What is Vehicle Equity?
You may have heard the term equity before. Typically, equity in terms of finance is used to talk about houses, cars, and other assets. Vehicle equity is simple to understand. To find out your vehicle’s equity, just subtract the amount owed on the car from the current value of the vehicle.
How Can I Find the Amount of Equity in My Car Online?
To find the current value of your vehicle, you can use an online appraisal tool. These tools are often free! Just use Kelley Blue Book, Edmunds, CARFAX, or even Autotrader to learn more about your car’s current equity.
But, what factors contribute to your car’s current value? There is no guarantee that the value of your car will be the same as the current market value of the model of your car.
Typically, when you use these online appraisal tools, you will need to provide the following information about your vehicle:
- Any Modifications to Your Car: The value of your vehicle will be affected if you have modified it and added a unique exhaust system or any personalizations.
- Any Packages or Upgrades: Things like heated seats, GPS systems, or even a sunroof can positively affect your car’s value! Remember to include this information during your equity estimation.
- The Current Mileage on the Odometer: The amount of mileage on your car’s odometer matters. This is because it indicates the number of miles your car has traveled throughout its life; therefore, it indicates the wear and tear it has gone through. A vehicle with fewer miles on the odometer is more valuable. However, that does not mean that a vehicle with a lot of miles will have no value.
- The Condition of Your Vehicle: Any cosmetic damage to your vehicle, inside or outside, can affect your vehicle’s value. Additionally, you will need to maintain your vehicle in good condition throughout its life. That means regular oil changes, tire rotations, filter checks, etc.
- Make, Model, and Style of Your Car: Believe it or not, the style and color of your car will affect your car’s current value! Some models and makes of cars have more value than others. A Mercedes will often have more value than a Honda!
- The Year Your Car was Manufactured: Newer cars tend to have more value than older cars. However, that does not mean that old cars do not have value!
These things affect the value of your car, and once you have the value of your car, you can find the equity of the vehicle by subtracting any amount of money that you may owe on it (whether that be money still owed on it or any secured loans on it such as title loans for cars not paid off).
What Can I Do Once I Find the Equity in My Car?
Looking to learn more about your car’s equity? The first thing you need to do is to figure out why you need to have that estimate. Are you looking to sell your vehicle? Or, perhaps you want to make the most of your assets and apply for a title loan online?
If you are looking to sell your vehicle online and not go to a dealership, it can be helpful to have an estimate of your car’s equity. That will likely help you obtain a decent offer. If you list your car too high, it may not sell! However, if you take your car to a used car dealership, they can give you an accurate appraisal of your vehicle and potentially make you an offer. They can do the hard work for you! But, you may not get as much as you would by selling your vehicle independently, although that can be a huge hassle you may not want to deal with. Basically, if you go to a dealership, you will take less home, but it is not as much of a hassle.
If you want to learn more about your car’s current equity so you can apply for a title loan, here’s some great news: most title loan lenders can do this for you!
Apply for a Title Loan Online or Over the Phone Today
If you want to make the most of your vehicle, just apply for a title loan serviced by LoanMart online or over the phone today! Make sure you meet the initial requirements and have your required documents ready to get started. You will need these things to qualify for a car title loan:
- Proof of Income
- A Title to a Qualifying Car in Your Name
- A Few Documents to Verify Your Information and Identity
- And Be of Legal Age to Apply for a Title Loan!
Ready to get started? Just head to the LoanMart website to learn more about title loans today.
