You are here: Home » Title Loan Resources » Can I Get Car Title Loans in Virginia?

Accessing Funds in Virginia Can Be Easy and Fast

There are many reasons a Virginia resident may be interested in accessing extra funds. Maybe an unexpected emergency pops up, like having your car towed. If you don’t have cash in your savings account to cover these events, trying to navigate them can be stressful.

Borrowing money from friends or family members can be uncomfortable, and not everyone has a good enough credit history to apply for traditional bank loans. If you find yourself in a challenging situation and need financial assistance to get out, you should consider inquiring about car title loans serviced by LoanMart.¹

With a fast and easy approval process, you could potentially receive access to funding within 24 hours of inquiring.³ It could be the answer you need during a time of crisis! Get started today by filling out this inquiry form or calling 855-422-7412. Learn how car title loans work in Virginia and why they could be helpful to people from various financial backgrounds.¹

Advantages of Car Title Loans in Virginia

Choosing a car title loan serviced by LoanMart in Virginia has many benefits for qualified borrowers to take advantage of. Below are some examples of why this can be a good choice for people who are experiencing an emergency and need access to money quickly!¹ ³

Call Our Team

Take the first step and call our toll-free hotline to speak with a specialist.

Flexible Inquiry Process:¹

Compared to traditional bank loans, car title loans serviced by LoanMart can offer a much more flexible approval process!¹ You don’t have to worry about hidden fees, and people from different career backgrounds are welcome to inquire.5

That’s because you don’t need to work a traditional 9-5 position to potentially qualify for funding! Many different types of alternative income may be accepted during approval.¹

Convenient Online Process:¹

One of the most significant advantages to choosing a car title loan serviced by LoanMart is that you can begin the inquiry process online!¹ You don’t have to worry about finding a loan location in your area or waiting in line at a bank to get the help you need. With this financing option, you can get started from the comfort of your home or anywhere you can access the internet. Just use your smartphone or computer to get started! It can really be that straightforward and simple to begin your title loan inquiry.

Keep Driving Your Car:

You may wonder what happens to your car during a car title loan agreement. The good news is that qualified borrowers can continue driving their vehicles during repayment!¹ Many residents of Virginia need their cars for transportation, and giving that up could cause lots of headaches. If you pay your funds back on time, you can keep driving your car like you normally would.

Easy Repayment Options:¹

Qualified borrowers have many options for paying back their car title loan funds! With a title loan serviced by LoanMart, you can pay the funds back online, through the mail, or in person at a participating money transfer location– whichever option is more convenient! You don’t have to worry about prepayment penalties or hidden fees.5With a title loan serviced by LoanMart, borrowers can pay their funding back early without these extra hassles. ¹ 5

Risks of  Car Title Loans in Virginia

Car title loans come with the same risks as any financing agreement. Know these risks and disadvantages before beginning the inquiry process:

Having your Vehicle Repossessed:¹

The most obvious risk with a car title loan is having your car repossessed. If a qualified borrower fails to pay back their funds and the loan enters default, they could have their vehicle taken away and sold to pay off the remainder of the debt. This can happen with any secured loan that relies on collateral, which is why it can be much easier to get approved, and your credit history isn’t necessarily the main focus.

While this may sound harsh, it’s common for many financial agreements you may enter into to have a potential risk. If you don’t pay your rent, your landlord can evict you. If you rent a car and don’t return it, the rental company can track you down to get it back.

The good news is that repossession during a title loan agreement is typically the last resort any lender wants to take. The best way to avoid this is by contacting your lender to explain why you are struggling with payments, and they may be able to help you work out an alternative solution! Refinancing your loan could be a potential option for qualified borrowers.

Remember to Make Your Payments on Time:

As with any financial agreement, your credit history may be negatively affected if you fail to make timely payments. Payment history is one of the most influential factors that is used to calculate your credit score, so it is important to pay all of your debts on time.

One of the best ways to ensure you pay back your car title loan funds on time is by setting up automatic payments from your bank account! That way, the money can be transferred without you having to remember specific dates or times, making things much more manageable.

How Do Car Title Loans in Virginia Work?

Car title loans, also known as auto equity loans or pink slip loans, allow a borrower to use the title of their car as collateral in exchange for funding from a lender. In essence, you are borrowing off of your car’s value, and the vehicle title serves as the lender’s insurance if you don’t pay back the funds and default on your loan. If approved, a lien would be placed on the car title and removed once the funds have been repaid in full.

This is a secured loan because a physical asset is on the line in exchange for funding. If you miss payments, you risk having your car repossessed once the loan enters default. As mentioned earlier, repossession is typically the last resort that anyone wants to take! Contact a lender if you are struggling to make payments on time, but don’t wait until after you miss a payment.¹

On the other hand, most traditional bank loans are considered unsecured because they don’t rely on any physical asset as collateral. Instead, banks, credit unions, and other online lenders will look at a person’s credit history to decide if they are responsible enough to be lent money. While your credit score will be considered during a title loan approval process, it is not the main focus. Instead, title loan lenders care more about:

  1. How much value your vehicle has
  2. Whether or not you can afford to repay the loan

Your vehicle’s equity will largely determine your approval status and the loan amount! Additionally, proving that you have the ability to repay a loan is important to lenders because it shows that you can pay back the funds down the line. You can find out how much equity your car has by using this helpful calculator tool for LoanMart borrowers, free of obligation. Or, click the Kelley Blue Book website link!

What Are the Requirements for a Car Title Loan in Virginia?

The Virginia car title loan requirements are not very demanding, but they are still crucial to know about before beginning the inquiry process! While traditional bank loans can be a big hassle to qualify for, title loans serviced by LoanMart are simple and have minimum eligibility requirements.¹ You must:

  • Be an Adult at Least 18 Years of Age or Older
  • Have a Vehicle Title in Your Name
  • Have a Qualifying Vehicle With Enough Positive Equity
  • Show Proof of a Steady Income or Alternative Income

With such simple criteria to understand, it’s no surprise that title loans serviced by LoanMart can be a popular financing option for people who need access to money quickly

How Can I Inquire About Title Loan Funding in Virginia?

If you meet the abovementioned requirements, the next step is beginning the inquiry process for a title loan serviced by LoanMart. The inquiry and approval process can be broken down into three simple steps for you to follow, making it quick and easy to begin your journey.³ To inquire about title loan funding, you will:

1. Decide How You Want to Inquire About Title Loans

One of the biggest advantages of choosing a car title loan serviced by LoanMart is that you have options for deciding how to inquire about funding!¹ You can inquire online or over the phone by speaking with a title loan agent. Just use your smartphone to head over to the website or call 855-422-7412! Both methods are quick, easy, and convenient compared to finding a credit union or bank location in your area. They involve a pre-qualification questionnaire that only takes a few minutes to complete– then you are on your way to potentially accessing funding!³

2. Submit Documents

Once you’ve submitted the initial inquiry, the next step is gathering the necessary documents. With a title loan serviced by LoanMart, the documents required are usually things that most adults have on hand. You can also submit them online via email or fax, which makes the process much easier and more convenient. You will need to show:

  • Government or State-Issued Photo I.D.
  • Proof of Income
  • Proof of Residence in Virginia
  • Pictures of the Car
  • Proof of a Qualifying Vehicle Title in Your Name

Typically, Virginia borrowers are asked to complete the “Application For Transfer And Supplemental Liens” form before their loan is completed. This documentation helps to further the inquiry process and speed it along.

3. Approval and Picking Up Your Funds

If you meet the initial requirements for a title loan serviced by LoanMart, send in the necessary documentation, and pass approval, the next step is deciding how you want to receive your money! You have several convenient options available if you’re approved. You can:

  • Have the Money Direct Deposited Into Your Bank Account
  • Receive a Check in the Mail
  • Pick up the Funds at a Participating Money Transfer Location Nearby

How Can I Use My Title Loan Funds in Virginia?

If you’re experiencing an emergency and need quick access to funding, a car title loan serviced by LoanMart could be an option to consider.¹ There are many ways you can potentially spend your cash once you receive approval. However, remember that some limitations are also based on your state. Below are some examples of where this financing option may help you out:

Paying Medical Bills:

It’s no surprise that the healthcare system in America is expensive, mainly when unexpected events occur. If you fail to pay your medical bills back, they can add up over time and cause stress on your finances and life. With title loans serviced by LoanMart, you could potentially receive access to money when you need it quickly!¹

Rent Payments:

With the rise of inflation, everything costs more money these days. Rent is the number one financial struggle for most households in America, and it’s not going to get more accessible with the housing market going bananas! If you need help making rent payments, you should find a loan option that offers you money quickly and easily. Qualified borrowers through a title loan serviced by LoanMart could access their cash in as little as 24 hours!³

Household Projects:

Maybe you’ve wanted to renovate your home or add a new porch to your backyard. There are plenty of household projects people dream of doing but don’t necessarily have the funds to complete! With a title loan serviced by LoanMart, you could potentially access quick funding by inquiring online today.¹ ³

Inquire About Car Title Loans in Virginia When You Need Cash Quickly

There is never a ‘right’ time for an emergency to happen. Life is full of great moments but also stressful ones that require money. If you’re a Virginia resident with a bad credit history but need to access funding quickly, you should inquire about title loans serviced by LoanMart! The process can be quick and easy, depending on your circumstances.¹ While a lender will consider your credit score, it is not the main focus during approval.¹

As long as you meet the requirements and provide the necessary documentation, it can be easier than you think to inquire about the help you need.¹  Don’t let the anxiety of needing money but not having it overwhelm you! A car title loan serviced by LoanMart could be the answer you’re looking for.¹ Get started today by filling out this inquiry form or calling 855-422-7412.