How much money can I take out on a loan for my car title loan?

Car Title loans are great solutions if you have been looking for emergency money, you are now wondering how the maximum amount I can borrow is determined. Every vehicle title loan company has their own ways of determining the value of your vehicle and different factors that may affect your title loan amount. For instance the older your vehicle is the less it can be worth, but at times an older vehicle that has been properly maintained and has low miles may be a great source for a larger car title loan than expected. While the year, make and model of your car are the most important factors for title pawn companies the rarity and condition sometimes is taken into account to determine the title loan size. The liquidation value to lenders is important because in cases when the vehicle has to be repossessed, the lender will have to liquidate to recover their investment. Manufacturer upgrades to the interior or exterior, along with new tires etc. will help add value to your vehicle.  Other upgrades like rims and customized paint jobs may reduce the value of the car since it makes it harder to be sold because it narrows down the buyers interested. If you look up your cars value on Kelley blue book, remember that title loan companies will be looking at the trade in value of the vehicle.  With knowledge of how much your car may be worth on KBB, you can expect that most lenders will be looking to do a car title loan on up to 50 to 75 percent of the value of the automobile for use as collateral for the title pawn.

Car title pawn- What to have before heading to the lenders office.

Car title pawn is a very fast and simple loan transaction available to those in need of emergency funds. Before you head to your local title pawn company for a title loan you need to have a few things in order to avoid complications or having to go back and forth to the branch office. The main documents that you need to apply are; a clean car title (that being that there are no outstanding liens on the vehicle), basic proof of identification, whether it be a driver’s license or state issued ID. You will also need proof of current insurance on your vehicle and a bank statement or paystub for proof of income. Some lenders might ask for proof of residency, utility bills such as; water, electricity, gas or even a cell phone bill should be enough documentation to prove your residency. Your application will require job information, where you reside, personal references, etc.  The last thing a car title pawn lender will be asking for is a spare key of your vehicle (exceptions may be available). I recommend that before you go in for your title loan, make sure your car is clean and the inside of your vehicle is organized to give the lender a good feeling about lending to you. Always go in with a positive attitude and know how much money you need to borrow and that you will be able to make timely payments or within the required time period, pay off the car title pawn.