When you need cash fast, a title loan is one option for someone with a vehicle with enough equity to use as collateral. Car title loans are available in Virginia and can be applied 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 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 hold your pink slip as collateral. If you fall behind on the required payments or miss a due date, you are officially in default, and the lienholder can take possession of the vehicle if you can’t work out a payment arrangement. Second, equity loans have high interest rates and fees. This is because they are considered high-risk loans. Third, these short term loans 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 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 requirement from a lender will be your car’s title, of course. This 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 lending obligation is satisfied.
Funding amounts from a title loan are based on the vehicle’s current equity value in VA. The average loan amount is between $1,000 and $5,000, but some lenders will offer up to $20,000 for high-end vehicles. Remember that the maximum loan amount is derived from the equity you have in your car, not its resale value. So if you still owe money on your car loan, you will not have the opportunity to borrow the full value of your car, and in reality, it will be difficult to get approved 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. We all know that Virginia has one of the top economies in the country, but that doesn’t mean that people can always pay their bills on time! While some finance companies will run a credit check, this is only done to identify outstanding loans in your name. They are probably not looking at your credit score, and a few missed payments should not affect whether you can qualify. With title loans, all that a lender cares about is that you have a car with equity and the ability to pay back the amount borrowed.
Pink slip auto loans have a typical repayment period that runs from 3 months to 2 years! Of course, the longer you take to pay back the balance, the more interest and fees you will pay. That’s why it’s always best to pay off a loan as quickly as possible. Do this by making larger monthly payments 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 store in Richmond. This is because online lenders are more competitive and have lower overhead costs than 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 a lender that offers loans in VA will contact you within minutes. Once approved, the money can be deposited into your checking or savings account within a few hours. So if you need cash now, apply online, and you will hear back from a loan representative to get started!