When applying for a car title loan, the quality level of your vehicle is a very important factor. You’re borrowing money using your car as collateral against the loan, so every dollar of extra value on the vehicle is another dollar you might be able to get in your loan.
There are certainly other factors involved in this process, but the value of your car is one you have a good amount of control over. Here are a few tips for maximizing the value of your car before putting it up for a title loan.
Keeping your car up to date on repairs and maintenance is important for all vehicle owners, but especially for those looking to keep the car’s value high. Trade-in values often reflect the higher end of the pricing spectrum for any repairs you’ve left unfinished, and there’s a good chance you’re lowering the value of the car by leaving them.
If you or anyone you’re close with is capable of making some of the repairs, that’s a great option to reduce your costs. Down similar lines, a trusted mechanic can be hard to find, but hold onto them when you do – a good deal here or there could go a long way to determining whether you’re in the red or the black when it’s all said and done.
Right or wrong, the appearance of a car has significant weight during the trade-in or title loan negotiation process. Body work like dent fill-ins and the like should be fully completed, and it’s never a bad thing if you get a chance to polish both the interior and exterior of the car. First impressions go a long way, as they say.
It’s common for people to neglect their tires as part of the resale process since many consider them separate or less important, but this is a mistake. Just like regular maintenance issues, most lenders will generally default to the higher end of the pricing structure for any repairs they have to make, so if you can get this done yourself (especially if it’s for a relatively fair price), you’re likely to come out on top.
Perhaps most importantly, being able to show proof of your upkeep on your car is a huge deal. Uncertainty can cause lenders to lower the return price on the car, but there can be no confusion if you have documented records of all service completed.
Want to know more about increasing car value, or any element of car title loans? At Loans for Less, our lending is fair and keeps your individual situation as the top priority. Contact us