We compiled the most frequently asked questions related to car title loans. The answers are meant to provide more information on how title loans work, as well as what is required to get a loan from Fast Title Lenders. We will continue to add to the list periodically when a relevant question gets asked often.
Interested in finding out about our costs? Use our car title loan calculator for a real time payment estimate, interest rate quote, and full repayment schedule.
What do I need to Qualify for a Title Loan?
To be eligible for a title loan, generally, 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. Before applying, you will want to make sure you meet the title loan requirements to make the process go smoother.
Do I get to keep driving my car?
Yes. This is one of the biggest advantages of a title loan. With a title loan 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.
Can I make Payments without coming to the Office?
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.
Is there a Maximum Amount I can Borrow?
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.
Is there a minimum amount I can borrow?
No, we do not have any preset minimum loan amount. We do require that vehicles used for loans have at least $5,000 of fair market value to justify the loan. Generally, we tell customers that we are typically able to lend on vehicles that are 2008 and newer with less than 100,000 miles. There are, of course, exceptions to this depending on the make and model. For example, we do offer classic car title loans for cars much older than 2008.
Do you check my credit?
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.
What is my vehicle’s Fair Market Value?
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.
Can I pay off my loan, early, without penalty?
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. As with any other monthly term loan, by paying early and paying often, you will pay your loan off sooner and save on interest.
What happens if I miss a payment?
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 do our best to work with you to help you get back on your payment schedule. If we do not hear from you, we have no way of knowing what is going on, and a loan default can lead to a repossession.
Can I refinance my existing Title Loan with your company?
Unfortunately title loans cannot be refinanced in Virginia. Virginia law does not allow lenders to refinance, renew, extend, or rollover your title loan. Read everything carefully before signing a loan agreement. We have had customers pay off their existing loans and visit us the following day; that is an option you might consider.
What do I need to bring with me?
You should bring your vehicle, lien free Title, vehicle registration, Drivers License, proof of income, 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. If you are new to title loans you may want to learn how to get a title loan.
Can I get a Title Loan for an older Car or Truck?
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 100,000 miles, however if the vehicle’s fair market value is more than $5,000 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.
Why is the fair market value of my vehicle different than the retail value?
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.
Are Title Loans bad?
There is no simple answer to this question. Title loans are great for some borrowers and not so great for others. There are many factors that determine whether or not a title loan is the right decision for the borrower. The simple answer to “are title loans bad” is sometimes. Unfortunately, not all title loans work out great for every borrower. This is why it is critical to find the best lender, and analyze your specific situation.
Why do you require proof of income?
We require proof of income for one reason; we do not make loans that cannot be repaid. It is our policy to act in the best interest of our customers, and make sure they can afford the loan.
Do you offer Payday Loans?
We do not. Fast Title Lenders has spent the past several years becoming experts at making and processing car title loans. By focusing all of our resources on one type of loan we are able to provide the best car title loans to our customers with repayment schedules our customers can actually afford.