which is going to be more: a 2018 Toyota or a 2018 Mercedes-Benz? It’s pretty obvious which will cost more, so that goes the same for value. When it comes to more basic car models, a Honda can be worth more than a Ford. It just depends on the brand and the model of the car.
If you add any tricks or add any accessories to your car that it didn’t come with when you purchased it, it can add some value. Special paint jobs, interior light additions, or any electronic enhancements could add value to a basic car.
The exterior condition is one of the bigger factors that can affect the cars value. If you have an older car with a lot of mileage, but the exterior has minimal to no damage, this could mean an extra $1,000-$2,000 in value of the car. If it’s an older car with a lot of body damage, it can be worth almost nothing.
While it may not be a lot of money that affects your car, the quality of the interior could raise the value of the car to the next thousand dollars. If you have missing fabric, holes, or ripped carpet, the value of the car can significantly decrease.
While this may not entirely affect your car title loan value, it can affect the value of your car if you were to try and sell it. If there are interior, mechanical issues, it can severely damage the value of your car based on what type of mechanical problems it has.
Whether or not your car is black or red can determine a difference in value of the car. Most of the time it’s because certain colors can be more difficult to replicate and produce than others. The rarer the color, the more value the car may have.