Motorcycle Value Estimator
How Would You qualify for a Title Loan
Auto (car), truck, motorcycle, and RV title loans are loans given to borrowers with bad credit, who use their vehicle’s equity as collateral for the title loan. This allows consumers to borrow money based on the value of their vehicle and not based upon their credit scores, their job, or other factors.
When you apply for any type of these title loans, you’ll have to show proof that you hold the title to your vehicle. It is important that the vehicle has a clear title and that your car equity is as high as possible for the maximum loan amount. The debt is conveniently secured by the title/pink slip.
When it comes to bad credit, you are not disqualified from getting approved. Auto title loans primarily cater primarily to people with bad credit, and often have high default rates, and so these risky loans command a higher interest rate than traditional auto loans.
How much can you borrow with a car, motorcycle, RV, or truck title loan? The amount you can borrow depends on the value of your vehicle and that is based on its wholesale price. Before you approach a lender, you need to assess the value of your car. The Kelley Blue Book (KBB) is a popular resource to determine a used car’s value. This online research tool lets you search for your car’s make, model and year, as well as add the appropriate options to calculate the vehicle’s value.
Estimating your vehicle’s worth will help you ensure that you can borrow the maximum amount possible on your car equity. When you use the KBB valuation, you can accurately assess the estimated price for your used car.
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 of that value they are willing to lend in cash. Most lenders will offer from 25 to 50 percent of their appraised value of the vehicle. This is because the lender has to ensure that they cover the cost of the loan if they have to repossess the vehicle.
When you cannot depend on your credit rating to get a low-interest loan, a higher-limit auto equity loan can get you cash in time of a financial emergency.
Make sure you find a reputed lender who offers flexible payment terms and competitive interest rates. Most lenders will allow you to apply for the loan through a secure online title loan application or by phone and let you know within minutes if you’ve been approved. You could have the cash in your hands within hours, and sometimes under an hour if all your papers are in order beforehand.
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When you apply for any type of these title loans, you’ll have to show proof that you hold the title to your vehicle. It is important that the vehicle has a clear title and that your car equity is as high as possible for the maximum loan amount. The debt is conveniently secured by the title/pink slip.
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