Used Car Loan Value Research Tips

There are several factors a lender uses in determining a used car loan value. The condition of the vehicle, current market environment, features and location (i.e., a car from a state where there is not any inclement weather).

It is critical for you to take an active role in researching the used car loan value. Don't leave the value solely to the lender. Prior preparation will help you negotiate with the seller and possibly with the lender as well. In theory you could possibly present a loan application for a lesser amount with a high used car loan value.

Researching Your Used Car Loan Value

  • Look for similar vehicles in your local newspaper.
  • Online sources include Edmunds, Kelly Blue Book and NADA.
  • EBay and other auction sites are a great source for regional used car value.

Since you may be unaware of which source the lender will use, the more information you have will be a benefit to you. Keep in mind that demand and geographic location can also factor into a lender's decision regarding used car loan value.

 


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