The requirements for a title loan typically include the following:title loan requierments

  1. A vehicle
  2. Lien Free Title
  3. Valid Drivers License
  4. Proof of Insurance

These are general requirements, and some lenders may require additional documents.  These can include proof of residence and proof of income.  Additionally, some lenders require a spare key to the vehicle.  In some states, lenders may also require you to purchase an automobile warranty and/or roadside assistant policy from them.  We would caution anyone entering into a loan with these types of additional purchases. The additional purchase requirements can to be very costly and, in many cases, may be unnecessary.

 

VA Specific Requirements:

The state of Virginia has some specific requirements in addition to those already mentioned.  You must be at least 18 years of age, and must be able to truthfully answer no to the following questions:

  1. Do you currently have a motor vehicle title loan from any motor vehicle title lender?
  2. At any time today, did you repay or satisfy in full a motor vehicle title loan from any motor vehicle title lender?
  3. Are you (i) on active duty in the armed forces under a call or order that does not specify a period of 30 days or less, or (ii) on active guard and reserve duty?
  4. Are you married to an individual who is either (i) on active duty in the armed forces under a call or order that does not specify a period of 30 days or less, or (ii) on active guard and reserve duty?
  5. Are you the child, as defined in 38 USC § 101(4), of an individual who is either (i) on active duty in the armed forces under a call or order that does not specify a period of 30 days or less, or (ii) on active guard and reserve duty?
  6. Was more than one-half of your support during the past 180 days provided by an individual who is either (i) on active duty in the armed forces under a call or order that does not specify a period of 30 days or less, or (ii) on active guard and reserve duty?

Based in the questions above, it is clear Virginia does not permit lenders to make a loan to members of the armed forces or their dependents.  Lenders in Virginia are also prohibited from making a title loan to a borrower on the same day they repaid a loan.

 

Income Requirements:

The income specific requirements for getting a loan vary depending on the lender’s policies.  Some lenders require proof of income, but not all do.  Some lenders do not require the borrower to be employed or have a source of income.  We suggest that anyone considering a title loan make sure to have a plan to repay the loan.

 

Vehicle Requirements:

The vehicle is an important factor for a title loan.  Many lenders have age and mileage restrictions.  The vehicle will be used to secure the loan, so the equity in the vehicle should be sufficient to secure the loan.  Contact your lender to see if your vehicle qualifies.

 

Our Policy:

Like most lenders, we do require borrowers to have a lien free title, drivers license, and proof of insurance.

Income – We do require proof of income to support the loan payments.  Typically this is the two most recent pay statements or equivalent.

Virginia – Fast Title Lenders is licensed in VA and follow all VA rules and regulations.  To get a title loan with us, you will need to meet the VA specific requirements.

Vehicle – We do not have a cutoff for vehicle years and mileage.  We do, however require the vehicle to have enough equity to support the loan.  If you have an older vehicle that still has value (classic car, luxury car, etc.) we will be happy to make the loan.

Insurance – Full coverage insurance is a requirement for getting a loan with us.  You can add full coverage insurance the day you get the loan if you do not currently carry it.

Other – We do not require any additional purchases (warranties, roadside assistance, etc).  These products are usually just other ways for lenders to make money from the borrower.