equity in a vehicle

Equity in A Vehicle: All You Need to Know

Equity in A Vehicle

Everything you need to know about equity in a vehicle is detailed here down below.

Whether it is a house or a car, they consider it a valuable asset to secure a loan when running out of funds. If you own a financed car then you must know about the equity. If the worth of the car is more than the balance you owe on the loan then it has positive equity.

Besides, if the value of the car is less than the balance pending then it has negative equity. Owning a car with no loan can be a great source to get an instant title loan for overcoming financial challenges.

It is easy to calculate the car’s equity by subtracting the loan pending with the actual value of the car.

What is the Equity on a Car?

Applying for title loans can be the best decision when running out of funds. Moreover, if you have financed the car then you must know the equity in your car.

Now talking about what makes a vehicle hold worth? When talking about the value it is necessary to know the vehicle’s equity. The vehicle value is decided by the present value compared to the future value. There are majorly two types:

  • Positive Equity – Is your vehicle getting clear in a short duration? Are there only a few smaller payments? Positive equity is when your vehicle’s worth is more than the amount you owe to it.
  • Negative Equity – The time duration is longer for getting the vehicle completely paid off. Negative equity is when the amount you owe on your vehicle is more than the amount the vehicle’s worth. If you are paying your vehicle off for some time but you are not closer to the loan ending period then the vehicle has depreciated, leaving you with negative equity.

Recommended reading: Personal Loans Without SSN: Everything You Need to Know

How to Find the Equity in Your Car?

There are a few ways with which you can discover the equity in the car. Moreover, if you are searching for fast cash assistance then consider title loans serviced by Champion Cash Loans. You will receive a free title loan estimate.

Discovering how much you have to pay on the loan

If you receive regular updates with a newsletter or you have online access to the loan details then it won’t be a tough task to know how much the loan is pending.

Besides, if you do not have subscribed to any such advantage then the suggestion is to talk with a bank or dealership to get complete details on the loan pending.

Finding out the current value of the car

Calculating the value of the car is not an easy task. In addition, if you have maintained the car in its perfect condition and followed regular maintenance tips, getting it serviced from the authorized dealership then you can expect a higher value.

It is not easy to keep the car in an idle state as the value of the car tends to depreciate every year. Regular wear and tear can lower the car’s worth.

There are two other ways with which you can get a complete estimate for a car’s equity.

Getting an appraisal from Car Dealerships

You can visit the reputed dealership where used cars are sold more often. They have technical staff having years of experience. The experts will check your car from every aspect and get you to know the current market value.

In addition, the process won’t charge you any penny and get you a complete quote regarding the car’s worth. It is a simple tip to follow when the need is to know about the car’s market value.

Try to utilize the online appraisal tool

Champion Cash Loans have changed the face of instant financing. With our online title loan program, anybody can get instant funds despite having bad credit. You can use the online car value estimate tool to know about the current value.

You can also get an equity loan on your car. Our interest rate is the lowest in the market. The loan amount is based on the market value of your vehicle according to the Kelley Blue Book.

Auto Equity Loans are built to help you out and our loan terms are very easy to keep.

What do you need to do?

Input the car details such as:

  • Make
  • Type
  • Style
  • Variant
  • Mileage
  • The latest Images include a hood, side skirts, and VIN.

Once you do so then our experienced loan agents will check it and give you a free estimate. If your car’s worth is great and goes with title loan requirements then you can receive a pre-approval title loan estimate within a few minutes.

There are no hidden charges but you need to spare a few minutes to get complete details in regards to the car’s current value.

Conclusion: Equity in A Vehicle

Getting to know about the car’s equity is not a tough task as long as you know the way to find it. Moreover, if you have no pending loan or owe an amount to the bank or any other lender then the current value is the equity of your vehicle.

For instance: if you own a car and the worth is around $10,000 but you owe $2,000 then the equity of the car stands at $8,000. 

If you are running out of funds and are now caught by financial troubles then there is nothing to stress over. Besides, if you cannot spare enough time for standing in a long queue, or going through lengthy documentation, then title loans are your helping hand.

With an easy online process, you can expect instant cash transfer to your bank account within the same day of applying.

Recommended reading: Can you Have Two Title Loans at the Same Time?


© 2021 Champion Financial Services


DISCLOSURES TO CFS VEHICLE SECURED TITLE & PERSONAL LOANS

California: All loans are made or arranged pursuant to a California Finance Lenders Law License Number: 60DBO-35846.
Arizona: Loans made pursuant to Arizona Department of Financial Institutions Sales Finance Company License SF-1005405.

*Our loans can be up to $50,000 depending on certain factors. Depending on the time when the application is submitted, the funds could be given the same day or next day.

**Loans with an annual interest rate of 36% are limited to loan amounts between $2,500 to $9,999.00, while supplies last. The actual loan amount, term, and Annual Percentage Rate of the loan that an applicant qualifies may vary by applicant, lender, and the law requirements of those terms. Minimum loan amounts, terms, and rates may vary by state. Consumers need to demonstrate the ability to repay the loan.

THIS LOAN (Auto-Tile or Personal Loan) IS NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS. Loan proceeds are intended primarily for personal, family, and household purposes. This service does not constitute an offer or solicitation for consumers in all states. This service may not be available in your particular state. The state of this site services may change from time to time without notice.

The actual loan amount, term, and Annual Percentage Rate of the loan that an applicant qualifies may vary by applicant, lender and the law requirements of those terms. Minimum loan amounts may vary by state. Consumers need to demonstrate the ability to repay the loan.

CFS Investments is licensed or registered as a finance lender as required by applicable state law and does not offer or service student loans. CFS Investments is not providing financial advice and does not warrant the accuracy of information as it subject to change without notice about its current product guidelines.

*CFS Investments may act as the broker for the loan, and may not be the direct lender or servicer of your loan. All loan applications are subject to meeting underwriting and credit criteria, which includes providing acceptable property as collateral. The actual loan amount, term, and Annual Percentage Rate of the loan that an applicant qualifies may vary by applicant. Minimum loan amounts may vary by state. Consumers need to demonstrate the ability to repay the loan. Credit Approval is subject to the credit criteria standards. A bank account is required as a condition and in order to obtain a Persona Loan. Loan proceeds may need to be disbursed via Automatic Clearing House (“ACH”) to the borrower’s bank account. The actual availability of funds can vary based on bank processing times, daily ACH deadlines, and weekends and holidays. Inquiring for a personal loan and its minimum requirements does not impact your credit score, however, completing a full application may affect your credit score.

CFS Investments, Inc. dba Champion Financial Services, Top Cash Loan, and PrestaQuickly. The terms and conditions set forth within the “General Terms and Conditions, up to and including but limited to the “Wireless Policy” applies to all CFS Investments, Inc. owned or operated websites in the aforementioned “DBA’s”.

If you are using a screen-reader and are having problems using this website, please give us a call at 1-888-798-1970 for immediate assistance.