Title Loans, Title Loan FAQs, Best Title Loans

The following list is made up of the answers to questions abut title loans that we get asked most frequently.  The answers are meant to provide you with more information on how title loans work, as well as what is required to get a title loan.  We will continue to add to the list periodically when a relevant question gets asked often.  

For more information see our posts under the topic Title Loans in our Blog, and feel free to contact us

To be eligible for a title loan you will need: 1. A vehicle and a lien free title. 2. Ability to repay the loan. 3. Proof of Insurance. 4. Proof of Address. 5. Government Issued ID. You can fill out our online inquiry here Inquiry. We will contact you shortly after.
Yes. One of the biggest advantages of a title loan is that you continue to own and drive your car during the loan. Title Loans are a great way to use the equity in your vehicle when you need it without having to sell your vehicle. When you pay off the loan, your title is returned to you and the lien is released.
Yes, all payments (other than cash) can either be made by mail, over the phone, or online. The only time you need to visit our office is to receive the loan or if you want to make a cash payment.
We have no pre-set maximum title loan amount. The maximum amount you can borrow will be determined by two factors: 1. The value of your vehicle. 2. Your ability to repay the title loan. Virginia law limits the amount we can lend to 50% of the vehicle's fair market value. So, if your car's fair market value is $8,000.00, the maximum we could lend, based on the law, is $4,000.00. This assumes you have the ability to repay the loan.
No, we do not have any preset minimum loan amount. We do require that vehicles used for loans have at least $3,000 of fair market value to justify the loan.
No, we do not perform a credit check for customers that get title loans from us. Most of our customers prefer not to have a hard inquiry added to their credit report, and for those in the process of rebuilding their credit this is very important to them.
A vehicle's Fair Market Value is generally the value a bank would be willing to finance the vehicle for if it were sold at a dealership. There are published guides (Black Book, etc.) that provide estimates of a vehicle's fair market value by using real data from recent vehicle auction sales. Because these guides use real data (what similar vehicles sold for at wholesale auctions) they are usually the most accurate and can differ from other online resources like Kelley Blue Book and NADA. Unfortunately, these guides are usually not available to the general public for free. Both Kelly Blue Book and NADA provide Trade-in values for vehicles which are usually (not always) close to the Fair Market Value of the vehicle. See the post titled "What is my Car really worth" for more information.
Yes. We encourage customers to pay off their loan as quickly as possible to save on interest. With every loan we offer pre-addressed envelopes, and loan payment coupon books, to make it as easy as possible to make payments. You can make payments towards your Title Loan at any time and in any amount, as long as you make your minimum monthly payment. By paying early and paying often, you will pay your loan off sooner and save on interest.
We tell every customer it is essential to communicate with us; especially if you know you are going to miss a payment. If you know you are going to miss a payment please let us know ahead of time if possible. We will work with you to help you get back on your payment schedule.
Unfortunately Title Loans cannot be refinanced in Virginia. Virginia law does not allow Title Lenders to refinance, renew, extend, or rollover your Title Loan. Read everything carefully before getting a Title Loan and be aware of Title Lenders that do not follow the laws. We have had customers pay off their existing loans and visit us the following day; that is an option you might consider.
You should bring your vehicle, lien free Title, vehicle registration, Drivers License, proof of residence, proof of insurance, and, if you have one, a spare key. Proof of residence is a piece of mail from an institution with your name and address; it could be a utility bill, bank statement, insurance policy, etc.
Assuming the vehicle has enough fair market value to lend, yes. Typically, most of the vehicles we lend on are 10 years old or less with less than 100K miles, however if the vehicle's fair market value is more than $3,000 we can work with you. If you a classic car or truck that has value, we will be happy to provide you with a title loan.
The retail value of a vehicle is what a dealer charges. This includes a number of costs in addition to the fair market value. The dealer has rent to pay, utility bills, employee salaries and commissions, vehicle repairs and reconditioning, and other costs. This is the main reason these values differ. Depending on the vehicle, the difference can be significant. We use the fair market value of the vehicle to determine how much we can lend, not the retail value of the vehicle.
Typically, to be able to lend on a vehicle, we prefer to see a fair market value of about $3,000.

Need More Information?

If you have another question about title loans, need more information, or need help understanding the title loan process feel free to contact us.