There’s no question that an auto title loan is a sensible and efficient solution when you need fast cash for an emergency or unexpected expense. However, you need a high-value vehicle if you want to get the most out of a car pawn loan Kelowna British Columbia. You also need to subject your car to an inspection to assess its value. There are several factors that will affect this.
3 Factors That Affect Collateral Evaluation
- Vehicle’s Value: One way of determining this is to take your car’s worth in your currency and subtract the amount you still need to pay for it. You’ll have enough car equity if the asset’s worth is higher than what you currently owe the car dealer. Lenders prefer that the car be lien-free.
- Car’s Overall Condition: It’s what the car inspector will ultimately base their assessment on. They’ll look at the car’s exterior and interior. They’ll check for rust or any damage. They’ll also look at the vehicle’s internal system. They want to see how well the car is functioning.
- Trade-In Value: This is similar to the equity you have on your car. You can check the Kelly Blue Book (KBB) to get an idea of your car’s “private party value.” This is basically how much you can sell your car to a private party instead of a company. Most lenders base their offer on the vehicle’s KBB value.
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