Title Loans in Virginia

Title loans let you borrow cash using your vehicle's equity as collateral. If your vehicle is fully paid off, you might qualify for same-day funds, even with a bad credit score. Your eligibility is mainly based on your income and the vehicle's value. You can keep your car while repaying the loan. 

Key Takeaways

1. With Car Title Loans, you can get access to your cash on the same business day.
2. Depending on your car’s value, you can receive a loan of up to $2,500.
3. Interest rates for title loans in Virginia range from 15% to 22% per month. 
4. Your car may be repossessed if you can’t pay your car title loan.
5. Even with bad credit, you might still get approved for an online title loan.
6. Apply conveniently online from the comfort of your home.
7. You can keep your car and continue driving while you repay the loan.

What to Know Before Applying for Auto Title Loans in Virginia

When you apply for an auto title loan in Virginia, the lender places a lien on your vehicle's title and temporarily takes ownership. In return, you receive the funds, which can be up to 50% of your vehicle’s value or up to $2,500. 

As you make monthly payments, the lender gradually releases their claim on the title. Once the loan is fully paid off, the lien is removed, and you regain full ownership of your car.

Key Points to Remember:

• To qualify for Virginia title loan, you need to provide details about your income so the lender can verify your ability to repay the loan. 

• Even if you're unemployed, you may still be eligible. Lenders accept various forms of income, not just salary.

• Lenders request to see your credit score. However, you can still be approved for the loan if you have a bad credit score. 

• When you take out a title loan in Virginia, and the lender takes ownership of your car, then you must pay back the loan over the agreed-upon term. 

• If you do not pay back the loan, then your vehicle can be repossessed, which means that the lender keeps your vehicle. 

• When you get your agreement, you should read over it carefully to ensure you understand the terms. 

Does Virginia Still Allow Title Loans?

Car title lending is legal in Virginia, but there are strict regulations in place to protect borrowers. These restrictions limit what car title loan lenders can do, ensuring safer borrowing practices for consumers. 

Here is a table showing the specific state laws about car title loans in Virginia:

Category	Virginia Law
Car Value Loan Limit	The Virginia title loan cannot exceed 50% of the car’s value
Amount Loan Limit	A Virginia title loan cannot exceed $2,500
Interest Rate Cap	There is a 22% interest rate limit per month on the first $700 loanOn any extra loans between $701 and $1,400, there is an 18% interest rate limitOn loans above $1,400, there is a 15% interest rate limit
Loan Term	The term of the car title loan in Virginia must be 120 days to 12 months
Borrowers’ Rights	The borrower can pay off their car title loan early without penalty
Lenders’ Rights	The lender can repossess the borrower’s vehicle if they fail to pay the loan
Licensing	All car title loan lenders in Virginia must be licensed and registered
Oversight Agency	All lenders are overseen by the Virginia Bureaus of Financial Institutions

What Are the Requirements for Obtaining a Car Title Loan in Virginia?

There are a few documents necessary to apply for a title loan in Virginia, you must have:

1. A lien-free vehicle title in your name
2. Proof of income
3. Proof of residence in Virginia
4. A valid government-issued ID matching the car title name

You might also be asked to submit pictures. Remember that you must be over 18 to apply. Applicants should have all their documents ready before applying to ensure a smoother and quicker online process.

How to Apply for Online Title Loans in Virginia

The application process is smooth and straightforward. If you submit the application and sign the loan agreement before 2 PM in the lender's time zone, you may receive the funds on the same day. 

1. Apply Online

You can fill out our online title loan request form or call (888) 557-7115. We make the process convenient for you.

2. Submit Materials

Upload all of your necessary documents and paperwork online. While we review your application, we will simultaneously build a loan that is personalized to your needs. 

3. Get Cash Fast

Sign the loan agreement, and get your money within just a few hours or the next day. You can then spend the money at your discretion.

Frequently Asked Questions

How Much Can You Get for a Title Loan in VA?

In Virginia, you can get up to $2,500 for a car title loan. The amount will depend on the value of your car. The title loan amount in Virginia cannot be higher than 50% of the car’s value. 

Can I Get a Title Loan Online in Virginia?

Yes, you can get a title loan online in Virginia. The process is easy and straightforward, and you can be pre-approved in just a few minutes. You can apply online any time of the day or night.

How Do I Get a Title in Virginia?

To get a title in Virginia, you fill out the Application for Certificate of Title and Registration and turn it in at the DMV. At the DMV, you pay a fee and share information that proves you are the owner of the vehicle. For example, you could show a state-issued ID, insurance proof, and/ or a bill of sale for the vehicle.

Can I Get a Title Loan in Virginia Without a Credit Check?

In Virginia, auto title loans typically require a credit check. However, you can still be approved even with a poor credit score. The main factors for approval are your car's equity and your ability to repay the loan.