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Auto equity is the amount of a car's value the possessor really owns. In order for you to determine how much you can borrow with equity auto loans, you will need to determine how much equity you have in your vehicle. Most lenders will only grant a title loan online for borrowers who own a car that is paid off or nearly paid off. In other words, your vehicle title must be clear in order for you to qualify for a title loan. In order for you to determine how much you can borrow with auto title loans, you will need to determine how much equity you have in your vehicle and also use some tools to estimate your vehicle's worth. How Much of Your Car Do You Really Own? The auto equity is the amount of a vehicle's value that the owner actually owns. If your vehicle is not yet paid off, the lending company that financed the car loan owns part of the car. To apply for auto title loans, you need to know how much of your car loan is paid off so you can determine how much equity you have in your vehicle. If you are to be approved by a lender for an auto equity loan, the current value of your automobile must be higher than the outstanding loan balance. How much is Your Car Worth? To ensure that you can borrow the maximum amount possible on your car title, you need to estimate your vehicle's worth. The Kelley Blue Book (KBB) is an online research tool that lets you search for your car's make, model and year. The Kelley Blue Book will help you calculate the trade-in value (sometime equal to the wholesale value of the vehicle). This is the most important amount because lenders will factor in this value to determine how much they will lend you. The Kelley Blue Book free online service will also help you determine the condition of the vehicle as excellent, good, or fair. If your automobile is less than 3 years old it is considered in like-new condition, which will qualify for an excellent rating. If your vehicle has sustained minor problems such as wear and tear, it will be considered in good condition. In case of accident damage, dents, rust or mechanical problems, it will get a fair rating. When you need the reassurance that you are neither overestimating nor underestimating your automobile's resale value, you can accurately assess your used car value using the KBB to determine your automobile's resale value. Doing your homework and researching what you can get in the resale market for your car will help you get the maximum possible amount on equity auto loans. Applying for equity loans online is easy, since top lenders offer online applications on their website. Make sure the lender has a secure application to prevent identity theft. If not, look for a lender that offers the option of applying for a title loan on the phone. In Illinois, equity auto loans can be approved through a secure and user-friendly online application interface available from a reputed lender. Determine the size of title loan you're qualified to obtain when you input all of the relevant information on your vehicle at www.123fundme.com.
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