Fast Title Lenders is a licensed Title Lender by the state of Virginia, license VTL-56. We follow all VA laws and regulations, and provide our customers with lower rates. Title Loans in VA are regulated at the state level and there are significant differences between VA and other states. Some states have 30 day loans, different interest rate caps, higher or lower maximum loan amounts, other fees, and various other differences. To understand how title loans work in Virginia, it is important to be familiar with the borrower's rights and responsibilities document.
How do VA Title Loans work?
The State Corporation Commission (SCC), Bureau of Financial Institutions (BFI), regulates title lenders in Virginia. They publish a list of licensed lenders on their website, and maintain the Borrowers Rights and Responsibilities document. This document outlines what lenders can and cannot charge, the accepted business practices, and the risks of getting a title loan in VA. The SCC BFI requires title loans be monthly term loans with a fixed APR. They have equal monthly installments of both principal and interest, similar to other monthly term loans (car loans, mortgages, etc.). The loan term has a minimum of 4 months and a maximum of 12 months. There is no pre-payment penalty; borrowers can pay a loan in full at any time without penalty. Lenders can charge a maximum interest rate between 15% to 22% per month, depending on the loan amount. To see what we charge, use our calculator.
How do I get a Title Loan in VA?
The first thing you need to do to get a title loan in VA is make sure you meet the requirements. You must be 18 years of age, have a lien free vehicle title, valid government ID, and meet the VA specific requirements. When you meet the requirements, the next step is to find a lender. This process can be difficult in VA. Lenders are not permitted to solicit full applications online, so to get approved for a loan you will need to visit the lender. You can, however, call lenders and ask as many questions as you want. We suggest doing a bit of research and finding a lender that meets your needs.
Can I Re-finance my VA Title Loan?
Refinancing a title loan in VA is not permitted. Our recommendation is to make sure you can afford the rate and payment before you get the loan; once you sign the loan agreement you will need to pay the loan in full. You do, however, have one business day in VA to cancel a title loan by returning the funds the same or next day.
How much can I borrow in VA?
The maximum amount you can borrow in VA is 50% of the fair market value of the vehicle. The is no pre-set maximum loan amount like there is in some other states, however many lenders do have maximums. Some lenders do require proof of income to support the monthly payment, some do not. Be sure to check with your lender to make sure you bring the required documentation. To see our requirements, visit our title loan process page or contact us.