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When you need to surge through a financial crisis or emergency and you have bad credit your best option is to consider car title loans. Online approval for title loans is usually easy to get and these loans are better because they are secured loans with so they have lower interest rates than unsecured loans. All you need is a pink slip, and you can use your vehicle as collateral for the loan. If you default on your payments and the loan becomes delinquent, the lender will take steps to repossess your car and sell it as quickly as possible to recover their debt. But in order to borrow the maximum amount possible, you need to know how much auto equity you hold. So how do you get an accurate evaluation for your vehicle? How Lenders Determine The Value Of Your Car? You need to first understand how lenders will evaluate your vehicle's value, when applying for title loans online. The major factors that lender's consider, include: * Vehicle make and model: This factor gives a lender an estimation of it's reliability and safety. Models and brands that are popularly considered more reliable and safe have better resale value than others. * Vehicle popularity & scarcity: A model or brand of vehicles that is popular in the used car market, and not as easily available to potential buyers will have higher resale value. Should the lender be forced to repossess and sell it, they will make a bigger profit from such models. * Automobile history: If your auto was salvaged or damaged in a accident, the damage it sustained will have make it difficult to sell and will decrease its resale value. Lenders will not be willing to pay as much for damaged cars as for almost-new ones. * Mileage & Age: How old your automobile is and how long it was driven are also factors that impact its worth. The more the mileage, the less it will be worth to the lender. * Vehicle Condition: Cars that have been maintained well will command higher resale prices, for obvious reasons. * Upgrades & options: Interior upgrades, new tires and other manufacturer upgrades that you paid for will all make your automobile more valuable in the resale market. * Vehicle location: Sometimes an automobile can be less or more valuable depending on where it is sold, especially if it was customized or built for specific terrain or certain weather conditions. For instance, a 4x4 outfitted for snow is much more valuable in a snow-bound area such as Michigan, than in a tropical region like Miami or New Mexico. Another number you need to factor into your calculations is the wholesale value (or trade-in value) of your automobile. Lenders will calculate this value when determining how much they are willing to lend you. A popular online research tool that is recommended for checking used car prices is the Kelley Blue Book. This online resource lets you input all the details about your vehicle and helps you calculate the precise market value a specific model or make. When using the Kelley Blue Book, don't leave out any details while describing your automobile. Include all upgrades or features you've added such as interior packages, sound systems and tires. These can greatly increase the value. You need to provide all the information you have about your automobile online, so you can get an accurate evaluation. Performing this calculation online will help you estimate your automobile's value accurately and help you borrow the maximum amount possible on equity loans and car title loans online. Because the lender has to spend money to repossess and sell the automobile should you default on loan payments, lenders will always offer you much less than your car's actual value to ensure that they will recover at least the cost as collateral. Your lender should be willing to loan you from 25 to 50 percent of the wholesale value of the automobile you are offering as collateral. However, you should know that no matter how much your car is worth, some lenders will only lend you a fixed amount of money. If that is not acceptable to you, look for a one who is willing to offer you a percentage of your car's worth. Assess the value of your used car and apply for car title loans online with resources and tools offered by a reputed lender. Visit www.123fundme.com to determine how much you qualify to borrow. Learn if you're approved in just a few minutes.
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