Vehicle Inspection Center – How It Works
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Vehicle Inspection Center is a vital part of the title loan process. Our Vehicle Inspection Center Partners may provide Vehicle Inspections and VIN Verifications.
Your loan officer will inform you if these are required prior to your loan approval.
Vehicle Inspection is Part of the Title Loan Process
A Vehicle Inspection Center is part of the title loan process. For those unfamiliar, a title loan is a type of secured loan where borrowers use their vehicle title as collateral. This means that the loan amount is directly dependent on your ability to repay your loan and the value of the vehicle. And this is where a Vehicle Inspection Center comes in.
Before a title loan is approved, the lender must ascertain the value of the vehicle. The Vehicle Inspection Center is a facility where trained professionals assess the vehicle to determine its current market value. These inspections are thorough, taking into account various factors like the make and model of the vehicle, its age, mileage, overall condition, and any after-market modifications.
The Vehicle Inspection Process
The vehicle inspection process often involves both an external and internal check. The external examination evaluates the body of the vehicle, checking for any damage like dents, scratches, or rust. It also assesses the condition of the tires, lights, and mirrors. The internal check focuses on the condition of the seats, carpets, and dashboard, as well as checking if all electrical systems are functioning correctly.
Once this thorough inspection is completed, the professionals at the Vehicle Inspection Center will calculate the vehicle’s worth. This value (and other factors as well) are used to determine the maximum amount that can be loaned to the title loan borrower.
Important to Note
It’s important to note that the vehicle must be owned free and clear by the person applying for the loan. Any existing loans or liens on the vehicle could complicate or prevent the title loan process.