Most modern types of loans won’t ask for collateral but will determine your ability to repay a loan based on your credit history. As credit scores aren’t yet a thing that we learn about in school, many people get themselves into bad credit by getting a credit card and maxing it out straight after high school. This results in bad credit which can take many years of paying back loans on time to resolve and can make life that much more challenging even when you know you can afford repayments. As a provider of car title loans in CA, we’ve been able to assist countless people in getting loans for what they need, despite their bad credit.
We do so by taking your car title as collateral and can give you money based on the value of your car. Although the determining factors of the value of anything can be difficult to understand, there are several factors that will determine its exact value.
Here is a look at the defining factors in the valuation of your car, and how you can retain its value over time.
Perhaps one of the first things that are considered when looking at the value of a car is the mileage. This is the total distance that car has been driven, and often reflects a general idea of how much wear and tear the car has received. Even the nicest car from the 90s will have accumulated enough miles by the 2020s to have devalued substantially. Sadly, mileage cannot be reduced in a car (at least not legally), so to retain the value of your car you should only use it when necessary, avoiding aimless driving.
Arguably just as important as mileage in valuation for our car title loans in CA, the condition of a vehicle tends to be a subjective matter. Although the condition is intrinsically linked to mileage, there are many examples of low mileage cars which have been ruined by children or pets. The Kelley Blue Book, a leading yardstick in measuring the value of cars here in the United States, considers aspects of the exterior, interior, mechanical, and miscellaneous.
Here is a look at the elements of each of those categories, and what factors determine their condition.
- Paint and body – are there scratches, dents, chips, paint flaws, or rust?
- Paint or body work – has there been cosmetic or significant work done on the paint or body?
- Frame or unibody – is it unaltered, altered, replaced, damaged, or repaired?
- Windshield glass, lights, and lenses – are there scratches, irreparable damage, repairable damage, cracks, chips, or discoloration on any of them?
- Wheels – are they flawless, require minor repair, or do they need replacing?
- Upholstery and carpet – is it like new, clean, stained, burnt, faded, or cracked?
- Odor (smoke/mold) – does it have an odor which is faint or obvious?
- Electronics (windows/locks/radio/NAV/etc) – are they all fully functional, or do they have minor or major faults?
- Engine/Transmission – are they fully functional, operable, require repairs, or is the vehicle not operable?
- Steering/Suspension – are they stock standard, have minimal wear, or do they need repairs?
- AC/heater – is there one installed? Does it function or need repairs?
- Brakes – are they like new or do they have 75% or 50% remaining, or need replacing?
- Tires – are they a full set and in like-new condition, or do they have 75% or 50% of their tread remaining, or are they worn and non-matching?
- Title “Pink Slip” – does it have a clean title, or was it a rental, used for commercial, or is it a salvage, or a rebuilt salvage?
- Maintenance/Records – has it been maintained and have the records to show it, or is the odometer defective and true mileage is unknown?
- Emissions test – did it pass or fail?
These are all the factors that will truly determine the condition of your car, and as you can see there are many minor repairs that one can do oneself, or affordably with a mechanic, to increase or maintain the value of your vehicle.
Obviously, other factors such as the make and model of the car are pre-determining factors of its value, as certain cars may be more or less valuable depending on their prevalence in the area.
Car Title Loans in CA
To get a true idea of what your car might be worth, and how much that can get you, contact us about our car title loans in CA. We will be more than happy to determine the value of your car, and inform you of how much we can loan you based on that, in as little as 30 minutes.