Editor's choice: Max Cash Title Loans
- No bank account required
- No prepayment penalty
- Bad credit OK
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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.
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.
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.
If you decide to go online first, you’ll likely have to follow these steps:
Virginia has a number of regulations in place to protect borrowers, including limits on how much you can borrow and late fees:
Interest rates and APRs are capped according to how much you borrow:
|Portion of the loan||Maximum monthly interest rate||Maximum APR|
|Between $700 and $1,400||18%||216%|
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.
When you repay your title loan in full and have closed out your loan, your lender is required to:
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.
Your lender must give you a written notice 10 days in advance before it repossesses your vehicle. This notice must state:
After repossession, your lender must give you at least 15 days’ notice of its intention to sell your vehicle. This notice must include:
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.
Car title loans in Virginia don’t have many requirements. You’ll likely qualify for a loan if you:
Your lender may have more specific requirements, including proof of regular income and a government-issued ID. Check your lender’s requirements before applying.
These alternatives may be able to help if you need cash fast or you’re facing long-term financial issues:
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.
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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