What’s The Value of My Vehicle? How Is That Determined?

At some point in your life, you might wonder, ‘What's my car worth?’ Using a vehicle value calculator can help you determine a price to sell your vehicle or its trade-in car value in Missouri. You can also calculate your car’s value for a title loan that allows you to borrow money based on the value of your car.

In this guide from Missouri Title Loans, Inc., learn how to determine your car value, including through factors like its age, make, model, condition, and mileage. We will also go over how your car’s value can affect how much you can borrow through Missouri title loans.

Understanding Types Of Vehicle Value

Before you learn about the factors affecting your vehicle’s value, it’s essential to understand that there are multiple different types of vehicle values. There are various reasons why you would want to know what your car is worth and use a vehicle value calculator. Depending on the reason, there are different factors that can affect its value.

The following are some of the different types of vehicle values:

• Retail value - This one refers to the price of similar models if they are being sold at a car dealership.
• Trade-in value - In case you don’t want to sell the vehicle yourself and you’d prefer to trade it into a dealer, you can expect the professional to offer you a trade-in value. Trade-in car value in Missouri will depend on how much the dealer can resell the car for.
• Private-party value - This is the price you would expect to pay when trying to buy a vehicle from an individual. Take this value into consideration if you’re selling the car on your own.
• Current market value - Certain sites track car prices and sales nationwide. Real selling prices help provide an up-to-date price estimate.

What’s My Car Worth? Factors Affecting Your Car’s Value

At Missouri Title Loans, Inc., we offer title loans to borrowers who need quick cash to handle an emergency expense, such as overdue bills, medical expenses, or home repairs. How much you can borrow for a title loan depends on the value of your vehicle.

Knowing the factors that affect what your car is worth can help establish how much you can expect to borrow from your emergency cash loan. You can borrow up to $15,000. We will calculate your car’s value for a title loan to determine how much of that maximum amount you can qualify for.

The following are the factors that affect your car’s value:

1. Make And Model

The make and model refer to who made the car and what type of car it is from their catalog. For example, a Nissan Altima refers to the car’s make and model. Nissan is the make, with Altima being the model.

There are certain brands and models of cars that are worth more than others. Luxury car brands like Mercedes-Benz, Ferrari, and Cadillac will have cars with greater value than Nissan and Toyota. Some models of cars will also be worth more, with newer models earning you more money for a title loan.

2. Age

How old your vehicle is can also affect what your car is worth. This does not mean how old the model of the car is, but how old your specific car is. Not all 2003 Nissan Frontiers are the same age, despite the model being from 2003. It depends on how long ago you or the original owner bought the car.

Newer cars are likely to be worth more than older cars because of wear and tear. Age can affect its condition, which we will address below. A car that is five years old is more likely to have issues with its condition compared to a car that is only one year old.

3. Condition

If you’re looking for how to determine car value, a crucial factor to consider is your car’s condition. This refers to the type of shape the car is in. The first thing you can look at is its exterior and interior. What condition does the car appear to be in just by looking at it? Is there any damage to the outer shell? Are the seats still in good condition, or are they ripped?

You also need to consider the condition of its car parts. They can wear down over time, and damaged car parts can affect the value of your vehicle. You must also get regular maintenance to check your oil levels, air filter quality, and tire pressure and depth. Borrowers with a car in good condition will get more money through title loans in Missouri.

4. Mileage

How many miles you have put on your car can also affect its value. All of the last three factors are connected. If your car is older and has a lot of miles on it, it’s more likely that it will be in worse condition than a newer car with less mileage put on it.

Driving your car a lot can cause wear and tear. More mileage can also reduce the value of your car, resulting in less money for your car title loan. However, you can recoup its value by replacing old, worn-down car parts.

Tips To Boost Your Vehicle’s Value

Now that you understand the factors that affect what your car is worth, you may worry that your car is not valuable enough to get the money you need for your financial emergency. However, there are still things you can do to raise the value of your vehicle. A vehicle’s value is not set in stone and can be improved if you take the proper steps.

The following are some ways to increase your car’s value:

• Repair broken windows or windshields
• Fix minor dents or scratches to the exterior
• Detail your car
• Fix any mechanical issues
• Reupholster car seats

How To Get A Car Title Loan In Missouri

After answering the question, “What’s my car worth?,” you can go through with the process of getting a title loan. Car title loans can help provide fast emergency cash when faced with urgent expenses. You can calculate car value for a title loan to determine how much you can borrow.

If you can borrow enough money to afford your costs, Missouri Title Loans, Inc. has a simple process to help you get same-day approval for title loans. You only need to complete a few steps, and you can quickly receive your money to handle your urgent expenses.

The following are the steps involved in getting a title loan in Missouri:

• Fill out our online inquiry form with your basic information
• Answer a phone call from a loan representative to discuss the process
• Gather your required items and head to a local Missouri store location
• Allow the loan representative to verify your requirements and determine your car value in a quick inspection
• Sign documents to complete the process
• Receive your title loan funds the same day or the next business day

FAQs

How much can I borrow based on my car’s value?

Borrowers can receive up to $15,000 from a car title loan in Missouri. The full value of your loan will depend on your car’s value determined during a quick inspection. The factors mentioned above will determine how much you can borrow.

Can I get a title loan if my car is older?

As long as your car is fully paid off, you can get approved for a title loan with us. Someone who has an older car may not be able to receive as much money as someone with a newer car. Use a vehicle value calculator to determine its value and follow some of our tips mentioned above to increase its value before applying.

What happens if my car has a lien on it?

Car titles that are not lien-free cannot be used for a title loan. You must fully pay off your car before you can use its title to borrow money through a car title loan.

Apply For Title Loans In Missouri – Borrow Up To $15,000 Today!

Knowing how to determine your car value can help you when you need fast cash from a title loan. Missouri Title Loans, Inc. can also help with our friendly staff of loan representatives. We have a speedy process that takes less than a day and can help you calculate car value for a title loan.

Get same-day approval for title loans in Missouri with us today! Submit your information through our online contact form, and a loan agent will call you to guide you through the approval 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.