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Thursday, February 2, 2023

What is Required to Get a Title Loan in Virginia?

Be it a wedding, funeral, medical bill, or something else, you’re facing a situation for which you need immediate cash. Bank loans take too long – IF you can qualify – and you’re now out of possibilities. Well, as a resident of the Old Dominion state, you’re likely eligible for what’s called a vehicle title loan.

Here’s what’s required to get a title loan in Virginia.

Title Loan

This is a short-term loan with terms or 30 days or less, although some borrowers can get installment payments of up to a year.

Your vehicle – car, truck, boat, RV, motorcycle — registered in your name secures such a loan. This means approval rates are high. The other side of that, though, is if you do not make payments as agreed, you could lose your vehicle to seizure. So, be certain of your repayment ability before signing off on a loan.

A prominent feature of title loans is that you may keep your vehicle while making payments. All you must do is relinquish your lien-free title to the lender until the loan is paid off.

What Size Loans are Available?

That varies among lenders and can also depend on where the title company is located, since the industry is largely regulated by state governments. However, most loans are for between 25 percent and half your vehicle’s value. The lender fixes that value based on the asset’s make, model, condition, age, mileage, and sometimes trim level. The amount of title loans in Virginia are also contingent upon any vehicle alterations or modifications.

The size of your loan offer also hinges on your income and ability to repay the loan. You may be able to get more than you would with a personal loan at a traditional bank, since those loans are usually unsecured and based on your credit standing. While some title loan lenders will look at your credit history, they frequently won’t base their decisions on it.

In general, though, loans usually range between $100 and $10,000.

What are Loan Requirements?

You already know the vehicle must in your name and have a clear title (in other words, you must own the vehicle outright). In addition to that, you must submit proof that your income is sufficient for loan repayment. Pay stubs or bank statements will work here. If you aren’t employed but have other monthly income – from pension, disability, a rental property, Social Security, etc. – you’re still in good shape.

In lieu of taking the vehicle to the lender for an appraisal, all you must do is turn in recent photos of it from all angles. Don’t forget to get clear shots of the vehicle identification number and odometer reading.

In Virginia, you’ll also need proof of residence (a utility bill, leasing agreement, etc.) and be at least 18 years old.

How Fast Can I Get a Loan?

Once you’ve completed your online application and attached the required materials, you’ll likely get a decision that day, if not within minutes. Following approval, funds are typically available the very next day, via a wire transfer, in-person pickup, or direct deposit. If you prefer the latter, make sure you have your account set up for ACH transfers before you apply.

Now that you know what’s required to get a title loan in Virginia, you can make the decision that’s best for you. If you do decide to go this route, seek out a lender that doesn’t sneak in fees, and that will lower your interest rate if you make consistent payments.

World Nation News Desk
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