Title Loans In Virginia
Find out how much your vehicle is worth and get a same day title loan in VA. Sunshine Title Lending has a fast funding process and bad credit is no problem!
Online Title Loans In Virginia From Sunshine Title Lending
We all know that any type of unexpected circumstances can have a devastating effect on anyone’s financial situation. Online title loans a quick and easy way to borrow money using your vehicle’s value as collateral. To obtain a title loan you can use your car’s, RV’s, boat’s, or motorcycle title. Two reasons are why title loans are so popular: In determining whether a borrower is qualified for a loan, credit scores are not taken into account. Instead, the lender looks at the vehicle’s condition and value. Due to the lower application requirements, an online title loan can be approved that same day with funding amounts that reach $10,000!
Online car title loans are the most common type of short term cash loan. A car title loan is also known by the names “titlepawns”, and “title promises”. Pink slip is a term that refers to the pink paper on which car titles in California were printed once upon. A potential borrower must first own a car and sign the title over at an auto loan title title company. A title loan lender will lend $500 to $5,500, which is typically 25% to 50% of the value of your car. They will also keep the title of your car as collateral in case you default.
The typical funding amount with a car title loan in Virginia is $2,000. In many cases they can approach $5,000 or more for newer car’s with low mileage. The typical pay off term is between 150 and 300 calendar days. However, it could be extended. Borrowers have two options: repay the title loan in one payment (typically after one month) or pay the loan over a series of payments. The title company can immediately take possession of the car if the borrower fails repay the loan. The loan company offers the option for borrowers who are in default to make one-monthly interest only payments. This will allow them to continue rolling over the loan amount until it is fully paid off.
The title loan lien is removed when the amount is paid and the car is returned to the owner. The lender can repossess the vehicle to pay the outstanding debt if the borrower defaults.
How Does A Title Loan Work In Virginia & How Can I Apply?
These are the facts you need to know about online title loans before you apply directly.
A title loan, which is a secured loan, allows borrowers to use the vehicle they own as collateral. Your car is the collateral for the loan repayment. The lender may take possession of your vehicle if you fail to repay the loan on the due date. You must give the lender your vehicle’s title, such as your motorcycle, truck, or car, in order to get a title loan. The lender will charge a fee for the loan. Title loans are often short-term, high-interest loans with few requirements. Even if you have bad credit, you still may be eligible. Many times credit scores and histories don’t get considered.
Lenders will grant you a title loan if your vehicle is in good standing and the title is not encumbered. You’ll need to show the lender your vehicle, proof of ownership (your license) and proof that you have your car.
A title lender in Virginia will evaluate your ability to pay the loan and the value your vehicle. They will then give you a loan based upon your ability to repay and your vehicle’s value.
If you are approved you will give your car title to the lender. Title loans generally have terms of 30 to 60 days. This is similar with payday loans. This means that you will make one lump-sum payment at end of loan period. You are required to pay the loan amount plus any interest and other fees. Most lenders charge a monthly service fee of 25% of your loan amount. This will translate to an annual rate of 300%.
You will continue to make payments to the lender until you have repaid the loan. You can drive your car during this time. After all payments are paid, your title is returned to you.
Benefits Of Taking Out An Auto Title Loan In Virginia
Most online title loans can easily be obtained in less than 15 minutes, with loan amounts as low as $100. Without credit, most financial institutions will not lend under $1,000 because they believe these are too risky or not profitable. Most lenders in Virginia verify that the borrower is employed and has a source of regular income. The lenders don’t generally look at the borrower’s score on credit.
Many states offer alternative title loan funding options, also known as auto title loans and installment loans. Similar to traditional car title loans, a car pawn uses both your vehicle and the title to secure the loan. While there are similar risks and factors to secured loans, most borrowers will receive more cash as they have both the title AND the vehicle.
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Our Virginia Beach online title loans experts are here to help guide you through the process and answer your questions.
Virginia Title Loans Frequently Asked Questions
How do title loans work?
Title loans allow you to access cash by using a paid off car as collateral for a loan. These secured loans are often issued to people with bad credit and you can expect a loan payoff term of a few months to 3 years. Lenders offer them as a way for borrowers who are an in a financial bind and need quick cash.
What is the downside to a title loan?
These loans are hard to pay off because most borrowers who apply for a loan have bad credit and lender's have terms that are difficult to pay down. At first the interest rate is low, but every month you need extended, the interest rates rise to high levels. When you are borrowing a high amount, it may be tough to pay it back in the short period of time.
Do I need proof of income for a title loan?
As with any type of loan you will need to show some type of money coming in each month. That way your lender knows you can make the future monthly payments for whatever amount you borrow. Most lenders will accept part time work and monthly annuity payments in the place of full time employment.
Do title loans hurt your credit?
Most borrowers who apply for title loans already have a credit score that can be classified as poor. But did you know you may be able to improve your credit rating with a title loan? Some larger title loan companies actually report on time monthly payments to the credit bureaus and that can improve your overall credit score.
Are car title loans worth it?
As long as you can show that you have a reliable source of income, and a car worth more than the loan you are requesting, typically the title loan provider can approve your loan application. Car title loans are also an excellent option if you need money immediately.
How much is my car worth for a title loan?
People often want to know how much they can access with a paid off title loan. You can access 40-65% of the vehicle's equity when you get a title loan. The average loan amount is $100 to $5,500 for most secured loan, but some lenders will let you take out up to $10,000, and even more. Once you're approved for a loan, you'll give the lender the title to your car.
Can I access cash from a title loan on a car I just bought?
I just bought my car and haven't had the title transferred. Is it possible for me to borrow money using my car as collateral? Yes, unless we are prohibited by laws in your state.
Can you get cash from title loans online?
Title loans let you get cash and use your car as collateral to secure the money borrowed. These are a great option for someone with bad credit and the process is made even easier if you want to apply for financing online. Simply take a few minutes to fill out an application for a title loan online and you can get a pre-approval in less than 20 minutes.
Is getting a title loan a good idea?
A car title loan an option for someone who needs cash quickly. But is it the best way to get cash? That depends on your financial situation. If you really need the money and can't qualify for other funding options like a personal loan or bank loan that it may be the best alternative. As always, do you due diligence and compare lending terms and rates for any company you work with.
How much will I pay and what are the fees with car title loans?
The interest rate and other fees that come with a title loan are really high and you can end up paying more in fees and interest than you initially took out with a title loan! The exact cost of a loan ultimately comes down to what rate and payoff term you agree to. But some companies may have interest rates that are well over 100% for a title loan.
Can a borrower take out a registration loan if they already have a title loan?
Registration loans are only offered in a few select states, but they offer the possibility of using your vehicle's registration as security for a loan. Compare that to a title loan which uses the vehicle's equity as collateral and there may be a chance to get cash from both title loans and registration loans if you can qualify.
Is it possible to get a title loan online without my car's pink slip?
The majority of title loan lenders will require proof that you have paid off the vehicle and that you can provide the actual car's title as collateral for the funding amount. You don't need to hand over the vehicle, but it will be nearly impossible to tap into the vehicle's equity without proof that's in yours and owned outright.
Can you use a bill of sale to get an online title loan?
Some title loan companies will be ok with the use a bill of sale for a loan, but that's really secondary. Any legitimate lender will also require a paid off car title or pink slip as collateral.
Does the title have to be in your name to pawn it?
Similar to if you wanted to apply for a title loan with a pink slip that's not in your name you can't get a title pawn with that scenario either. A title pawn company will hold the vehicle itself as collateral for the cash borrowed, but the lender will still want to know that you're the only owner on the pink slip.
Can you pawn a title that's not in your name?
The only way this may work is if the person who's name is actually on the car title let's you apply for a loan and use them as a cosigner. Most other scenarios will not be acceptable because the only way yo can borrow cash with a title loan is to actually have a pink slip that's in your name.
How can I borrow money against my car?
To be approved for a typical title loan you have to have enough equity in your vehicle. The amount of collateral required to be approved varies depending on the amount you're looking for and the car's make and model. But if you have a newer car with low miles then it's likely you can borrow cash by using the car as collateral.
Can I get a loan on my car if I still owe on it?
Yes! Even if you still owe on the car, you could qualify for fast financial support through title loans!
What's the difference between a title loan and a title pawn?
These two types of secured loans may be the same when talking about vehicle equity loans, but they have a few differences. With online car title loans, you are using your car title as collateral for a loan but the lender allows you to keep driving the car while you make payments. Title pawns also let you get cash for a paid off vehicle title, but the auto pawn lender will keep the car as collateral for the loan.
Do you have a vehicle that's fully paid off?
Anyone in Virginia that owns a vehicle with a clean and clear car title can qualify for an instant title loan!