Can I Keep My Car If I Get An Auto Title Loan Online?
It's long been a topic of discussion within the borrowing community — can you really keep your car when getting an auto title loan online?
While it might come as a shock to many, you can indeed keep your vehicle while you're repaying a title loan from most reputable lenders (including us, of course). It's just a case of sticking to your payment schedule!
In the following sections, we will discuss the keeping-of-your-car business in more detail and how we establish affordability based on its value.
Do You Keep Your Car If You Get An Auto Title Loan Online?
As we've established, you keep your car when you get an auto title loan online, allowing you to use it normally while you pay the loan back. Just keep up with the repayment plan, and we simply place a lien on your vehicle's title, giving the title paperwork back to you once it's paid.
We Don't Take Your Car, But We Do Inspect It
Even though we don't ask to keep your car while you are paying it off, we will inspect it before approving you for the title loan online. Why? Because the value of your vehicle determines the amount of money (up to $10,000) we can offer you.
To find out your car's worth, we consider the following factors:
What Determines The Title Loan Amount?
- The car's service history — A full-service history increases the car's value because it assures us you've taken care of it. Having the vehicle regularly checked by professionals is a must-have to ensure it keeps running long-term.
- The car's condition — Of course, this is the most obvious factor that determines your vehicle's worth. It includes wear and tear, alongside actual damage and repairs it has endured over the last few years. However, the severity of the damage also plays a role. For example, a chip in a door could reduce a luxury vehicle's value by hundreds but barely affect the worth of a run-of-the-mill car.
- The car's color — While certainly a very shallow metric, the color does impact your car's ability to sell. We don't suggest forking out for a respray just to get a few extra dollars from your title loan though.
- The car's modifications — Generally speaking, we prefer unmodified cars. Thus, modifying your vehicle can cause it to lose value. That said, installing a new engine in an older chassis could hike the price.
- The car's age — Naturally, cars lose value as they age. In fact, they lose up to 60% during the first five years. So, the older your vehicle, the less it's worth unless it's classed as vintage.
- The car's mileage — A higher mileage implies the car has undergone excessive wear and tear. However, we evaluate this passed on its age. Average use is considered between 10,000 and 12,000 miles a year; anything above that is deemed high mileage and lowers the value.
- The car's make and model — Premium vehicles with luxury features are worth more than everyday makes and models. If you're lucky enough to own a high-end car outright, you stand a good chance of getting approved for the highest loan amount. Although, only apply for the figure you require.
How To Get An Auto Title Loan Online From New Mexico Title Loans, Inc.
Now you know you can keep your car while repaying the loan, follow these steps to get one from us at New Mexico Title Loans, Inc.:
- Complete the form found on this website. We value your time, so we've made it as short as possible.
- When we receive your information, we will call you to confirm your request and talk you through the process. Don't be afraid to ask any questions; it's what we're here for. We'll require you to set up a meeting location e.g., your home, workplace, or another convenient destination.
- Ensure you bring the following things with you:
- Government-issued ID (such as your driver's license or passport)
- Lien-free vehicle title
- Vehicle for inspection
Secure Your Auto Title Loan Online Right Away!
You can absolutely keep your car while repaying your auto title loan online! All you have to do is stick to the repayment schedule. So, if you're in need of some quick cash to fund emergencies, just complete our short request form, and we'll be in touch very soon to guide you through the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.