New Mexico Cash Title Loans

When applying for a car equity loan, many people are surprised to learn just how much equity their vehicle has. The minute a new car drives off the lot it instantly depreciates. Depreciation continues rapidly ever after. How much a vehicle will depreciate from when it was bought depends on a number of factors, including:

  • Make and model of the vehicle: Some vehicles maintain their value better, based primarily on reliability and safety reputation.
  • Popularity: Vehicles that are more popular in the used car market hold their value better.
  • Mileage: The more miles on the odometer, the less the vehicle is worth.
  • Vehicle history: Salvaged vehicles and those that have been in accidents are less valuable.
  • Condition: Vehicles that have been well maintained fetch a higher price.
  • Location: Where a vehicle is sold sometimes effects the value. For example, a 4x4 outfitted for snow is not as valuable in New Mexico as in Michigan.
  • Options: Manufacturer upgrades increase the value of a car.

Determining Car Equity

When lenders evaluate loan applications for auto equity loans, they take care to determine an accurate value for the vehicle used as collateral. Most lenders will not loan more than 50 percent of the car's equity in cash. Before applying for an auto equity loan, borrowers can research their vehicle's value using the Kelley Blue Book.

Anyone in New Mexico interested in getting a cash title loan should contact Wilshire Consumer Credit. This lender specializes in auto title loans, and features a car valuation tool on its website.