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Categories: Car Title Loans,  Car Title Loans California Blog

Cars and houses are common assets that are used by people to secure loans. The equity in your financed car can either be negative or positive equity. It is positive equity if the worth of your asset is higher than the amount you owe. It is negative equity if the worth of your asset is lower than the amount you are owing.

What is Equity in My Car?

The equity in your car can be done by subtracting the amount you owe from the current worth of your car. Now the question is how to know the worth of your car. you can determine the worth of your car by using some online resources where you will enter certain information about your car, you will need to enter the model, make, year, and mileage of your car. once you know the worth of your car, you can determine the equity in your car based on how much you are owing.

How to Determine the Equity in Your Car

You can determine the equity in your through two methods.

  1. Find Out How Much You Are Still Owing on the Loan: knowing how much you are still owing on your car title loan is not difficult. You can get to find the amount you owe via your payment history or through your mail or monthly statements. If you are unable to know the amount you owe via these means then you would need to contact your lender or dealer.
  2. Find out How Much Your Car is Worth: The market price is not always stable; you need to find out how much your car is worth by getting an appraisal at a car dealership or by using an online appraisal tool.

Appraisal by a Car Dealership

You can visit a reputable and trustworthy used car dealership to know the current worth of your car. Your car will be assessed and inspected based on its cosmetic and structural condition. This will help them to determine the trade-in value of your car.

Online Appraisal Tool

You can get to use this tool on the internet. You fill out the questionnaire to receive an accurate estimate of your car. you will be required to fill in the year of your car, the body style, mileage, make and model.

After inputting these details, you will get an estimate of what your car is worth.

  1. Now that you have an idea of how much you are owing on the title loan and what your car is worth. You have half of the job done. What you do next is to do the math. Subtract the value of your car from how much you are owing, what you get is the equity in your car. if the result is negative, this means you have negative equity and if it is positive, it means you have positive equity.
  2. Use the Equity in Your Car to secure a Car Title Loan: If your car is worth more than the amount of money you are owing, then you have equity in the car and may want to explore to see how much loan amount you can get. If you are not owing on the car, then the worth of your car is your equity and you can proceed to use the car to secure a car title loan.  

A car title loan is one of the fastest ways of securing loans, especially in emergencies. You can apply for the loan and get it the same day. There are no credit checks and the interesting part is that you can apply and get the funds needed online without leaving the comfort of your home or office. It is fast and easy, and the terms can be negotiated to suit your financial situation.

Car Title Loans California is a platform that does not endorse specific lenders and does not charge visitors any fees for its services. The website owners do not assess or approve credit, and information collected from applicants is transmitted to lenders or partners within the site's lending/partner network. Visitors are under no obligation to use the website or initiate contact with site operators. Additionally, there is no requirement to secure a loan or financial product/service from any of the site's lending partners. It is essential to understand that the transmission of financial and personal information on the website does not obligate lenders or partners to offer a loan or any credit product or financial service. Cash transfer times may vary, and it may be necessary to fax information under certain circumstances. Questions about loans and concerns should be directed to the lender or loan servicer. The loans facilitated by Car Title Loans California are intended as short-term financial solutions to address immediate monetary needs and are not intended to be part of a long-term financial plan. These services may not be available in all states. Potential borrowers may undergo a credit check, and lenders may use major credit reporting bureaus, such as Equifax, Trans Union, and Experian, as well as other alternative sources to check credit ratings. The locations mentioned on the website are Car Title Loans California partner locations, and loan amounts vary based on qualifications. Since Car Title Loans California does not lend money directly, it cannot offer solicitations for loans or financial products/services. The service connects users with lenders or partners based on the provided information. States serviced by the website may change without notice, and personal unsecured loans may not be available in all states and areas. Loans offered through the website typically do not have pre-payment penalties, but Car Title Loans California cannot guarantee that every lender meets this standard. All lenders and partners are responsible for their own interest rates and payment terms, and Car Title Loans California has no control over these rates or payments. The number of people applying for loans may not be the same as the number of people eligible to receive them, and Car Title Loans California cannot guarantee approval for a loan or financial service. The website advises users to use their discretion when working directly with lenders or partners. For car title loans, some lenders may require the use of a GPS locator device on the vehicle. Whether the lender pays for or charges the borrower for this is at the discretion of the lender. In some circumstances, faxing may be required, and the use of a cell phone to receive updates is optional. Users are encouraged to review the privacy policy. Loans offered through the website can be expensive, and users may have other, potentially less expensive, ways to secure funding. These loans are designed for short-term financing to address immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan, and loan rejections are not disclosed to Car Title Loans California. Users may want to contact the lender directly. Loan amounts differ at locations, and account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry and, if applicable, a motor vehicle appraisal. Lenders are typically licensed by the state in which the borrower resides, and users are advised to consult directly with regulatory agencies to ensure their lender is licensed and in compliance. Regulatory agencies are in place to protect borrowers, and it's recommended to verify the full licensing of any lender providing funds.