How much of the car do you really own? The auto equity is the amount of a vehicle's value the owner actually owns. If borrowers need quick cash, they can apply for auto equity loans using their automobiles as collateral for the loans. They will need to know the answer to this question to determine how much equity you have in your vehicle.
If you are to be approved by a lender for an auto title loan, the current value of your automobile must be higher than the outstanding loan balance. The lending company which financed the car loan owns a part of the auto equity in case if the car is not paid off. Most lenders will only approve your application if you own a vehicle that is paid off or nearly paid off. In other words, your vehicle title must be free and clear in order for you to qualify for a title loan.
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How to Assess the Value of Your Car
The Kelley Blue Book (KBB) is a popular resource to determine a used car's value. This research tool lets you search for your car's make, model and year as well as add the appropriate options to find the value of your vehicle.
The Kelley Blue Book gives you the retail value, the private party sale value and the trade-in value. The trade-in value (sometime equal to the wholesale value of the vehicle) will be the most instructive when you're seeking a title loan. Lenders will factor in this calculation to determine how much they can afford to lend you.
Estimating the value of your vehicle will help to ensure that you can borrow the maximum amount possible, on your car title. When you use the KBB valuation as a baseline, you can accurately assess the estimated pricing for your used car, which assures you are not overestimating or underestimating the resale value of your automobile.
The Kelley Blue Book free online vehicle valuation service will allow you to determine the condition of the vehicle as excellent, good, or fair. If your automobile happens to be 3 years old or less and in like-new condition, it will qualify for an excellent rating. Like most vehicles, if your car has some minor problems such as wear and tear, it will fall under the good category. If your automobile has sustained accident damage or has dents, rust or mechanical problems, it will get a fair rating.
Applying for Auto Equity Loans Online
Applying for auto equity loans online is usually very easy. Most top lenders will allow potential borrowers to apply online, therefore, you may get approved almost instantaneously.
Make sure you provide all the information necessary to assess your car's value and get an estimate before approaching the lender. Remember you cannot be approved unless you have a clear car title. The other important factors to consider that will determined how much you can barrow against your car, are the condition, the make, and the mileage of your car. Most lenders will give you between 25 to 50 percent of the value, going up to 100 percent in certain cases.
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