How does the condition of my car affect my loan amount in Florida?

August 12, 2024

Most people have experienced money problems at least once in their lives. No one wants to lose the security of their life savings, so loans come in handy to pay unexpected expenses without having to adjust your monthly budget.

Of course, you also need to be granted enough money to cover all your needs, and many loan options fall short. They either place too many restrictions depending on your credit score or their interest rates make way for more stress and debt.


Car title loans are the ideal solution to avoid these concerns and get money fast. You can follow a quick process and get the right amount to pay for last-minute repairs, travel tickets, medical fees, and more. Still, not everyone gets the exact same amount and that has everything to do with the vehicle's condition.

Understanding the Title Loan Process

Car title loan is a type of loan that's based on the equity in the vehicle, so borrowers can get from 100$ to thousands of dollars. While the vehicle itself isn't used as collateral, it's still essential to complete the loan process.

Your credit score and employment status are not taken into account during the loan process, so they don't play a part when calculating the loan amount. Once the loan representative verifies that the car's title is in your name, it all comes down to the inspection.

Loan companies in Florida accept nearly any kind of vehicle, including motorcycles and trucks, but they take many other factors into account before it's time to sign the loan agreement. As determined during the inspection, the loan amount represents around 25%-50% of the vehicle's value, but what are these factors and how do they affect the loan amount?

Does the Condition of My Car Affect the Loan Amount?

Yes. By definition, car title loans are determined by the vehicle's value. This encapsulates different aspects like the car's make, model, and mileage, and they're all assessed during the loan inspection before the client can get a definitive number. At Quick Cash Auto Loans, you can get up to $25,000, but the final amount will only be defined after the vehicle inspection. Any legal adult with a running vehicle is eligible for a car title loan, but the vehicle's condition is what determines how much you can get.

This is what happens during the vehicle inspection:

The loan specialists will check the car inside and out, including the engine and the rest of its bodywork, the headlights, wheels, etc. Besides the physical inspection, the representative will determine the vehicle's market value depending on its make, model, and year. Here are some things to consider:

• You need to manage your expectations if you go in with an old vehicle. An older car is likely to result in less money when compared to a newer model, especially if it shows signs of disuse. For example, a bumped door, peeling paint, or a broken side mirror would lower the car's price rate and its overall value. Then, there's the fact that car parts are more prone to stop working if the car's been running for a long time, regardless of how much money you invest in its care.
  
  
  Side note, some old models may fit into the category of 'classic cars' and potentially get a high enough amount. The car model can be a huge boost in your favor because a fair number of models are more exclusive by default, no matter their age.


• Mileage is also important when it comes to gauging the quality of all the car pieces. A high mileage means a bigger strain on the car and more repairs in the future.


• If you own the car, you probably have a close idea of its market value, but the company representative will look into additional factors to make an accurate assessment. Since a car's value drops over time, you can't make assumptions based on its price when you first bought it.

While the idea of taking your car for inspection can be unpleasant, this part of the process usually doesn't last more than 30 minutes. Then, the loan specialists will outline all the factors that influenced the loan amount, so you don't have reservations after leaving the office. During this conversation, you also get to choose different scheduling options to save you any stress during the repayment period.

Regular maintenance is still important, as well as doing due diligence. It doesn't hurt to check the car's value with the manufacturer so you have an accurate expectation of the loan amount. If you have the means, you could also replace certain parts when they are nearing the end of their lifespan.

Looking for the Best Loan Amount in Florida?

Quick Cash Auto Loans is here to ensure a fair assessment and the most convenient loan terms. We offer top-tier loan services, and that includes thorough vehicle inspections so you're not left disappointed by the end result.

Our loan process allows all makes and models, and we've tailored our standard percentages to provide full satisfaction while adhering to state laws. Also, you can expect a comfortable loan term where you don't stress over your payments and some of the lowest monthly rates in the title loan industry.

Interested? You can call (786) 600-3411 or fill out the application form to get in touch with our representatives. We'll be happy to answer all your questions and provide any assistance to get started with the process. Contact us to day and begin your journey to financial freedom!