How Does a Title Loan Calculator Work?
You can use a title loan calculator to find out the value of your vehicle and whether it qualifies as collateral for a title loan. Title loan calculators are usually a simple online form where you can submit some information about your vehicle and your state of residence. By completing this convenient online questionnaire, the amount of equity in your vehicle will be estimated and you can receive an instant title loan quote with zero obligation.1
This online calculator can provide an instant title loan estimate, but you will still need to complete a few more steps before you can potentially receive your funding. Through ChoiceCash title loans serviced by LoanMart, you can expect a streamlined and simple application process! Call 855-422-7402 or fill out the title loan calculator to see if you are instantly pre-approved.
What Factors are Considered when Calculating a Title Loan Amount?
If you are eligible for a title loan, your loan amount will be largely based on your income and the value of your vehicle. Borrowers who are fully approved for funding will be offered a percentage of their car’s appraised value. While different lenders may have varying maximum loan-to-value ratios, you will typically be able to receive up to 50% or more of your car’s total value.1
Your car will be inspected physically or virtually during your application in order to verify your car’s value and its overall condition. The value of a vehicle is primarily impacted by the following factors:
- Age
- Current Mileage on the Car’s Odometer Reading
- Make and Model
- Trim Level
- Upgrades (New Paint, Leather Seats, etc.)
- After-Market Modifications
Market conditions and consumer demand are other factors that can impact the value of your vehicle. Some vehicles, such as the Toyota Tacoma or the Tesla Model 3, have higher consumer demand than others and therefore have an increased market value.
It is possible to get a title loan on a classic or older car, but the amount of positive equity in your vehicle is the most important piece of the puzzle when a lender determines your total title loan amount.
Determining Your Car’s Title Loan Value
Your vehicle’s current equity can be calculated by subtracting the amount you still owe on your car loan from your car’s market value. The less you owe on your auto loan, the greater the amount of positive equity in your car! If your car is completely paid off, then the amount of equity in your car or truck is equal to its current resale value.
As mentioned above, the maximum title loan amount you can receive is based on your vehicle’s equity and your income. The simplest way to find out how much you can qualify for through a vehicle-secured loan is to use the title loan calculator available on the ChoiceCash title loan website to get an online title loan quote without any obligation.1
To get an instant title loan estimate, enter the following information into ChoiceCash’s online questionnaire:
- Model Year of the Vehicle
- Make and Style of the Car
- Current Mileage of the Vehicle
- Your Current State of Residence
After you’ve provided the necessary details about yourself and your vehicle, you can receive a title loan estimate in no time at all! If your vehicle has a sufficient amount of positive equity and you need fast funding to deal with a financial emergency, you can apply for a ChoiceCash title loan serviced by LoanMart online or over the phone today.
FAQs about Title Loan Estimate Calculators
Need a title loan estimate? Learn more about how car title loan calculators work through the most frequently asked questions about title loan calculators:
How Accurate are Car Title Loan Calculators?
Assuming that the customer provides accurate information, car title loan calculators can provide very accurate vehicle value estimations and a loan quote based on a prequalification decision. It’s important to provide accurate information about your vehicle, including the current number of miles on your car’s odometer reading. Keep in mind that your credit history and your income can also impact your loan amount after receiving an initial title loan quote for your vehicle.1
What Information Do I Need to Use an Auto Title Loan Calculator?
The information you need to get a title loan estimate includes your car’s make and model, trim level, age, and current mileage. You will also be asked about your state of residence when completing the online questionnaire. Use our locations page to find out if you can apply for a ChoiceCash title loan in your state today!1
How Safe are Title Loan Calculators?
The ChoiceCash title loan calculator operates on a secure platform and utilizes advanced encryption technology to fully protect your data. Your financial information is sensitive, so it’s important to trust that every precaution is taken to ensure that you are protected when filling out the car title loan estimate form.
Maximizing the Benefits of a Title Loan Calculator
Using a title loan calculator comes with many benefits, including an easy and transparent start to your application! The ChoiceCash title loan calculator is designed to save you both time and effort, which can be invaluable when you’re struggling with a financial crisis and have no time to waste. With just a few clicks, you can instantly discover if your car, truck, or SUV is eligible for a title loan and see your potential loan amount. You can borrow against the value of a Honda Civic, Ford Focus, or another qualifying vehicle with positive equity!1
You can expect a streamlined and flexible application process through ChoiceCash title loans serviced by LoanMart. From the very start of your application through the online calculator to the final payment on your loan, you can expect convenience and transparency at every step. Using the title loan calculator allows you to see a clear picture of your potential loan amount without any obligation!
Understanding Title Loan Terms
You may have a few questions about some of the terms you will see during your application. Understanding the terminology related to title loans can help you make an informed decision and get the most out of your car title loan!1
Loan Amount
The loan amount refers to the amount of money you are approved to borrow through a loan. In the case of title loans, your loan amount is typically a percentage of your car’s value and is impacted by your ability to repay the loan. You are not required to take the entire amount that you are approved to borrow.1
Loan to Value Ratio (LTV)
The loan-to-value ratio (LTV) reflects the amount of money that a lender is willing to lend you based on the value of your car. The LTV is calculated by dividing the loan amount by the estimated value of your vehicle. Let’s say that a lender has a maximum LTV ratio of 50% and your vehicle is valued at $4,000. In this scenario, the most that the lender would approve is $2,000 for that title loan application!1
Collateral
A title loan is a type of secured loan where you are allowed to use your vehicle’s title as collateral for the loan. Your qualifying car’s title will guarantee the loan and make the application process a lot more flexible in comparison to a traditional bank loan! It is possible to qualify for a car title loan even if you have bad credit. You’re allowed to continue driving your car during the repayment process even though a title lender will add a lien to your car’s title after the loan is funded. When you’ve completely paid off your loan, your title lender will release the lien.
Making an Informed Decision About Title Loans
Before you submit an application for a title loan, it’s important to understand the full scope of title loans, including the loan amount and the repayment process. The title loan calculator can help you understand what your loan amount may look like before you pursue more of the application process. If you decide to complete your application and you are fully approved for a title loan, pay close attention to your loan terms. The terms and conditions of your loan include your loan’s interest rate and the amount of time you will have to pay your loan back, along with your total monthly payment and due date.
If you cannot realistically afford a loan payment in your budget, it may be time to consider other options, such as asking your friends or close family for financial help. Alternatively, you could get a second source of income to try to get your finances back in order.
Navigating the Title Loan Process
If you’re ready to find out how much you can qualify for through a loan against your car, get a title loan estimate today by using the title loan calculator! Just complete the quick online questionnaire to find out if you are instantly prequalified for emergency funding at any time of the day or night.1
Submitting the form is just the first step of the application process. Below is the remainder of the quick, three-step process to apply for a ChoiceCash title loan serviced by LoanMart:
- Provide Your Paperwork: If you are pre-approved for a car title loan, the next step is to submit your paperwork to verify your information. Typically, you will be asked to provide a valid, government-issued photo ID, proof of income and residence, several photos of your vehicle, and a car title in your name. You can conveniently submit these documents online or send them to a loan officer via email or text message!
- Get Your Money: If you qualify for a ChoiceCash car title loan, you can receive your funds via direct deposit or add your money to a debit card to access your funding in as little as 24 hours!1
