What is a car Title Loan?
A car title loan is a quick and easy way to borrow money using your vehicle as collateral. In Virginia, a title loan is a monthly term loan with equal monthly payments. The minimum term is 4 months and the maximum is 12 months. You can prepay the loan at anytime without penalty. The Bureau of Financial Institutions governs title loans in VA. They maintain the pamphlet detailing borrowers rights and responsibilities. We specialize in providing fast title loans to customers who need money, have enough equity in their vehicle, and have the ability to repay the loan.
Financial stress is very difficult, we provide our customers with quick access to the equity in their vehicle with no hassle. Our easy streamlined process lets you get the cash you need quickly.
How much can I borrow?
The amount you can borrow is based on 1. the value of the vehicle and 2. ability to repay the loan. In Virginia, the amount you can borrow against your vehicle is limited to 50% of the fair market value of the vehicle. To get an idea of what the vehicle is worth, visit www.kbb.com, and enter your vehicle information. At Fast Title Lenders, we take the time to make sure the loans we make are in our customer's best interest. We do not like to make loans that you cannot afford to repay; for this reason we do require proof of income. It is our policy to help ensure our customers make their payments and keep their car.
What do I need to get a Title Loan?
To get a Title Loan with us, make sure you have the following:
- A vehicle worth at least $5,000.00;
- A lien free Title;
- Valid Drivers License;
- Proof of Insurance (full coverage);
- Proof of Income (usually two most recent pay statements).
What do Title Loans cost?
Use our calculator to find out exactly how much a title loan will cost. The calculator shows your monthly payments, and details how each payment is applied to the loan. You can adjust the loan amount and term to view different payment schedules. Enter different amounts and terms until you find a loan that meets your needs with a monthly payment you can afford. The minimum term in VA is 4 months and the maximum is 12 months. There is no pre-payment penalty, so you can pay the loan in full in less than 4 months.
How does Interest Work?
Title loans in VA are simple interest loans with monthly payments. The loan in amortized over the term and equal monthly payments are made, similar to a car loan (Interest Explained).
How do I apply online?
To inquire about a title loan, fill out the quick inquiry form and we will contact you shortly. Our streamlined process allows us to provide cash in about 30 minutes in most cases.