How to Find a Used Car Bank Loan Value
Searching online is the easiest way to find the bank loan value on a used car. There are different sources available to check, and each one may have a slightly different loan value. The right source to check depends on which one the car owner’s bank uses to determine the loan value of a car.
- Check the current mileage on your car so you can get an accurate loan value number. Make a note of any extra features or options on your car such as leather seats or a moon roof. Determine whether the vehicle is in good, average or rough condition.
- Go online and search for a website that has used car values. Find your car’s make on the website and then select the correct year and model number. Type in the current mileage on the vehicle and check the box next to all of the extras on the car.
- Review the valuation report after you input all of your car’s information. Most websites list at least three car values. These can include the Retail price, the Clean trade-in price and the rough trade-in price. A bank generally will not lend the full retail price to a borrower, and depending on the condition of the car, may only lend the lowest trade-in price.
- Check a second source to compare the different car values. Repeat the input process and review the valuation report. If there is a large difference in prices, recheck your inputs to make sure you have not made a keystroke error.
- Contact your bank to find out which source the loan department uses if you want to confirm that you are looking on the right website. Ask a loan officer which value the bank uses to determine how much to lend on a vehicle. A bank may use one of the higher values if a borrower has a strong employment history or a good credit rating.