Why do title loans do vehicle inspections
Why do title loans do vehicle inspections? Most car title loan lenders will do in-person vehicle inspections, these are done to make sure the title loan quote is accurate, making sure the quote is correct.
Here at TFC Title Loans, we do not need to do in-person vehicle inspections, we can use the photos of your vehicle for the vehicle inspection, and we are always getting you the most money.
Vehicle Inspections For Title Lenders
The vehicle inspections are used to determine the overall condition of the vehicle and to make sure the accuracy of the vehicle. Physical inspections will also determine the mechanical condition of the vehicle.
Most title loan lenders will use the Kelly Blue Book to determine the wholesale value, as the collateral for the loan will be the car equity, so the lender will want to make sure that the loan is secure.
To determine the accurate value of the vehicle, there are many factors that will be taken into consideration, sometimes it is not just the Year, make milage, and model.
The value of the vehicle can be determined by the Make, after-market accessories, condition of the interior, the mechanical condition, the condition of the paint, and the color.
With TFC Title Loans, we can make it easy for you, you will not have to go to a title loan location for an in-person inspection, we can use your photos to do the vehicle inspection.
Applying For Title Loans
When you apply for your vehicle title loan, your inspection of your vehicle, is not part of the application process, the whole application can be done online.
Getting your car title loan without inspection is easy with us, all you have to do is to submit your application online, or we can take it over the phone.
We will need you to submit the documents that we will need to fund your title loan, you can submit them via email. or you can scan them directly from your phone.
If you would like we can wire the money directly into your bank account, or you can go to any MoneyGram location, to pick up your funds.
Submit Your Documents
As you do not need to come into a local title loan office for your vehicle inspection your photos will provide us with the information to determine the market value, we can also accept your documentation online too.
You can submit the following documents to start your vehicle title loan:
- The title of your vehicle, in your name
- Your proof of your income.
- Auto insurance.
- Detailed photos of your vehicle.
- Proof of residence.
- Photo of your VIN number.
- A photo of the actual mileage on your car.
- Personal references, we will need 5 of them.
Things That Effect Your Car Value
There are a few things that can affect the value of your vehicle, and this is why many title loan companies will always want to do a vehicle inspection in person.
The condition will affect how much money your vehicle will qualify for:
The car brand will have a big impact on the value of your vehicle, obviously, a BMW or a Mercedes will have higher values than Honda or Toyota.
If your vehicle has after-market equipment on the car, this can increase its value, this could be a custom paint job, electronic improvements, or custom wheels, which can add value to your car.
The condition of the exterior of your car, if the car has damage, will have a negative effect on the car’s value, the overall condition is an important factor for vehicle depreciation.
The interior of the vehicle can also have negative effects if the condition is poor. Also, high mileage can also have a negative effect on the car value.
The mechanical condition can also affect your car value, mechanical issues can stop all title loan approvals.
You may be surprised that the color of your car can help or hurt the value of your car value, the classic colors, black white, or red can have a positive effect on your car value. If you have a rare color this can also make your vehicle more valuable.