You can borrow up to $2,500 with a title loan in Mississippi to pay for emergency expenses, such as medical bills, home repairs, or unexpected travel costs. As long as you own your vehicle outright, you can use your lien-free vehicle title as collateral to secure the loan. How much you can borrow from a title loan depends on your vehicle’s value.
In this guide from Mississippi Title Loans, Inc., we will explain how to maximize car value for a title loan. We will review simple methods to increase your car’s value so you can borrow more with a title loan and ensure you can afford your financial emergency.
What Car Factors Affect Title Loan Value?
Before learning how to increase your car’s value to get a larger title loan, it’s essential to understand what factors affect what your car is worth. Knowing what we will look at during our vehicle inspection can help you improve your vehicle’s value. During our inspection, we will use a nationally recognized pricing guide as we look for the factors below to determine what your car, truck, or van is worth.
Here are the vehicle factors that can influence title loan value:
- Age – How old your car is can determine its value. In most cases, the older your car, the less you can borrow. Classic cars, such as the Mercedes 300SL Gullwing, are an exception.
- Make and model – Certain makes and models of cars are worth more than others due to their exclusivity or rarity. For example, a Nissan Centra will be worth less than an Audi R8 because the Centra is more common and less expensive than the R8.
- Odometer reading – How many miles you have on your car goes hand in hand with its age. The more miles, the more your car's value will go down. Your car will be worth much less if it has over 30,000 miles on it, since this usually coincides with the end of the factory warranty.
- Condition – We will look at your car’s interior and exterior condition. Your vehicle’s paint job, upholstery quality, and car part condition will all factor into your vehicle’s value.
- Service history – Your vehicle will only be worth a lot if we know that it can drive properly. By having it inspected consistently, you can demonstrate that the car's maintenance has been handled properly and that there are no underlying issues affecting its value.
- Modifications – You can add window tints, spoilers, and custom wheels to make your car unique, but these can actually lower the value of your vehicle. Others may not see these modifications as worthwhile, so they can drop your vehicle's value.
Now that you understand the factors influencing your car’s value, you can start making changes to increase what your car is worth.
4 Ways To Maximize Car Value For A Title Loan
While there isn’t anything you can do to change the age, make, model, and mileage of your vehicle, there are things you can do to improve the other factors. If you want the most car title loan value to get enough to afford your emergency, you should try to improve your car’s value before applying.
Here are four ways for you to maximize car value for a title loan:
1. Clean Your Car
The easiest way to increase your car’s value for a title loan is to clean it. If the exterior of your car is filthy, with dirt, grit, and grime all over it, your vehicle's value can be lowered. Go to a car wash to remove all the debris from your commute, or power wash your car at home. You can also get your car detailed; a wax and engine cleaning can make your car look like you drove it right off the lot.
The exterior of your car is not the only thing you should keep clean. Get in your car and throw out any cups, wrappers, or other trash littering the floor. We also suggest vacuuming out the floors and replacing the floor lining to make sure your car looks like new.
Once you have cleaned your vehicle, it may be worth getting your car inspected by a professional to see if there are any fixes that can improve its value.
2. Get Minor Repairs
If you drive your car a lot, it may be dealing with minor issues that you either ignore or don’t notice. However, a loan representative inspecting your car will check for these things, and leaving them unaddressed can lower your car’s value. Get a maintenance examination from a mechanic to identify issues with your vehicle and fix them before coming to one of our stores.
The following are some minor fixes that can maximize your vehicle’s value:
- Fixing the check engine light
- Replacing worn-out tires
- Repairing minor dents and scratches
- Getting an oil check
- Repairing the air conditioning unit
Your car’s problems may require more than a minor solution. A mechanic can inspect your car for electrical issues that need fixing, which can help before you get a title loan.
3. Fix Electrical Issues
Electrical issues with your car can tank its value. If your car cannot run properly, you will not get approved for a large title loan, which can affect your ability to afford your financial emergency. While still at the auto shop, see how much it would cost to fix these electrical issues. It can not only improve your car’s value for a title loan but also make your vehicle safer to drive.
Here are some electrical issues you can fix to increase your vehicle’s worth:
- Replace a weak or dead battery
- Fix broken headlights, brake lights, or dashboard lights
- Repair a faulty alternator
- Fix faulty wiring
- Repair blown fuses
Once you have fixed any issues with your car, it should be running like new. Now, you can look at some of the modifications you made to your vehicle and see what you can remove to increase its value.
4. Remove Modifications
While you may have added modifications to your car to reflect your personality, others may not value these add-ons. As we mentioned earlier, modifications can actually lower the value of your car, truck, or van. Before bringing your vehicle to our store, remove your vehicle modifications.
Here are some of the modifications that can lower your vehicle’s value:
- Turbochargers
- Spoilers
- Custom wheels and rims
- Window tints
- Custom paint jobs
- LED interior lights
You can add these modifications back to your car once you have been approved for a title loan, since you get to keep your car during loan repayment. Learn about how to get approved below!
How To Get Approved For A Title Loan In Mississippi
Title loans allow you to borrow money based on the value of your vehicle. You can receive up to $2,500; you’re more likely to get close to the car title loan maximum value if you use our tips above to increase your vehicle’s value.
You should only get this type of loan as a last resort for a financial emergency, since you will have to repay this loan with interest. You can get approved with just a few required items: a driver’s license, a line-free vehicle title in your name, and your vehicle for a quick inspection.
Here is how to get same-day approval for title loans in Mississippi:
- Fill out our online inquiry form
- Speak to us over the phone about title loan terms
- Visit our nearest Mississippi store location to get your requirements verified
- Have your vehicle inspected for its value
- Sign the loan agreement to finish the approval process
- Receive your title loan cash later that day or by the next business day
Borrow Title Loans In Mississippi – Receive Up To $2,500 Today!
Do you need emergency cash for urgent costs? Follow our tips above to get car title loan value that can help you afford your emergency costs. At Mississippi Title Loans, Inc., our approval process takes less than a day; you can get approved with bad credit and no income required. Get started now by filling out our online title loan form and coming to one of our branches to get approved in 30 minutes.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
