The obvious answer is: it depends on the car! Cash results for car title loans range from several hundred dollars to several thousand. Even up to $50,000. The best way to find out is with a free quote!
What Factors Decide the Equity of a Vehicle With An Online Title Loan?
When you apply online for an auto title loan, you’re asked a few basic questions about your car. That small amount of information is almost all you need to provide when you’re applying, but it’s critical information. If a lender asks for most personal information that might jeopardize the safety of your finances (such as your social security number), they’re probably not a real source of title loans; so watch out!
The basic questions that most car title loan providers will ask about your car are its make, model, year, and the condition that it’s in. This gives the lender a better idea of how much the car might be worth in the current market, like an appraiser considering how much you could get for an item at auction. But don’t worry- your car doesn’t need to be sold. This just tells you how much cash it’s worth, and how much money you can expect to get with your car title loan.
The lender will give you that quote, which will help you decide if an online auto title loan is the right choice for you. That service should be free for all potential borrowers like yourself. If it’s not, keep looking!
But basically, if you’re driving a shiny new sports car you’re going to get more money from your title loan than you would if you own a beat up old station wagon. Don’t let that discourage you! Most borrowers are pleasantly surprised at how much cash the equity of even their rusty old car is worth. You never really know until you’re quoted, so it doesn’t hurt to apply and find out for yourself.
What Happens When I Apply for an Auto Title Loan?
Some title loan providers require borrowers to have their cars checked out by a specialist to confirm that the car is in the kind of condition that you say it is. This just double checks the value of the vehicle so that the lender can see that equity with their own eyes. But again, not all lenders do this.
When you complete the online application process and the cash value of the equity is settled between you and the title loan provider, you will eventually hand the lender the piece of paper that is the title to your car. You’ll never have to hand over the keys, because the equity is all that matters… not the actual car itself, so you’ll be able to continue driving your car like always. In exchange for that slip of paper, you’re given the agreed-upon amount of cash. Once you’ve paid off your auto title loan, the title is returned to your possession.
Most car title loan borrowers receive thousands of dollars in as little as 24 hours after they submit their online application. If you think an online title loan is right for you, your next step should be to apply and get your free quote to discover just how much cash your car title could be worth!