Short term loans such as Phoenix truck title loans are a financial lifeline for people with poor credit history. These loans keep your truck as collateral and the money that you receive is based on the current value of the truck. And a vehicle title loan allows you to get instant cash on the equity of your vehicle and are perfect when you have an emergency or going through financial crisis.
So as long as you have a clear title on the truck and just have it nearly paid up, you can be approved for the Phoenix truck loan. But the question arises that if you are looking for an online truck title loan, how can you get an accurate evaluation on your vehicle in order to be eligible for the maximum payout?
Knowing the value of the truck online
It is important to understand the ways in which your truck will be evaluated by the online Phoenix truck title lender based on a variety of factors for comparative evaluation including:
- Demand of the model: There are some vehicles that are more in demand than others in the used truck segment and in case they need to repossess, lenders prefer those models. Thus, popular brands hold higher value when evaluated.
- Truck model: If the truck model is maintained well, it is likely to be valued better and is evaluated on safety and reliability of the truck.
- History of the truck: Has it been in an accident? If it has, then the value of the vehicle goes down as the damages on the chassis make it difficult to be sold again.
- Mileage: The more that truck is driven and higher the mileage on it, the lower is the evaluated value.
- Location of the truck: If you are selling a 4×4 that is for snow, it will not be a welcome proposition in California. So it depends on the state where you are taking the truck title loan and the type of truck you are putting on collateral.
- Current condition: If your truck is in a better condition, it will be valued at a higher price as compared to a same model truck that is not maintained well.
- Available options: Other options of new tires, interior upgrades and new dashboards can add a value to the truck.
An online resource, Kelley Blue Book is the yardstick for determining the value of your truck. It gives the users which includes both the lenders and consumers to evaluate the true worth of the truck. You can input all data about the truck and get the current market value on the specific vehicle.