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How Do Lenders Determine The Value Of A Missouri Title Loan?
If you're interested in one of our Missouri title loans, you may wonder how we establish its value. Well, you've come to the right place.
Let's dive into how we figure out your title loan's value before showing you the easy six-step process to acquiring one.
How Does Missouri Title Loans, Inc. Determine The Value Of A Title Loan?
Traditional loans combine your credit score and income to determine how much you can borrow. As such, the more you earn and the better your credit score, the more you can borrow. These lenders see your credit rating as the most accurate indicator of your financial responsibility.
However, Missouri Title Loans, Inc. does things a bit differently. Instead of considering your income and credit score highly, we utilize the value of your vehicle to determine how much you can borrow (within our lending limit of $15,000, of course). Thus, there's no need to have an excellent credit score to have a successful application.
What Factors Determine How Much Your Vehicle Is Worth?
The question is: how do we figure out how much your vehicle is worth? Your car's value depends on many things, but these factors are the most influential:
1. Odometer Reading
Your odometer reading dictates the number of miles your vehicle has traveled. Generally speaking, the higher your mileage, the less your car is worth.
That said, we consider your odometer reading alongside your car's age. Average mileage is supposed to be between 10,000 and 12,000 miles a year. Anything below that is low, and anything above that is high. So, if your four-year-old vehicle has 40,000 miles on the clock, you don't need to worry so much about the odometer reading affecting its value.'
2. Make and Model
Naturally, your make and model are vital in determining the value. After all, some vehicles are luxury, while others are not.
For example, cars from lauded manufacturers like BMW, Mercedes, Jaguar, and Tesla will be worth more than those made by Toyota, Kia, or Honda. Of course, there are always exceptions, but this is a general rule.
We use the national average value for your make and model to determine its base value and the other factors listed here to refine our quote.
3. Age
As we've already hinted at, your vehicle's age is essential.
Typically, the older your vehicle, the less it's worth. However, this isn't always the case. Vintage and classic cars are often worth more than their newer counterparts.
4. Service History
You can tell a lot about a car from its service history. Therefore, vehicles with complete service records are worth more than those without. Make sure your service book is in the car when we assess it.
5. Condition
We examine the car's mechanical and cosmetic condition. Naturally, vehicles in better condition are worth more.
6. Modifications
You might adore the decals and custom paint job, but others will fail to see its value. Unfortunately, modifications can lower the value of your vehicle. Ideally, remove any customizations before we appraise it.
How You Can Get Missouri Title Loans From Us
With the above in mind, you can get a title loan from us by following the steps below:
- Complete the online application found on our website. You'll find out if you're approved here.
- We will call you to discuss the process, ensure you understand the requirements, and set up the meeting location. Unlike traditional loans, you don't have to come into the store. We're happy to meet with you at your home or workplace.
- Whether you come to the store or we come to you, you must have the requirements when you/we arrive. These include your lien-free title, state-issued identification, and your vehicle. The latter must be a car, truck, or van. We cannot provide title loans for other vehicles, including trains, boats, tractors, trailers, and different modes of transport.
- We will review your documents and conduct a quick inspection of your vehicle to determine the value of your title loan. We'll consider the factors we discussed above.
- If you are happy with the amount we can offer you, we'll show you where to sign the forms and how to finalize the process. It won't take very long.
- Finally, you will receive the money on the same or the following day! It's really that simple!
Secure A Loan From Missouri Title Loans, Inc. Today!
With the value of a title loan sorted, you're ready to contact us to secure Missouri Title loans. Complete the online application form, and we'll contact you to help you through the process!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.