Car Title Loans in Chesapeake, Virginia

Title Loans Can Be a Simple Option for People With Bad Credit 

Are you struggling with paying bills? Does it feel like everything costs more money lately? You’re not alone as a resident of Chesapeake, Virginia. Many Americans are tightening their wallets due to the recent inflation rise. Over half of the country lives paycheck to paycheck, meaning there is no extra money for unexpected expenses.

When you live without disposable income, you are putting yourself at risk during emergencies. Covering monthly payments on time can become challenging, and missing payments can hurt your credit score.

If you have a bad credit history, you may not pass approval for traditional bank loans. This situation is how many people enter what’s known as the ‘debt cycle’!

Don’t let a bad credit score or unpaid bills get in the way of accessing fast cash. You can inquire about a ChoiceCash title loan serviced by LoanMart in Chesapeake, Virginia, to receive the funding you potentially need. The process can be quick, simple, and hassle-free compared to traditional bank loans.¹ 

Start today by filling out the pre-qualification form or calling 855-422-7402 to speak directly with a ChoiceCash title loan agent.¹

What Are Car Title Loans?

Car title loans can help satisfy immediate cash needs! They are short-term loan options that allow people to borrow against the value of their cars. Auto title loans are installment loans that allow you to borrow money for a set period of time and pay it back in installments.

If approved, the person receives funds in exchange for their vehicle’s title. But don’t worry- lenders place a lien on the vehicle title and remove it after repayment.

An auto title loan is secured because collateral is involved during the agreement. On the other hand, traditional bank loans do not depend on assets or collateral. 

Traditional loan lenders run a credit check to determine a person’s loan eligibility, and they may deny you funding if your credit score is less than perfect. 

Title loan lenders will run a credit check during the approval process, but having a bad score won’t necessarily disqualify you. What matters more is:

1. How Much Available Equity Is in Your Vehicle
2. If You Can Demonstrate the Ability to Repay the Loan

The amount of available equity in your vehicle is a significant determining factor of your title loan approval! While potential loan amounts and terms vary by state, cars with higher equity may receive higher financing. 

You also must demonstrate the ability to repay the money during a title loan inquiry. This income proves to lenders that you have enough money to make your payments on time, which is a federal requirement! Lenders must check that a borrower has steady income proof before approving them for loans. 

What Is the Difference Between Good Credit and Bad Credit?

Credit scores are a metric that tells financial institutions how likely a person is to pay back their loan or credit card. This measurement is a relatively new concept introduced in 1989 to evaluate consumers’ money-related risk factors. 

Many financial decisions will affect your credit score, and a big bank or credit union will use this information during approval. If you have a poor credit history, you may face denial for a mortgage, auto, or unsecured personal loan. 

Below are factors that can affect your credit score positively or negatively:

• Current Unpaid Debt
• Bill Payment History
• How Long You’ve Had Your Loan Accounts
• How Much of the Available Credit You Use
• History of Bankruptcy or Foreclosure

Generally speaking, anything above 640 is considered a good credit score, while anything below 620 is bad. If yours is below 620, applying for an unsecured loan option could be challenging, and you will likely face denial. 

A low credit score can indicate that you aren’t trustworthy with your money. People with higher credit scores may receive higher loan offers because they seem more responsible in the eyes of a lender. 

With a ChoiceCash title loan serviced by LoanMart in Chesapeake, Virginia, interested borrowers may not need to stress about poor credit scores.Your credit history will be considered during approval, but it’s not the main focus for most lenders. As long as you have the means to repay the funds, your credit history may not prevent you from qualifying for the financial help you need.¹ 

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

Obtaining a vehicle title loan in Chesapeake, Virginia, can be simple, but the requirements involved are essential to know beforehand. 

One of the most significant advantages of a ChoiceCash title loan serviced by LoanMart is that the inquiry process can be accessible to people from many different financial backgrounds! Learn why these criteria may not be challenging for most people to meet:¹ 

1. You Must Be an Adult at Least 18 Years of Age or Older
2. You Must Have a Qualifying Vehicle Title in Your Name 
3. You Must Have a Qualifying Vehicle With Some Positive Equity
4. You Must Demonstrate the Ability to Pay Back the Loan

You must be an adult at least 18 years of age or older to inquire about online title loans in Chesapeake, Virginia. This requirement can ensure that you’re responsible enough to make significant financial decisions for your future! 

You also must have a qualifying vehicle title in your name to inquire about various title loan services. The vehicle’s title will serve as a form of insurance in case the funding isn’t paid back. 

Some circumstances around vehicle title ownership may be acceptable during your inquiry. People still paying their cars off will be requested to sign a form authorizing the title loan lenders to pay the remaining auto loan balance. 

Also, Virginia borrowers may need to complete the “Application For Transfer And Supplemental Liens” form before their loan passes approval. 

Next, your car must have some positive equity when you inquire about online title loans in Chesapeake. This requirement is crucial because the amount of equity can affect your potential approval and minimum loan amount. Car equity can be found by determining the car’s overall market value and subtracting the amount you still owe in payments.

If you want help finding your car’s equity, you can use this helpful calculator tool free of obligation to interested ChoiceCash title loan borrowers!¹

What Types of Income Are Acceptable During a Title Loan Inquiry in Chesapeake, Virginia?

The final requirement for title loans in Chesapeake, Virginia, demonstrates that you have enough income to repay the funds. You don’t necessarily need to work a traditional career to qualify for a title loan potentially! Many alternative income forms may be acceptable during your inquiry. Below are examples:

• Worker’s Compensations
• Social Security Benefits
• Child Support/Alimony Payments
• Pension Income
• Settlement Income
• Some Self-Employment
• & More

Contact a ChoiceCash title loan agent to learn more about income or vehicle title circumstances by calling 855-422-7402 today.¹ 

What Is the Approval Process for an Auto Title Loan in Chesapeake, Virginia Like?

The inquiry and approval process for a title loan in Chesapeake, Virginia, can be simple for several reasons. First, the requirements involved may not be challenging to meet compared to traditional loans, you can begin the inquiry when you apply online, and there is no in-person car inspection.¹

Below are the steps for inquiring about a ChoiceCash title loan serviced by LoanMart:

1. Submit a Loan Inquiry Online or Over the Phone

Submitting an inquiry means answering a few basic questions about your circumstances and vehicle. You can begin by filling out this pre-qualification form or calling 855-422-7402 to speak directly with a ChoiceCash title loan agent. Neither option involves going to an in-person store– you can begin the inquiry when you apply online!¹

2. Send in the Correct Documents

Once your loan inquiry has been received and reviewed, a ChoiceCash title loan representative will contact you about submitting documents via email or fax. 

These documents verify essential information, like your age, identity, residency, proof of income, and proof of a qualifying vehicle title. Below are a few basic documents you will need to gather:

• Valid Government or State-Issued Photo I.D.
• Proof of Residency
• Proof of a Qualifying Vehicle Title in Your Name
• Proof of a Steady or Alternative Income
• Recent Photos of the Vehicle

You can show proof of residency in Virginia by providing official mail like bank statements. Also, remember to take clear pictures of your vehicle from the correct angles for your online car inspection! Sending in blurry photos may slow the approval process down for Chesapeake title loans. 

3. Obtain Approval and Access Your Money

After your documents are reviewed, and you potentially obtain approval, the final step is collecting your funding with a ChoiceCash title loan serviced by LoanMart! There are several options for receiving your money in Chesapeake, Virginia. You can:¹

• Direct Deposit the Money Into Your Bank Account
• Have the Money Direct Deposited Into a Debit Card
• Receive a Check in the Mail
• Visit a Participating Money Transfer Location in the Chesapeake, Virginia Area

There is a potential choice for everyone when it comes to accessing title loan funds! Qualified borrowers may pass approval within the same business day as inquiring.¹

Reasons Someone Might Need Emergency Cash With Auto Title Loans 

The main reason borrowers inquire about title loan funding is because they are experiencing an emergency and need quick cash.¹ Inflation rises yearly, but paychecks don’t always reflect the same change. It can be easy to feel your bank account drain faster than expected. Running out of money is stressful and can cause severe problems in a person’s life.

Below are examples of why someone might need to use emergency title loan proceeds in Chesapeake, Virginia:

Home Repairs:

Perhaps your roof is in bad shape, but you can’t seem to save enough money to hire help. It will cost more money in the long run if you let the problem worsen, which can apply to many household issues. 

If life has been bombarding you with unexpected expenses and you can’t seem to find the money for home improvement projects, you can inquire about a ChoiceCash title loan serviced by LoanMart. You may receive cash within the same business day as inquiring if you meet the requirements and produce the correct documents.¹

Rent Payments:

As inflation rises, so does the cost of living. The gross median monthly rent prices are sky-high, and salaries are not keeping up with the changes. Covering rent is one of the most significant expenses a person pays each month. 

If you feel like your whole paycheck goes toward where you live, you may want to inquire about a ChoiceCash title loan serviced by LoanMart.¹ 

A title loan could potentially provide short-term financial relief! 

Medical Bills:

It’s no surprise that the American healthcare system is expensive. Perhaps you thought insurance would cover a procedure, but now you’re receiving notices about huge hospital bills.  Unfortunately, this is common and one of the most significant contributing factors to falling into irreversible debt. 

If you need help covering monthly payments, inquiring about a ChoiceCash title loan serviced by LoanMart could alleviate stress.¹ 

How Is the Title Loan Amount Calculated?

As mentioned earlier, vehicle equity is one of the most significant indicators of a person’s title loan approval and funding amount. Typically, most lenders care about a person’s financial history as the metric for approval with a traditional bank loan. 

On the other hand, title loan providers will look at how much value a car has when deciding on loan amounts. You can determine car value by looking at several different factors:

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

Your car’s make, style, and model will be considered during a title loan inquiry. This factor can affect its overall value for many reasons, but mainly because some cars are worth more than others. A Tesla may be worth more than a Honda Civic, for example. 

However, just because a vehicle is older doesn’t mean it will lack value entirely. Some cars on the market retain their worth because they are consistently high in demand. 

Some examples include Volkswagen models, Ford F-Series, and the Toyota Tacoma. If you’re searching for a title loan in Chesapeake, Virginia, but drive an older car, don’t stress about it! 

Looking at the overall condition of your car means checking that it runs properly and is in good shape. Do you take it in for regular maintenance checks? Have minor repairs been fixed? Does it look clean and presentable?

These are all questions you can ask yourself that a title loan provider also may ask during the approval loan process. 

Finally, lenders for auto equity loans may look at any upgrades or modifications to a vehicle when determining its value. Some enhancements, like tire replacements, can be positive, while others may have a negative impact, like a loud exhaust. Keep that in mind when making any updates to your car!

Inquire About Auto Title Loans in Chesapeake, Virginia, Today!

Everyone should have the opportunity to access money when they need it most. If you’re struggling with your bills as a resident of Chesapeake, Virginia, and want immediate help, you can inquire about a ChoiceCash title loan serviced by LoanMart.¹

The inquiry loan process can be simple, quick, and convenient, especially compared to a traditional bank loan. You can start today by filling out this pre-qualification form or calling 855-422-7402.¹

AVERAGE LOAN PROFILE FOR CHOICECASH TITLE LOANS IN CHESAPEAKE, VIRGINIA

Having launched in Chesapeake in October 2020, ChoiceCash title loans has been a trusted funding source for Chesapeake, Virginia residents for a good while. As one of the premier title loan options in Virginia, ChoiceCash has already provided funding for more than 153 Chesapeake residents. Since becoming available in Chesapeake Virginia the average loan amount for ChoiceCash customers has been $3,395.¹ The average mileage for vehicles used to obtain a ChoiceCash title loan in Chesapeake has been 141,255. But don’t worry if your car has more miles – there is no specific maximum odometer reading that your car needs to comply with in order to be eligible for a ChoiceCash loan.

HOW CAN I PAY FOR MY TITLE LOAN IN PERSON

Pay back your car title loan in Chesapeake at any MoneyGram location in Virginia. MoneyGram is often located in convenient public stores such as Wal-Mart, Kroger, or CVS. Call 855-422-7402 to discuss your options with a loan expert, or see the map and location list below to see where your nearest MoneyGram is located: