When you need cash fast, a title loan is one option to consider for someone who has a vehicle with enough equity that can be used as collateral. Car title loans are available in Virginia and can be applied for online, in person, or over the phone. Borrow up to $20,000 with your car as collateral, regardless of your credit history. Most people can get cash in 24 hours or less with little to no paperwork required other than your vehicle title!
If you’re considering a car title loan in Virginia, here’s what you need to know. First, online title loans are secured loans that use your car title as collateral. If you fall behind on the required payments or miss a due date, you are officially in default and the lender can proceed to take possession of the vehicle if you can’t work out a payment arrangement. Second, car title loans have high interest rates and fees. This is because they are considered high-risk loans. Third, title loans are short-term loans that can be paid off over a few months to one year. Of course, these loans also allow you to pre-pay the loan quickly with no extra charges, and by doing that you can save money on interest and lending fees.
The requirements for title loans in Virginia are pretty simple. You must be 18 years or older, have a valid driver’s license or state ID, own a car that is paid off or nearly paid off, and have a steady source of income. Additional requirements are on a case by case basis and can include things such as proof of residency, proof of insurance, and a vehicle title that is in your name.
The main ask from a lender with any Virginia title loan will be your car title of course. This is what secures the money you borrow and there’s little chance you will qualify without a lien free title. Once the loan is approved and the documents are signed, you will give your lender the car title and they hold that document until the loan is paid off.
The amount of money available with an auto title loan depends on the value of your car. The average loan amount is between $1,000 and $5,000, but some lenders will offer up to $20,000 for high-end vehicles. Keep in mind that the maximum loan amount is based on the equity you have in your car, not its resale value. So if you still owe money on your car loan, you won’t be able to borrow the full value of your car, and in reality, it will be difficult to get a title loan in Virginia because you need the pink slip for collateral.
Of course not! These loans are designed for people in cities like Virginia Beach or Arlington who may have had credit issues in the past. While some finance companies will run a credit check, this is only done to identify any outstanding loans in your name. They are probably not looking at your credit score and a few missed payments should have no bearing on your ability to qualify for car title loans in Virginia. For title loans, all that a lender cares about is that you have a car with equity and the ability to repay the loan.
The typical title loan without credit checks has a repayment period that runs from 30 days all the way up to 2 years!. Of course, the longer you take to repay the loan, the more interest and fees you will pay. That’s why it’s always best to pay off title loans as quickly as possible. Do this by making larger payments each month or paying off the entire loan early. Most lenders in Virginia will allow you to make payments early and some will even give you a discount on the interest if you do.
The main benefit of online title loans in Virginia is that they are convenient and fast. Apply for these loans from the comfort of your own home and get approved in minutes. Once approved, the money can be deposited into your bank account as soon as the next business day. This is much faster than going to a local pawnshop to get a pink slip loan only to have to fill out paperwork and wait for a decision. Another benefit of online title loans is that you can often get a lower interest rate than you would at a title loan store in Richmond. This is because online lenders are more competitive and have lower overhead costs than title loan lenders in Norfolk, VA.
Great! It’s easy and hassle free to apply for car title loans online in Virginia. Simply fill out our online application and you will be contacted by a lender that offers funding in VA within minutes. Once you are approved, the money can be deposited into your bank account as soon as the next business day. So if you need cash now, apply online and you will hear back from a loan representative to get started!