Car title loans in Virginia | finder.com
city of virginia

Car title loans in Virginia

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Check out the regulations before visiting a lender.

Car title loans are a complex business in Virginia. With a number of regulations in place, you’ll want to know how much these loans will cost you and how much your lender can legally charge before you commit.

Our top pick: Max Cash Title Loans

  • Max. Loan Amount: $50,000
  • Turnaround Time: 1 business day
  • Loan Term: Varies by lender
  • Requirements: Must be a US citizen or permanent resident, 18 or older with a regular source of income.
  • No bank account required
  • No prepayment penalty
  • Bad credit OK

Our top pick: Max Cash Title Loans

With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.

  • Max. Loan Amount: $50,000
  • Turnaround Time: 1 business day
  • Loan Term: Varies by lender
  • Requirements: Must be a US citizen or permanent resident, 18 or older with a regular source of income.
Promoted

Compare car title loans in Virginia

Updated April 18th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$50,000
1 business day
Must be a US citizen or permanent resident, 18 or older with a regular source of income.
With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.
$10,000
Varies by lender
Have a regular source of income, not be involved in any bankruptcy proceedings, be a US citizen or permanent residence, be at least 18 years old (varies by state).
Quickly find a lender and potentially borrow up to $10,000 by using this auto title loan connection service.
$50,000
1 business day
Must live in AL, AZ, IL, MO, NM, SC or UT. Must have verifiable income, car value of at least $1,500 and a vehicle that is paid-off or close to being paid-off.
A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.
$5,000
as little as one business day
Must live in AZ, CA, FL, NM, SC or TN. Must own your car outright, have a valid car insurance policy and be a US citizen or permanent resident.
Short-term loans secured by your car title. Repayments accepted through MoneyGram if you don't have a bank account.
$10,000
as little as 30 minutes
Must have a lien-free vehicle title, government-issued ID, and be age of majority in your state.
Auto title loans on cars and motorcycles to people in 16 states across the US.

Compare up to 4 providers

Where can I get a car title loan in Virginia?

Title loans in Virginia are available both online and at physical stores. You’ll have better luck finding title loan stores in bigger cities like Richmond and Virginia Beach. But this is a growing industry, so you may also find stores scattered across the state in smaller cities and towns. While you can often start the car title loan process online, you’ll likely have to finish it at a store to have your car inspected and receive your funds.

Title loan locations in Virginia

Online title loans

While online title loans are available in Virginia, there’s a catch: You can’t have the funds directly deposited into your bank account. Your lender must disburse your loan funds in the form of cash, a check or a debit card. This means that even in the rare cases a lender doesn’t require a vehicle inspection, you may still need to visit a storefront to receive your funds.

However, online title loans can be helpful if you’re looking for loan preapproval. Many lenders will give you an estimated loan amount and cost based on your financial situation after you fill out an online form.

How to apply for a title loan online

If you decide to go online first, you’ll likely have to follow these steps:

  1. Compare your loan options and click Go to Site to start an application.
  2. Fill out the required fields and submit your form.
  3. If preapproved, set up an inspection with the lender.
  4. Visit a branch to have your car appraised and complete your application.
  5. Read over your loan contract, sign the dotted line and receive your funds.

What are the title loan laws in Virginia?

Virginia has a number of regulations in place to protect borrowers, including limits on how much you can borrow and late fees:

  • Maximum loan amount: No more than 50% of the value of your vehicle
  • Loan terms: 120 days to 12 months
  • Late fees: No more than 5% of the payment amount
  • Rollovers and extensions: None allowed

Interest rates and APRs are capped according to how much you borrow:

Portion of the loanMaximum monthly interest rateMaximum APR
Under $70022%264%
Between $700 and $1,40018%216%
Over $1,40015%180%

However, lenders can’t charge interest if it’s been 60 days since you missed a payment or if your vehicle has been repossessed. They also aren’t able to receive repayments via automatic electronic withdrawals from your bank account.

Returning your title

When you repay your title loan in full and have closed out your loan, your lender is required to:

  • Mark your original loan agreement as paid or canceled.
  • Terminate its lien on your vehicle’s title.
  • Return your vehicle’s title to you.

If you run into trouble getting your title back, contact the DMV in the state your vehicle is registered. If problems continue, contact Virginia’s attorney general to file a complaint.

Repossessing your vehicle

Your lender must give you a written notice 10 days in advance before it repossesses your vehicle. This notice must state:

  • The principal of the loan.
  • The interest due.
  • That you can avoid repossession by paying back the loan in full.

Selling your vehicle

After repossession, your lender must give you at least 15 days’ notice of its intention to sell your vehicle. This notice must include:

  • The principal of the loan.
  • The interest due.
  • The date and time your vehicle might be sold.
  • A list of reasonable expenses of repossession.

Your lender may not charge you for storage fees after repossession.

You can pay off your loan at any time before the sale to get your vehicle back. If you’re unable to pay your lender, it can sell your car. One of two things will happen after your lender sells your car, depending on the payoff amount.

  • If the vehicle was sold for more than the payoff amount. Your lender must give you any excess money from the sale. For example, if you owed $4,000 to your lender and your vehicle sold for $5,000, you would receive the leftover $1,000.
  • If the vehicle was sold for less than the payoff amount. Your lender cannot collect any money from you if your vehicle sold for less than the loan amount. For example, if you owed $5,000 on the loan but your vehicle only sold for $4,000, you would not owe your lender that extra $1,000.

Car title loan requirements in Virgina

Car title loans in Virginia don’t have many requirements. You’ll likely qualify for a loan if you:

  • Have a lien-free motor vehicle title.
  • Are at least 18 years old.

Your lender may have more specific requirements, including proof of regular income and a government-issued ID. Check your lender’s requirements before applying.

Alternatives to consider before getting a car title loan in Virginia

These alternatives may be able to help if you need cash fast or you’re facing long-term financial issues:

  • Payday alternative loan. A payday alternative loan (PAL) is a short-term loan offered by select federal credit unions. You’ll need to be a member of the credit union to qualify, but APRs are capped at a low 28%.
  • Credit card cash advance. If you have credit available on your credit card, consider taking out a cash advance. These typically come with APRs around 30% — significantly lower than what you’d be charged by an auto title loan provider.
  • Family or friends. If you only need a few hundred dollars to get by until your next paycheck, friends or family may be willing to lend a hand. You can even create a formal contract using a service like Loan Well.
  • Payday or installment loans. These short-term loans have one benefit that title loans don’t: They don’t require collateral. And since Virginia limits the amount of interest a payday lender can charge, it might cost less to borrow if you only need a small amount.

You can also look into loans for consolidating debt or request an extension from your creditors. And if you’ve been having a lot of trouble handling your finances, a credit counseling service may be able to provide some structural support to avoid finding yourself in a similar situation in the future.

Bottom line

A car title loan may seem like a good deal when you’re short on cash and have bad credit, but it can be extremely expensive — and you risk losing your car should you default. But because of Virginia’s caps on interest and regulations on repossession, you may be in a better position than if you lived in a different state with less oversight.

Learn more about the process and compare lenders with our guide to auto title loans.

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