What is a Title Loan Calculator?

When it comes to traditional loans, your credit score and financial history are used to determine your eligibility and loan amount. However, title loans operate somewhat differently. Your vehicle plays a key role during the application process for a car title loan. Since the car will be used as collateral for the loan, its value is important. Title lenders will primarily use your car’s equity and your income to determine how much you can be approved for.1

A title loan calculator can be a useful tool if you do not know whether your car has enough equity to qualify as collateral for a title loan! You can use LoanMart’s online title loan calculator to obtain an estimate of your car’s equity and a title loan quote, free of obligation.1

Since potential borrowers can use the online title loan calculator to get a title loan estimate in just minutes, this tool can be especially beneficial for those looking for emergency funding!1 3 Just enter your information, and the calculator does the hard work for you.

How Can I Find the Equity in My Car?

So, how can you find the equity in your car? In simple terms, vehicle equity is the difference between the value of the car and the amount owed on it. Positive equity occurs when a vehicle is worth more than what is owed on it. A vehicle owner can determine if they have positive or negative equity in their vehicle by subtracting what they owe from its market value. Typically, if an individual has paid off their car loan and owes nothing, the vehicle equity would be equal to the car’s current market value.

Not sure if your car has positive equity? Just use the title loan calculator to get a car equity estimate and pre-approval for a title loan in minutes!1 3 To use this tool, simply enter the basic information about your car into the form.

Looking to qualify for a title loan serviced by LoanMart? Just fill out this pre-qualification form or call 855-422-7412 to speak directly with a title loan agent.1

Here’s an Example of How Equity Works:

Let’s take a 2013 Ford F-150. According to Kelley Blue Book the value is around $7,500. That number is based on its make, model, style, current condition and mileage. If the car owner still owes $2,500, the equity in the Ford F-150 is around $5,000 after subtracting the remaining loan balance from the current value.

How Can I Use the Title Loan Calculator to Receive a Loan Value Estimate?

You can access the title loan calculator on the LoanMart website from a computer, smartphone, or any handheld device that can access the internet. From there, you can quickly calculate your potential loan amount by submitting a few details:1

  • Vehicle Year
  • Vehicle Make
  • Vehicle Model
  • Vehicle Style
  • Current Mileage
  • Residence State

Once all this information is submitted, qualified applicants can receive a title loan estimate instantly! You can move forward online with the application for a title loan serviced by LoanMart, or by speaking with a title loan agent. Just call 855-422-7412 to learn more!1

Can I Pay My Car Title Loan Early?

Yes, generally, you can repay your title loan early. However, some title lenders will charge prepayment penalties. The loan agreement should clearly state whether you will be charged a fee if you repay the money early. Lenders may charge prepayment penalties to compensate for the interest they would have earned if the borrower had continued to make payments according to the original loan terms.

With a title loan serviced by LoanMart, there are no prepayment penalties or hidden fees, and you can pay the money back as quickly as you are able to.5 Ultimately, the decision to pay off a loan early is a personal one that depends on your individual circumstances and financial goals.

How Can I Pay Off My Car Title Loan?

car title loan estimate calculator

Call Our Team

Take the first step and call our toll-free hotline to speak with a specialist.

855-422-7412

LoanMart offers several convenient payment methods if you take out a loan against your vehicle:

Set Up Automatic Payments:

Automatic electronic payments can be set up so that your monthly payment is withdrawn from your bank account every month on or before the due date. Using this method, you will not have to worry about forgetting to make a payment and being charged a late fee! Additionally, you will not have to worry about logging on to your account online every time you need to make a payment.

Visit a Participating Money Transfer Location in Your Area:

You can also choose to pay your loan back in person at a participating money transfer location in your area!

Pay by Phone:

You can also pay by phone by using a payment card or your bank account. Of course, phone payments are processed using secure systems.

Pay Online with My Account:

If you’re a little skeptical about setting up an automatic payment with your checking account, you can use your online account to make your payments every month. Just log on when you are ready to make your payment and use your checking account or debit card as your desired payment method.

Pay with the App:

Make sure you download the LoanMart app! It can be used to keep track of your monthly payments, view your account history, and check on how much money you still owe on your loan. You can pay your monthly payment on the go whether you’re at work, on vacation, or just sitting at home. No need to start up the computer or laptop!

What Are the Benefits of Using a Title Loan Calculator?

Applying for a title loan serviced by LoanMart and using the auto title loan estimate calculator can be advantageous for many reasons! Some of the advantages include the following:1

Quick Funding:

Applying for an auto title loan serviced by LoanMart can take as little as five minutes with the car title loan calculator tool, and eligible borrowers may receive funding as quickly as one business day! 1 3

Superior Customer Service:

The knowledgeable title loan agents at LoanMart can offer assistance when you need it most! You can apply for a title loan any day of the week and expect a response in one business day or less.3

Online Accessibility:

One of the most significant benefits of the title loan calculator is that you can access it online! You do not need to go anywhere to use this helpful tool to obtain a loan quote and an estimate of your vehicle’s equity, free of obligation.1

Where Can I Get a Title Loan After Learning How to Use the Title Loan Calculator?

Before applying for a car title loan serviced by LoanMart, you should make sure that you meet the initial requirements, which include the following:1

  • Be an Adult at Least 18 Years of Age or Older
  • Have a Car Title in Your Name
  • Be Able to Show Proof of Income and the Ability to Repay the Loan

If you submit your details in the car title loan calculator and are pre-approved, a title loan agent will then ask you to submit some documents to verify your vehicle ownership and application information. You will need to provide the following documents:

  • A Valid Government-Issued Photo I.D.
  • Proof of Address
  • Proof of a Qualifying Vehicle Title in Your Name
  • Proof of Income
  • Recent Photos of the Vehicle
  • A Few References

You can conveniently submit these documents via email or text message, or upload them online to the customer portal! Once your documents have been reviewed and verified, your loan can be finalized.1 To finalize your loan, carefully read and then sign your loan agreement and choose how to collect your title loan funds! You can receive your money through direct deposit, a mailed check to your address, or collect it in person at a participating money transfer location.

If you need to access money quickly, auto title loans serviced by LoanMart could be the answer! Find out if you qualify for funding by using the title loan estimate calculator today.1

Frequently Asked Questions:

What Does Car Equity Mean?

Car equity means how much market value your car has versus how much you still owe on it. You have positive equity if your car is worth more than what you still owe. If your car is worth less than your remaining loan balance, you have negative equity.

How Can I Find Out How Much Equity Is in My Vehicle?

Take your car’s value and subtract the amount you still owe on it. You can use free online appraisal tools to receive an estimate of the car’s current market value, like the title loan calculator.

Why Does Equity Matter During a Car Title Loan?

Title loan approval and the loan amount will depend on a car’s value and equity. Therefore, you must have some positive equity in your vehicle to qualify for an auto title loan.

Will I Have Positive Equity if I’m Still Making Payments on My Car?

If your vehicle currently does not have positive equity, continuing to make payments on it should eventually get you there, at the latest once you’ve fully paid-off your car. Your vehicle will have positive equity as soon as its market value is higher than your remaining loan balance on the car.

What Factors Can Affect Your Car’s Value?

Factors that can affect your car’s value are its make, model, and style, its manufacture year, its mileage, its overall condition, and any upgrades or modifications. Check with appraisal websites like Kelley Blue Book for a vehicle estimate, or use LoanMart’s calculator to check the estimate specifically for a title loan serviced by LoanMart.