Financial emergencies occur when least expected, and occur to just about everyone–despite precaution. If you are ever faced with an upcoming bill that you can’t afford, but you own a car in your name, consider inquiring for a title loan! When it comes to title loans, the equity in one’s car must be sufficient to qualify for emergency funding.
If you’re interested in inquiring for a title loan, you may ask “What is the equity in my car?”
What Factors Affect How Much Equity is in My Car?
Equity is a person’s financial ownership of an asset. The equity in your car is a calculation involving the current resale value of your car and your remaining auto loan. To find out how much your car is currently worth on the market, you could visit a car dealership or auto body shop for an appraisal. Or if you prefer, you could find out online by using an equity calculator.
The resale value of a car is determined through a combination of factors, such as:
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The Car Year
The year your car was built can affect the equity. The older a car is, the lower the value might be. But there are exceptions, such as classic cars and luxury cars. You can find the vehicle year by using the VIN or by looking at your car registration.
The Car Make and Model
The make and model can greatly affect the equity of a car. Some makes and models are more popular than others, which can increase the resale value. Luxury brands generally have stabilized value, which means they are constantly in demand. Bestselling car makes and models in the US include the Toyota Corolla, Ford F-Series, Volkswagen Golf, and Volkswagen Beetle.
The Car Style
The style of the car is the specific type of model you obtained. The style of your car includes the body style, such as coupe, hatchback, sedan, etc., and the features included. If your car is the basic model style with no added features like leather seats, a sunroof, or backup camera the equity could be lower.
The Current Mileage
The amount of miles on your car could increase or lower your overall equity. Drivers usually travel an average of 13,500 miles a year. The more miles on a car, typically the less value it has. If your car has high mileage though, you could still qualify for a car title loan depending on other factors.
If your car has had any modifications, the equity in your car could be affected. Highly customized cars are not typically in demand, and some modifications could lower the resale value. Adding a higher suspension, decals, loud exhaust, and even aftermarket rims could negatively affect your equity. On the other hand, some modifications could
Is there Positive or Negative Equity in My Car?
Title loans allow eligible borrowers to tap into the equity in their cars. To find out how much equity is in your car, you must subtract the value of your car by the principal amount of the loan. Once you know how much your car is worth, you could easily find out if you have positive or negative equity in your car.
If your car is worth more than the remaining loan, then it has positive equity. Having positive equity in your car could help you qualify for a title loan. If your car is worth less than what you owe on it, then it has negative equity.
If your car has negative equity, don’t think that you are ineligible for a title loan. Reach out to a title loan agent by calling (855) 914-2945 to discuss your car in detail and learn about your possible options.
Is a Car Inspection Required to Use the Equity in My Car?
In order to use the equity in your car to assist in the prequalification process, the value of your car must be verified through an inspection. Typically, a car inspection requires the potential borrower to visit a brick and mortar store in person to have the car looked over by a title loan agent.
With ChoiceCash Title Loans an in-person car inspection is unnecessary. Instead, all an inquirer has to do is submit photos of their car! Park your car outside in bright light where there is little clutter. Take pictures from every angle using your smartphone. Be sure to include a picture of the vehicle identification number (“VIN”). The VIN is usually displayed on the dashboard of the driver’s side, but sometimes it may be found under the hood, on the front end of the car frame, or inside the driver’s door.
What Benefits Could I Get with a Title Loan Using the Equity in My Car?
When you work with ChoiceCash Title Loans, you could get affordable terms and unmatched benefits that make repayment less of a hassle!1 There are a lot of title loan options to choose from, but ChoiceCash Title Loans remain one of the most popular options due to the numerous benefits awarded to borrowers.
Qualified borrowers could look forward to all of the following perks:
- Low monthly payments that get lower each month!2
- Your last title loan payment could be half as much as your first!2
- No hidden fees or balloon payments of any kind!
- Get the flexibility to repay your title loan as early as you want!
- Inquire for more funding at your lowered rate!1, 2
- Having bad credit may not make you ineligible!1
While most title loan options have fixed rates and payments that stay constant throughout the repayment process, ChoiceCash Title Loans are different. Borrowers could start out with low payments that get lower each month!2 By continuously paying title loans on time, borrowers could repay less and less. Eventually, the last title loan payment could be half of what the starting amount was!
What Documents Do I Need to Get a Title Loan Using the Equity in My Car?
If you want to use the equity in your car to get a title loan, you will need to prepare your documents for submission. By having your paperwork ready ahead of time, you could speed up an already quick process.
The required documents for an online title loan could be uploaded online. Instead of going through the trouble of turning in your paperwork in person at a store location, you could scan your documents onto a computer or take pictures using a smartphone.
These are the documents generally required for a title loan:
- Car Title: To use the equity in your car, you must have a car title in your name. Without the car title in your name, you are unable to prove the car belongs to you.
- Proof of Income: Aside from the equity in your car, your ability to repay a title loan is one of the key requirements for qualification.As proof of income, you could submit paycheck stubs, government award letters, bank statements, etc.
- Proof of Identity: To obtain a title loan, you could show a wide variety of government-issued photo ID’s. You could choose to show proof of your identity through a state ID, driver’s license, or passport.
- Proof of Residence: Your address must be verified by a title loan agent in order to use the equity in your car as collateral. To show proof, you could submit recent utility bills, insurance statements, credit card statements, and more.
- References: You may be asked for personal or professional references.
How to Inquire for a Title Loan Using the Equity in My Car?
Title loans are an option to consider when you have a car and you need fast emergency cash. The inquiry process is simple, requiring only a few details in order to assess the equity in your car. Various cars are typically accepted for title loans, which means more people could get the financial support they need.
To possibly obtain a ChoiceCash Title Loan, you will need to follow three basic steps:
- Inquiry: The first step is to establish contact. You could choose to call the toll-free number 1-855-914-2945 or complete the title loan questionnaire online. You will be asked basic questions about your car and for your contact information.
- Paperwork: If your car has enough equity, you could be deemed eligible for title loans.1 You will be asked for documents that verify your car ownership, identity, address, and income. These documents could be easily uploaded online for convenience.
- Approval: Once your documents are received, they are used to verify your information. After a title loan agent approves you for a title loan, you could receive your money in as little as 24 hours!1
With ChoiceCash Title Loans you could easily find out the equity in your car within minutes!Inquire today for title loan funding and get your life back on track.