When you are looking to get a car title loan, your vehicle must have enough equity in it. But what is car equity? We are here to help you to understand what the equity of your vehicle is.
There is positive equity or negative equity, and the difference between them is if your vehicle is worth more than you owe on the loan you have positive equity. If you owe more on your vehicle than it is worth, then you will have negative equity in it.
Do I Have Equity In My Car?
To know if you have equity in your car, all you need to do is to subtract the balance that you owe, against the wholesale value of your vehicle, we use the Kelly Blue Book, to see your wholesale value.
Also, if you own your car free and clear, you will need to look up your wholesale value, to see if you have the required equity value to qualify for a car title loan.
If you do have enough equity in your vehicle, here at TFC Title Loans, we can help you to get the best car title loan, we have the largest referral network to get you the money that you need. All of our partners are in compliance with the CFPB.
Get Your Balance On Your Vehicle
To find out the balance that you owe on your vehicle, you might be able to see your account balance online, or you might be able to see your balance on the monthly statement that you receive in the mail.
Find Out The Market Value Of Your Car
There are plenty of online sources to look up the value of your vehicle, but you could always go to a car dealer and ask for an appraisal of your vehicle, or you could ask them how much they would buy it.
There are online car appraisal companies for you to get an accurate assessment of the equity that you have in your car. A vehicle appraisal company will compare your car to similar vehicles, and take into consideration the condition that you have in your vehicle.
Or you can contact TFC Title Loans and we will get you the most money on the equity in your car. We always give the highest advance rates, so we can help you get the money you need.
When you contact us, we will need to know the year, make, and model of your car. We will need to know the body style and trim, or specifications of your car. We will also need to know the VIN number and the mileage too.
Auto Equity Loans
We will let you know the market value of your car, and if you have enough equity in your car, we will be able to help you to qualify for a car title loan.
When you get the equity value of your car, you know how much you will qualify for a title loan, even if you do have a balance that you owe to another finance company.
Your car equity can be used for you to get the emergency loan that you want. With our car title loans, we will get you the best rates and the best terms.
Frequently Asked Questions About Car Equity
- What is car equity? Car equity refers to the difference between the market value of your vehicle and the amount you owe on any outstanding loans or liens against it. It represents the portion of the vehicle that you own outright.
- How can I calculate my car equity? To calculate your car equity, subtract the amount you still owe on your car loan (if any) from the current market value of your vehicle. For example, if your car is worth $15,000 and you owe $5,000 on your loan, your car equity is $10,000.
- Can I use car equity to get a title loan? Yes, car equity is often used as collateral to secure a title loan. Lenders assess the equity in your vehicle to determine the maximum loan amount you qualify for. The more equity you have, the higher the potential loan amount.
Quote from Daniel Joelson, Consumer Finance Expert: “Car equity is a valuable asset that can be leveraged to access funds through title loans. Understanding your car’s equity helps you make informed decisions about borrowing against it. Be sure to consider the loan terms and repayment schedule carefully before committing to a title loan.”
Fast Approval For Your Vehicle Equity Loan
We will make it easy for you to get the auto title loan with the equity that you have, all you have to do is to apply with us for an online title loan.
Or you can call us directly and we can get you a fast approval over the phone, we will get you the most money on your car equity, so we can get you the money today.
You will need to submit all of the required documents. We will need to verify your vehicle, your proof of income, your proof of residence, and 5 personal references.
Once we have verified all of your documents we will get you the same-day funding that you want, and we will get you the most money on the equity of your car.
Contact us today, we are here to help you to get the local title loan in your neighborhood. We have been helping people since 1994 to get the money that our clients need, we are here for you.
