PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What do banks use to determine car loan value?
I want to buy an Escalade, but it has tons of extras—such as an aftermarket stereo system, tinted windows, and 24-inch rims. As a result, it's more expensive than the Blue Book value. What do banks use to determine car loan value? Can I still get the loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That sounds like an Escalade of epic proportions! Fortunately, you may still be able to get a
car loan
, even if the price of the vehicle is more than the Blue Book value.Most lenders use the National Automobile Dealers Association (NADA) book to determine the value of the vehicle. This allows them to input various options that could increase the value of the car. However, the upgrades you described may not be options in the NADA valuing system.
But that doesn’t necessarily mean you’re out of luck. If you have stellar credit, good income, and can make a decent down payment, you still might get approved. You may also choose to get an independent appraisal to argue your case for a larger loan.
If you’re approved, don’t forget to get the right insurance coverage. Lenders require full coverage auto insurance, so make sure to shop around to get the best rate. Download the
Jerry
app to compare dozens of quotes. Average Jerry users save $879 per year on car insurance! View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies