Take Out Cash Today With A Title Loan In Virginia
Do you need some extra cash in a hurry but can’t get approved by a personal loan lender? If so you check out the various options which let you use your car’s title as collateral for a loan. Title loans in Virginia are a fast and easy way to get cash quickly and you can qualify with bad credit.
Online title loans are somewhat new to the state of Virginia and they provide up to $15,000 within 24 hours. This is beneficial for individuals who need instant cash but can’t wait on traditional financing methods that take days or even weeks to process. Whether you have bad credit or no credit at all, it is possible to get quick approval from one of these companies if your vehicle qualifies for funding. Before applying, be sure that you know what types of vehicles qualify so that there are no mistakes during the application process. The following information will help you understand how a title loan works in Virginia so that you can make an informed decision based on your current financial situation.
What’s Required To Qualify For Title Loans In Virginia
The lending requirements for an online title loan in Virginia are simple. To start you will need to be at least 18 years old and have a valid social security number. You also need to own a car that has some value with low mileage. The vehicle will need to have a registered car title or “pink slip” in Virginia and you must hand over the car title to your lender before picking up the cash.
If you meet the above requirements, then you will most likely qualify for a title loan in cities such as Virginia Beach and Norfolk where there are multiple companies to choose from. If your vehicle doesn’t fit these characteristics or if you can’t qualify for other reasons you can still apply for a lower loan amount or even a 2 year payoff that allows you to use an older vehicle with high miles.
What Happens After Submitting A Title Loan Application In Virginia
After applying for a title online in Virginia you should expect to hear back from the loan underwriting team within an hour or less if it’s during normal business hours. They may request additional documents such as a copy of your driver’s license and proof of address. Some title loan companies will want to see proof that you’re currently employed. That way they can verify you have money coming in each month to make future payments.
If you’ve previously had a title loan with the same company it may not be necessary to provide those documents again as they will already have them on file from the previous application process. Whether you are applying for a new title loan or a refinance of an existing title loan, the application process will be much quicker than if you had applied for any other personal loan options in Virginia. After you’re approved for a loan amount, then all that is left to do is sign the contract and hand over your vehicle’s title as collateral for the amount borrowed.
The Title Loan Contract In Virginia
A signed title loan agreement in Virginia will state that you are borrowing up to 60% of the fair market value of the vehicle with a secured loan or title pawn online. You can choose to pay back your loan either weekly or monthly depending on how much money was initially borrowed. Most title loans offered in VA will have a payoff contract that ranges from 1 year to 3 years and some will vary based on the monthly payments you make. Try to pay as much as you can each month and work with a title loan company in Chesapeake VA that lets you make early payments with no prepayment penalty.
The vast majority of companies in Virginia let their borrowers keep driving their cars during the entire lending contract. This is different than how title loans used to function and is a welcome change for borrowers in larger cities like Alexandria and Virginia Beach who depend on their vehicles to get around and go to their job each day!
Can I Get An Auto Title Loan In Virginia With Bad Credit
Yes, you can still get a title loan in Virginia even if you have bad credit or no credit history. A majority of licensed short term lenders in Virginia will approve borrowers with a FICO score below 650 for a car title loan. Some may not even run a traditional credit report check as the only requirement that’s necessary is the vehicle’s resale value.
The easiest way to find a company that gives car title loans in Chesapeake VA with low credit is to fill out the Highway Title Loans online application and let us find the best lending terms for your situation. We’ll look to get you a manageable APR and payoff amount and again your credit history won’t be an important loan requirement.
As long as you own an automobile and meet the minimum lending requirements, then you may get approved for a same day title loan without needing good credit or no credit at all. We’re ready to get you started with an online application or you can meet with a licensed title loan company in cities such as Charlottesville and Alexandria VA.