A Great Financing Option for Virginia Residents

With the cost of living at an all-time high, paying for unexpected expenses can be impossible, depending on your circumstances. Like most Americans, many residents of Virginia live paycheck to paycheck, which means they don’t have a significant safety net of savings to fall back on when financial hardships arise. Getting approved for traditional financing can be challenging if you have a bad credit score, leaving many people in a tough spot when they need money most. 

There are options when it comes to getting a loan in Virginia! Qualified residents can inquire about a title loan to potentially receive access to money quickly. 1 With a ChoiceCash title loan serviced by LoanMart, people with a poor credit history may still be approved for funding!1 You can also complete the entire process online from the comfort of your home. Start by filling out this inquiry form or calling 1-855-914-2945 to speak directly with a ChoiceCash title loan agent. 

How Can I Get a Title Loan in Virginia?

Inquiring about a title loan in Virginia is easy! Car title loans work by using a person’s vehicle as collateral for financing. In essence, your car is the insurance in case the funding is not repaid. If a borrower misses their monthly payments, they risk having their vehicles repossessed. That’s because car title loans are considered ‘secured loans’ while other traditional bank loans are called ‘unsecured loans’– there is physical collateral on the line in case the funding is not paid back. 

A lien holder will be put on a qualifying vehicle by the lender during the entire repayment process, and it gets removed once the loan is paid back. 

This also explains why not having a perfect credit score is okay during a title loan agreement. While a person’s credit history may still be considered, it’s not the main focus. Instead, title loan lenders care more about these two factors during the approval process:

  1. How much equity is in your vehicle
  2. If you have a steady income 

The amount of equity your vehicle has can determine whether or not you get approved and how much loan proceeds you may receive. On top of that, providing proof of a steady income shows that you will be capable of repaying the loan. 

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Requirements for a Title Loan in Virginia

Meeting the title loan requirements for an auto title loan in Virginia is simple but also very important. Unlike traditional loans, which can have complicated or strict terms, title loans involve an easy process accessible to people from all walks of life! Below are the title loan requirements in Virginia:

  1. Be an adult 18 years or older
  2. Have a legal vehicle title under your name
  3. Provide proof of a steady income or alternative income

You must be 18 years or older to inquire about an auto title loan anywhere in the U.S. That’s because it’s a big financial decision to enter into! You can’t follow through with auto title loans without having a legal car title under your name. However, there can be circumstances that allow you to apply for a car title loan without the title.1 If you currently finance your vehicle, you can still apply for a car title loan if you meet the right criteria.1

Finally, a title loan lender will want to know if a borrower has a form of steady income to repay the loan. You can provide proof of this by using many different types of income! To qualify, you don’t need to work a traditional 9-5 job.1

Documentation Required for a Title Loan in Virginia

After meeting the abovementioned requirements, you must gather the necessary paperwork to complete the inquiry process. Inquiring about a ChoiceCash title loan serviced by LoanMart in Virginia can be quick and easy as long as you have these essential documents on hand!1

Government-issued photo ID or Virginia State ID:

You must prove your identity and age when inquiring about Virginia title loans. As mentioned earlier, you must be at least 18 years or older to get approved! You can use a driver’s license or a passport!

Proof of Residence:

While ChoiceCash title loans serviced by LoanMart are available in many states 1, they are not available everywhere. It’s crucial that you can prove your residence in one of the states they are available! You can show a piece of recent, official mail, like a utility bill or bank statement. 

Proof of Income:

Showing proof of a steady income is crucial when inquiring about a title loan in Virginia because it confirms to lenders that you can repay the loan. You don’t need to work a traditional 9-5 position to qualify for funding! There are many alternative forms of income that are acceptable to show during the inquiry process. Below are examples of income forms you can provide:

  • Social Security Benefits
  • Worker’s Compensation
  • Alimony/Child Support Checks
  • Settlement Income
  • Self Employment
  • Pension Income
  • Retirement Income
  • Pay Stubs

Perhaps you can’t work anymore due to an injury. However, you still receive a monthly check, or maybe you own an online storefront that is your primary source of income– whatever the case, ChoiceCash title loans serviced by LoanMart can offer a very flexible approval process that allows those with alternative forms of approved income to apply!1

Proof of a Legal Car Title in Your Name:

You can’t move forward with online title loans without having a legal vehicle title in your name. However, you can still apply for a car title loan if you are currently financing your vehicle- it just needs to have the right amount of equity!1 If your car’s title is not currently in your name, just reach out to a title loan agent to learn more about your options to change it.

Recent Photos of the Car:

You may need to show recent vehicle photos along with the other required documents. That’s because this type of financing relies on how much value is in the car; therefore, lenders want to see what condition it’s in. The best part about online title loans is how easy the inquiry and approval processes are!1 You don’t need to find a location in your area to get a car inspection done– by sending in pictures, you can complete the assessment virtually!

What Are the Advantages of a Car Title Loan in Virginia?

With payday loans, personal loans, or even credit card cash advances, there are many different ways to borrow money! Determining the right financing option for you can be difficult, especially if you need emergency cash quickly. The good news is that there are many advantages to choosing a title loan in Virginia! Below are perks you can enjoy by inquiring about a ChoiceCash title loan serviced by LoanMart1:

Bad Credit is Okay:

Unlike some of the loan options mentioned above, having bad credit won’t necessarily disqualify you from online title loans!1 A credit union or bank may deny applicants who don’t have a high enough credit score. If an individual with bad credit is approved for those types of financing, they may receive hefty interest rates and hidden fees. 

With a ChoiceCash title loan serviced by LoanMart, you don’t need to worry about having perfect credit!1 While your financial history is considered during approval, it won’t be the main focus. Even if you aren’t confident with your credit history, that shouldn’t stop you from inquiring about the financial help you need!1

Keep Driving Your Vehicle:

You may wonder what happens to your vehicle once you are approved, and the lien has been put on the title. The great news is that with a ChoiceCash title loan serviced by LoanMart, you can continue driving your car like you normally would! 1 However, remember that this privilege is only available to borrowers when they are making payments on time!

Most Americans rely on their vehicles for daily transportation, so this is a huge convenience when you borrow money!

Online Process:

If you thought you had to find a title loan location in your area to inquire about financing, think again! With a ChoiceCash title loan serviced by LoanMart, you can complete the inquiry process from the comfort of your home by using the online title loan website. You also may get approved within the same business day as inquiring!1 This is super helpful for people who are experiencing an unexpected crisis and need access to emergency funding.

How Much Cash Can I Get From a Title Loan in Virginia?

Qualified borrowers might wonder how much cash they can get from vehicle title loans. The answer depends on several factors and is mainly determined by your vehicle’s equity! Finding out how much equity is in your car is simple. First, you find out how much it is worth overall on the market, and then subtract the amount you still owe on it (if at all). 

If you’re unaware of your vehicle’s worth, you can always use helpful websites like Kelly’s Blue Book to estimate the amount. The online calculator tool is also available for ChoiceCash title loan borrowers to estimate a vehicle’s equity.  Cars with higher resale values may potentially get higher title loan proceeds!1

How Is Car Value Determined?

Multiple factors go into determining car value. Just because a vehicle is older doesn’t mean it won’t be worth anything, and just because a car is newer doesn’t mean it will be worth more! Many things can affect vehicle value. Below are examples:

  • Make, Year, Model of Car
  • Style
  • Mileage
  • Overall Condition
  • Modifications and Upgrades

The make, model, and year a car was manufactured can significantly affect how much it’s worth later on. If you own a brand new vehicle but owe a lot in payments, it may not have very much positive equity. On the other hand, just because you have an older car doesn’t mean it will lack value! 

Due to their consistent popularity, many cars on the market have remained in high demand over the years. If consumers on the market want your vehicle, it could hold value! Some examples of cars that are popular despite their manufactured years are Chevrolet Malibus, Honda Civics, and Ford F-Series. 

Mileage is another big factor when it comes to car value. A car with high mileage has endured lots of wear and tear over the years, which can significantly impact its worth. If you’ve kept up with regular maintenance and replaced parts under the hood, this may increase the value! On average, cars with less than 100,000 miles are considered desirable on the consumer market.

The overall condition of your vehicle will be considered when deciding its worth. Have you kept up with regular maintenance and oil checks? Have you fixed any minor repairs or scratches? Do all of the interior functions work? These are all things to think about when determining car value!

Finally, modifications and upgrades can affect how much your car is worth. Sometimes these can positively impact the overall value, while sometimes, they can cause it to decrease. Replacing the engine or windshield wipers is likely to increase its worth, while adding things like fancy spinning rims may negatively impact it. Keep that in mind!

How Can I Receive Title Loan Funding and Pay It Back?

One of the best parts about online title loans is that qualified borrowers have the option to receive their funding through direct deposit! You can also receive a check in the mail or visit a participating money transfer location if you prefer. 

Upon loan approval, paying your funding back is simple too. You can opt for setting up automatic electronic withdrawals from your bank account, sending a check in the mail, or paying over the phone with a credit/debit card!

Inquire About Title Loan Funding in Virginia Today

There are a few different ways to access funding when you need it most, but there isn’t an option as straightforward and flexible as ChoiceCash title loans serviced by LoanMart. 1 Using your car as acceptable property for collateral in exchange for funding means people with less than perfect credit scores may still be approved! 1

The inquiry and approval process is both quick and simple to navigate, with some borrowers potentially getting approved within the same business day as starting! 1 

ChoiceCash title loans serviced by LoanMart can be great for people who need emergency cash but don’t have savings to fall back on.1 As long as you meet the requirements and can gather the basic documents, you are ready to inquire about the title loan process online!1 Begin today by filling out this inquiry form or calling 1-855-914-2945.