Access to Quick Money through a Car Title Loan in Virginia
Times are tough for many Americans right now, and it’s no surprise that people are looking for extra money to help out their financial situations. There are plenty of loan options available for residents of Virginia, like a traditional bank loan, a personal loan, or even a payday loan. Still, many of these options have strict credit score requirements or have high-interest rates that will hurt your wallet in the long run.
On the other hand, car title loans are one of the fastest ways to get money, even if your credit score isn’t very strong. Getting approved for them is an easy process that only requires meeting a few requirements and having some important documents on hand!1 You can complete it online or over the phone with LoanMart today! If you live in Virginia and you’re looking for a way for quick access to money, consider applying for a car title loan serviced by LoanMart.1,3
Learn everything you need to know about the requirements for a car title loan in Virginia today.
How Can You Get an Auto Title Loan in Virginia?
A car title loan is simple, and as long as you are a car owner (or are close to paying off your car), the approval process can be straightforward.1 Simply put, a car title loan is a loan that uses your car’s title as collateral in exchange for quick funding.1 This works by allowing you to borrow off of the amount of positive equity you have potentially built up in your vehicle. The lender will determine how much value is in your car and then potentially offer you a percentage of that amount through a loan.
In essence, you get money for your car without selling it outright. The lenders will briefly have control of the title by becoming its lienholder while you make payments, but the best part is that you’re still allowed to drive your car while this is happening! You can keep driving your vehicle while you make all of your payments on time and responsibly.
If you are a Virginian looking for extra money, a car title loan can be a great way to apply for the funding you need if you are in a hurry.3 You just need a qualifying car that has the right amount of equity to get started! If you’re unsure about the current amount of equity in your car, you can use the online calculator tool to help you determine that amount! After entering a couple of pieces of information, you can see how much value your car holds and potentially obtain a quote, free of obligation.
What is Equity and Why is it a Requirement for a Car Title Loan in Virginia?
Equity is an important term relating to a title loan because the amount of money a lender will potentially offer you depends on it. The equity in your car is the difference between how much your vehicle is worth on the market versus how much of it you have paid off. If you have completely paid off the loan on your car and own it outright, your car’s equity could potentially be equal to its current market value, depending on its condition and technology package.
If you’re still making car payments, your equity would be worth your car’s current market value is, minus the amount you owe on it. If you owe more than your car is worth, you would have negative equity.
Figuring out what your car is worth can be tricky because it can depend on several subjective factors. You can get a good idea of this by looking at the metrics for valuing a car and determining how yours stacks up.
Below is a list of factors that are looked at when calculating the market value of your vehicle:
- Model, Year, Style, Make: All cars lose value as they age. The second you drive a brand new car off the lot, it will immediately lose some value. This is referred to as ‘depreciation,’ and almost no products are immune to this happening. When lenders determine the amount of value your car is worth, they will look at what kind of vehicle you are driving and when it was manufactured. Don’t worry if your car is an older model– many cars have remained popular or in high demand over the years, therefore retaining value.
- Mileage: Another way individuals will determine the value of your vehicle is by looking at the current mileage on it. It’s no surprise that cars that have been driven and used less will be valued higher than cars with lots of miles. The more you drive a car, the more wear and tear occurs, making it more ‘worn out.’ Not all vehicles with high mileage are in bad shape, though, and if you can prove that yours is still running fine, that should reflect positively on its value. You can still potentially qualify for a car title loan even if your vehicle has high mileage on the odometer.1
- Car History: If your car has been in an accident, this can reflect negatively on its worth. Even if you’ve forked over tons of money for the repairs and the vehicle is back to normal, significant car accidents that resulted in a salvage title are still considered harmful to your car’s market value.
- Current Condition: While lenders may not necessarily look at the history of your car when determining its value, they will look at the current condition of it. If you have a broken tail light, the automatic windows don’t work, or there are cosmetic damages to the car, you should consider repairing these to increase its value. Even though none of these things will interfere with how well the car drives, they make the car seem more broken down. Alternatively, it’s also important to make sure everything under the vehicle’s hood is in good condition as well. Making repairs like this can significantly impact what your car is worth.
Whether or not you’re trying to apply for a car title loan, taking good care of your vehicle is a smart habit. You can avoid more significant internal issues in the long term and lose money on the car later on. Make sure you are keeping up with regular tire rotations and oil changes!
What are the Requirements for a Car Title Loan in Virginia?
Curious about the requirements for a car title loan in Virginia? If your vehicle is paid off or close to paid off, you could be a good candidate for a car title loan in Virginia.1 You need to meet a couple of initial requirements to begin the approval process, but they are pretty straightforward and simple to understand:
- Have A Car Registered In Virginia Under Your Name
- Be At Least 18 Years Of Age or Older
- Have Proof Of A Steady Income/Alternative Income
- Have A Vehicle That Qualifies
Those first two points are pretty self-explanatory. You can’t move forward with a car title loan if you don’t have a car registered under your name. Additionally, minors are not permitted to apply for this kind of financial loan.
The good news is that having proof of a steady income isn’t as black and white as it may seem. There are many different ways to prove you have income in some form or another, meaning you don’t need a traditional 9-5 job to qualify for a car title loan in Virginia.1
You can prove your income in several different ways. Below are a few examples of ways to prove income or alternative income:
- Retirement Pension
- Disability Income/ Social Security Income
- Pay stubs
- Bank Statements
- And More!
If you are concerned about your ability to prove income, a title loan agent can help you figure out your alternative options. The car title loan process is very flexible and easy, which is helpful for anyone who is in a crunch and needs access to funds quickly.3
What Is the Car Title Loan Application Process Like in Virginia?
When people think of a loan application, complicated procedures involving strict rules and banks typically come to mind. With title loans serviced by LoanMart, you can start the loan inquiry from the comfort of your own home, either online or over the phone. In some cases, borrowers can be approved and receive access to their funds within the same business day!
The process is simple.
First, you will submit a loan inquiry by filling out this online form or calling 855-422-7412 to speak directly with a LoanMart agent. This gives you the perfect opportunity to explain what you want from your car title loan and your circumstances.
Next, you will need to send in a few important documents. You are required to submit these to make sure you qualify for the loan. The paperwork you will need to show is as follows:
- Proof of address in Virginia: You will need to prove your residency, and you can do so by showing a recent utility bill, a bank statement, or any qualifying piece of official mail sent to your home.
- Government Issued Photo I.D.: You must prove your identity through a government-issued photo I.D. card. This can be a driver’s license or a passport, as well as any other qualifying state-issued I.D. card.
- Recent photos of your car: While most title loan options require an in-person vehicle inspection to verify your car’s condition and equity, you will not have to do that when you inquire about a title loan serviced by LoanMart.1 Showing recent photos is an excellent way to prove its condition, so you must take good care of your vehicle.
- Car title in your name: You need to prove that you own your vehicle and that it is registered under your name. However, you can still apply for a car title loan if you are currently financing your vehicle.1
- Proof of income: As mentioned earlier, you need to show proof of income during the inquiry process. There are many alternative forms that you can present as proof that you have a steady income and will be able to make payments on time.
If you are missing some of the above documents, like your car’s title, you should consider reaching out to the Virginia DMV about replacement procedures. In some cases, you may be able to get electronic copies of these documents sent to you instead of physically going into a location and picking them up. Learn about your options by visiting the Virginia DMV website.
The last step is to find out if you can qualify for the cash you need through a car title loan!1 If you do, you can sign your loan agreement and choose from a few convenient ways to collect your funding.
What are the Advantages of Getting a Car Title Loan in Virginia?
There are many advantages to getting a car title loan serviced by LoanMart in Virginia. One of the main issues that people worry about when applying for loans is whether or not they have good enough credit. You don’t need to worry about this with a car title loan– the lenders care less about your credit history and more about how much value is in your car because that is where the collateral is.1
This is relieving news to people with average to below-average credit because they may not qualify for an unsecured loan. When you have a rocky financial history, it can be challenging to convince a lender to give you access to funding. This is part of why car title loans are such good options for people who need money quickly and do not have stellar credit!1
Another advantage to qualifying for a car title loan serviced by LoanMart is that you can complete the inquiry process online. There is no need to physically go into an office and spend a whole afternoon waiting to speak to someone in person– with LoanMart, you can inquire about your loan, submit your documents electronically, and potentially receive access to your funds (if you’re approved) within 24 hours or less! 1,3
There has never been an easier way to get money quickly as a resident of Virginia.1,3
How Much Money Can I Expect to Get through an Auto Title Loan in Virginia?
The answer to this can depend on multiple things. As mentioned earlier, the value of your car is determined by several factors. The amount of money you can expect from a car title loan serviced by LoanMart will rest on this evaluation. Your loan amount will be determined largely by these two factors:
- The Amount of Positive Equity in Your Car, and
- Your Income and Ability to Afford the Loan
Once the market value of your car is determined, your equity will be calculated, and the lender will figure out how much money you’re eligible for. People will typically receive about 25%-50% of their car value in loan funding.1 This is why it’s nice to have a high-value car or have a car that is paid off entirely– the more your car is worth, the more funding you may potentially receive.1 If you have any questions about a car title loan, feel free to inquire about it by calling 855-422-7412 to speak with a title loan agent!
Find Out if You Can Access Money When You Need It Most
Now that you know more about the requirements for a car title loan in Virginia, you may be curious if you can qualify. Not everyone is fortunate enough to have a large financial safety net when money problems arise. Car title loans serviced by LoanMart can be an excellent option for anyone living in Virginia who has below-average credit but needs access to money in a pinch.1
It only takes three simple steps to apply for a car title loan in Virginia–
- First, fill out an inquiry form online, or call 855-422-7412 to explain your situation.
- Second, gather the required documents and send them in electronically to be approved.
- If you’re approved, you may potentially gain access to your cash in as little as 24 hours!3
All of this can be done online from the comfort of your own home. Find out if you can qualify for a car title loan serviced by LoanMart today! 1