The equity in a car tends to go down so quickly that a lot of people forget they have something of great value in their vehicle. If you take care of your vehicle by keeping it cleaned and getting regular maintenance, it can continue to be worth thousands of dollars for many years. That’s value you can tap into to get the money you need for other things, like paying off credit card bills, financing college, or even taking a special trip that you’ve been putting off.
Car title loans in Nevada give you money based on the value of your vehicle. You use the car as collateral, and you get a low-interest loan in return. But since the loan is issued entirely on the basis of your vehicle’s value, it is important to know just how much your vehicle is worth before you can know how much money to count on with title loans.
Here are some of the factors that will determine how much money your car title is worth in Nevada:
Age of the Vehicle
How old your vehicle is will have a big impact on value. Generally speaking, the older the car, the less valuable it will be. That’s because the engine and mechanical system will start to experience problems after a few years. Think of it like your car entering middle age – everyone knows that health problems are to follow as the body begins the home stretch. The same is true for your vehicle.
The only exception is if you have a vehicle that is considered a classic or is collectible. So long as these cars are maintained and upgraded over time, they can not only maintain their value but can actually increase in value.
Make and Model
A Mercedes Benz is going to be much more valuable than a Toyota Camry. You know this intuitively since these vehicles also cost more when you buy them new. Yet you might be surprised to know how certain makes and models retain their value when compared to others.
There is no hard and fast rule for how much one vehicle is worth compared to another, but you can do a little research online to find out how much your make and model generally sells for on the secondary market. That will give you a good idea of what you can expect when you start shopping for car title loans in Las Vegas and elsewhere.
You could have a Rolls Royce, but if its body is spotted with holes and its engine won’t run, the car won’t be worth much at all. The condition of your vehicle has a big impact on value. A Nevada title loan lender isn’t interested in reselling your car, but it does have to look at what the resale value is in case you default on the loan. That means taking the condition of the vehicle into account.
The condition of your vehicle includes the integrity of the body, including whether it has scratches or chips in the paint, dents, or missing items. Condition also takes into account the integrity of the interior, the functionality of everything under the hood, and whether any accessories are missing or broken.
Maybe you or a previous owner invested in some extras for the vehicle, like an upgraded stereo system or some higher-quality wheels. Depending on what you chose, these extras might increase the value of your vehicle.
Again, you’ll have to do a little research to know exactly how much impact these extras will have on the value of your vehicle. You can’t just add the price you paid to the vehicle as these items also depreciate in value over time.
There are several ways that you can determine the value of your vehicle using these and other criteria. One of the best resources online is the Kelley Blue Book. The guide lets you enter details about your vehicle and then provides you different values depending on if you were to sell the vehicle yourself locally or if you were to take it to a dealership to trade in.
You can also look at sites like Edmunds.com or check out the NADA guide to get values. It is also worth looking at secondary marketplaces like Auto Trader magazines and classified ads. None of these will tell you exactly how much a lender will give you, but they will tell you roughly how much your vehicle is worth on the market right now.
If you are interested in a title loan, it is important that you get a good idea of your vehicle’s worth and then that you shop around to find the best lender. Do your research to make sure you are dealing with a reputable lender who will give you top dollar for your car and great rates.
Title Loans 365 is a top provider of car title loans in Las Vegas and throughout Nevada. We provide approval on title loans within minutes for those who own their vehicles outright and who are residents of Nevada. You need only have proof of residency, age, and car ownership. You’ll get your loan fast so you can start meeting your financial needs and goals. With fast title loan cash in Las Vegas, you can help pay for a wedding, make upgrades to your home, take care of medical bills, and more. Visit us online or contact us in Las Vegas today to start the application and to learn how car title loans can help you.