Title Loans in Portsmouth: Your All-Around Guide (2022)
Whatever emergency you have, our finances can get stuck in a rut, and we need to find an immediate way out of it.
Sometimes, all you need is a helping hand, and car title loans are exactly that.
In this article, we will teach you everything you need to know about car title loans and give you some tips to guarantee your success in getting one.
What Do I Need to Know About Title Loans?
Title loans are a type of short-term loan wherein you exchange assets as collateral for cash. In this case, the asset is your vehicle title.
Title loans in Portsmouth, Virginia, are also known by the following:
- Car title loans
- Auto title loans
- Vehicle title loans
- Online title loans
Once you have finished paying off the FULL loan amount, the car title is given back to you.
If you are in need of some urgent cash, title loans are one of the best options to earn money, especially if you have an emergency.
Why Should I Apply for a Title Loan?
Now that you know what a title loan is, we will share their benefits, even some advantages, over other financing institutions.
We hope that this section will help you understand title loans more.
#1 You Can Apply Anywhere 24/7
One of the best things that we love about an auto title loan application is that it is not constrained by normal office hours.
All you need is an internet connection!
You don’t even have to leave the comforts of your home to apply. Just go to the website of the title loan company you want, and everything follows from there!
#2 Everyone Gets a Chance
What we love about car title loans is that EVERYONE is given a chance to apply.
Unlike traditional banks that require a high credit score, people with a low credit score can apply for a car title loan.
Of course, your title lender might ask for your credit history, but a low credit score will not disqualify you from getting an auto title loan grant.
Your grant is not dependent on your credit score or credit history alone. A credit check may still be done, but don’t worry.
A lender performs a credit check to assess if you can pay back what you owe, but a low credit score will not disqualify you from a grant.
#3 It Is a Hassle-Free Process
Everything is made SIMPLE with car title loans compared to banks and credit institutions!
In a later section, we will tell you the very straightforward and step-by-step process of getting an auto loan.
You don’t have to worry about carrying a mountain of paperwork and queueing in long lines to apply, only to get rejected in the end.
Title loan companies do everything they can to ensure that their clients will have a seamless time applying, and we assure you that this would be a hassle-free experience for you too.
#4 There Is Room for Negotiation
You will NOT see this in traditional banks and other financing institutions. Title loans allow flexibility and room for negotiation.
When you apply for a title loan and receive conditional approval, you are given a chance to discuss the loan terms and conditions with your title lender.
You can lay out all your financial worries to your lender and ADJUST the loaning plan accordingly to your situation.
With auto title loans, we understand that everyone has a unique financial situation. We want title loans to be accessible and doable for everyone, hence this!
#5 Super Fast and Straightforward
Auto title loans in Portsmouth, Virginia, prioritize the borrower’s convenience; that’s why we are committed to FAST processing of your application.
Some situations are time-sensitive and need urgent financial relief.
As mentioned earlier, you can get your cash in as short as ONE business day!
This is the best example of how convenient and straightforward the title loan process is. Your lender won’t make you wait for months just to tell you if you qualify.
Of course, the time it takes for you to apply will also be subject to your discussion with your title lender.
Given that everything goes well and there is no more need to verify something in your application, our title loan lenders are more than happy to grant your cash immediately!
How Do I Apply for a Title Loan? A 6-Step Guide
After knowing all of those benefits and advantages of title loans, we will now tell you the process of applying for one.
In this section, we will give you tips and some pieces of advice to ensure your success.
1. Research, Research, Research
Preparation is the key!
All applications for a title loan should start with an ample amount of RESEARCH.
Portsmouth title loans are operated by different loan companies with different terms and conditions.
Remember, a title loan is still a type of loan, and getting the right loan terms and conditions is of top importance.
We recommend that you list down all the title loan companies in Portsmouth, Virginia. Compare their offers and filter them out as you go along.
By doing this, you are saving yourself some valuable time before you apply online!
Now, you will not have to apply to multiple lenders in Portsmouth, Virginia.
Instead, you can focus your efforts on some select Virginia lenders that offer you the right terms and conditions.
2. Apply Online
After filtering out the loan companies and offers, it’s finally time to send out your applications!
An online application system is used to ensure a speedy process, so all you have to do is be online, go to the website of your title loan company, and apply.
But before that, we advise that you prepare all your documents beforehand. In this way, you don’t have to keep getting one document after another.
All your information will be within reach, and your application will be much more seamless.
Once you are finished preparing, just look for the loan form of your chosen title loan company or title lender in Portsmouth, Virginia.
Click the link and start filling out the form. You can finish applying in about five to ten minutes. How cool is that, right?
3. Submit the Required Documents
In this step, title loan officers have already reviewed your application and are waiting to verify it.
Title loan lenders from Portsmouth, Virginia, will require the following:
- Applicant’s Information
- Car Documents
- Applicant’s Financial Documents
- References (Optional)
Let’s discuss these documents one by one.
Title loans in Portsmouth, Virginia, are another type of personal loan; that’s why lenders will need the details of the owner of the car too.
The first document that you will need to prepare is your birth certificate.
The next one is a government-issued ID, such as a passport, state-issued driver’s license, or social security ID.
Only legal adults can apply for auto title loans, which is why an ID that shows your date of birth or age is important.
Only residents of Portsmouth, Virginia, are eligible to apply for Portsmouth title loans. Proof of residence is required.
Your residence in Portsmouth, VA, can be proven by showing your recently paid utility bills or an ID wherein your address from Portsmouth, VA is shown.
In a car title loan, your car documents are the main part of the show. These are some of the required documents that you will need to show to Portsmouth title loan lenders:
- Car title. Submit your original vehicle title to your lenders. Your title must be lien-free, meaning there should be no outstanding judgments or loans tied to it.
- Images of your car. In Portsmouth title loans, lenders need to assess your car’s condition to compute the car’s equity value.
- Please provide pictures of your car from all four sides, including the exterior and interior.
- Proof of car insurance. Lenders of online title loans require that your car is insured.
- The rationale behind this is your car will be in your possession the whole duration of your loan payment, so the lenders need to be assured that your insurance company will take care of any damages to the current condition of your car.
- Vehicle Identification Number (VIN). This is your car’s unique fingerprint. It can be found on the lower-left corner of the dashboard, in front of the steering wheel, and on the front of the engine block.
You might be wondering, “What is car equity value?” This value is what determines how much cash you can get from a car title loan.
These are the factors that will affect your vehicle’s valuation (VV):
- Year the car was manufactured
- Total Mileage
Some accessories increase the value of your acceptable property, such as having a sunroof, leather seats, and other improvements.
However, a higher total mileage will decrease the value of one’s car, as some lenders don’t accept cars that have really high mileage.
Auto title loan lenders in Portsmouth, Virginia, really focus on your ability to repay the loan value through the monthly payments.
This is proven through your proof of income, which you can show in different ways, such as:
- Payslips, if you are an employee
- Bank statements, if you are receiving a sort of financial support from the government or allowance from relatives.
- Financial statements, if you are self-employed or are managing your own business.
If you have a combination of these documents, we encourage you to compile them, as these loan documents are important in determining your loan amount.
From your financial capacity, lenders will determine how much cash they are willing to lend to you.
As long as you can convince the lenders that you HAVE the monthly income to pay off the dues, then there is already a big chance of getting a car title loan.
Some lenders of Portsmouth title loans will require some additional information. They will ask for 1-2 references to ensure you can pay the loan dues monthly.
Others may also ask about your credit history to assess your spending and paying habits.
4. Read the Loan Terms and Conditions
One of the most commonly overlooked steps in all types of loans in Portsmouth, Virginia, is reading the loan terms and conditions.
To avoid conflict later, we advise you to read the terms and conditions of your title loan THOROUGHLY.
When it comes to loans in Portsmouth, Virginia, violations have penalties, which are a hassle to deal with.
Know what you’re getting into by looking for the following keywords by reading the loan terms:
- Prepayment penalties
- Competitive market interest rates
- Hidden fees
- Loan interest rate
- If they are asking for your bank account
Getting your emergency cash as fast as possible is important, but so is the process of paying it back.
It is important to know if you will be paying back the lender directly in cash every month or bank transfers and the like.
5. Discuss and Sign the Loan Agreement
Car title loans in Portsmouth, VA, give opportunities to their borrowers to explain their financial situation and needs.
Now that you have surpassed the “pending review” stage, it is now time to discuss the terms that your lenders offer.
You will work your way up to getting final approval in this stage. We encourage you to ask your lender ANY questions about the payment process and the like.
Take advantage of this opportunity!
Other lenders in Portsmouth, Virginia, do not provide you with an avenue to voice out your concerns.
You can also tell your lender if you prefer a direct deposit or cash.
It is better to talk with your lender NOW about any problems or issues you might have in the future instead of struggling to make ends meet later.
You and your lender might agree on a term that will make your payment easier!
6. Get Your Cash!
You have officially succeeded in being granted a title loan. Now, all you have to do is to get your money fast from your lender.
Depending on your agreement, you may receive your loan proceeds as cash, a direct deposit to your bank account.
Now that you have received the sum of your loan amount, what’s left for you to do is to ensure that you allot enough money every month to pay off the loan.
Frequently Asked Questions [Q&A]
Do you still have some questions or clarifications?
This part will contain all the questions that we normally receive about title loans in Virginia. We hope these can clarify your doubts!
Do I Still Qualify if I Have Poor Credit?
Yes, you can still qualify!
Flexibility is one of the BEST characteristics of car title loans. People with a bad or low credit score still have a chance to be granted a loan.
As we have mentioned earlier, the borrower’s ability to REPAY the loan is important for title loan lenders.
However, remember that people with a higher credit rating will have some perks, such as instant approval, a lower interest rate, or being offered more deals with different interest rates.
You will qualify for a title loan if you convince the lenders that you have enough income to pay off the monthly dues.
Are Title Loans Legal in Portsmouth, Virginia?
Title loans are LEGAL in the whole state of Virginia, not just in Portsmouth and are covered under the Code of Virginia.
Lenders and borrowers from Portsmouth, Virginia, are protected by the law, and the law exists to ensure that both sides’ rights are not violated.
For instance, title loan companies and lenders are asked to be registered under the law. They need to have a license to operate before they can start receiving applications.
- This is because the state of Virginia will have the authority to regulate them in case anything unfavorable happens.
As for the borrowers, the law provides remedies for lenders on the occasion that borrowers fail to adhere to their short-term financing terms and conditions.
Will My Car Get Confiscated?
Your vehicle will NOT be confiscated if you are granted a title loan. The collateral that the lenders ask from Portsmouth residents is the title, not the car itself.
You (the vehicle owner) don’t have to surrender your car to your lender during the payment period.
However, there is also a possibility that the lenders will ask to repossess your vehicle, but only if you DEFAULT on your loan and after due process.
Remember, the law in Virginia also protects your lender, and lenders ask borrowers to demonstrate ability to make payments every month.
To avoid this conflict, make sure to pay your monthly loan dues before or on the same business day agreed on.
How Long Will It Take To Get My Cash?
You can get the cash in one business day if all goes well! However, it will vary greatly depending on your lender.
While some can get their cash after providing acceptable property on the same business day, some funding time can get a bit slower, especially when verification takes longer.
After you have passed the basic documents, some lenders require certain documentation that would take another business day to process.
Rest assured that your title loan officers prioritize your convenience above all!
Are Title Loans the Same as Payday Loans?
Both a title loan and a payday loan are types of short-term loans, but aside from that, the two are very different.
The collateral in payday loans involves a post-dated check that contains the amount of salary one receives during payday, hence the name.
They also tend to have a higher interest rate than other types of loans.
Are Unemployed Residents Eligible?
Unemployed residents from Portsmouth, Virginia, are also eligible to apply for title loans.
Remember, the basic information is intended primarily to get to know the borrowers, which means that being unemployed will not disqualify you from getting a loan.
As long as you can show the lenders that you can pay the loan every month, there is a chance that you will get a loan.
Need Some Quick Cash? Apply for Title Loans Now!
Car title loans are a PRACTICAL way of gaining some quick money for an emergency! The answer to your financial rut might be around the corner.
As long as you have a car in good condition, commit to making payments regularly, and have all the necessary requirements, there should be no problem!
What are you waiting for?
Contact the title loan company of your choice in Portsmouth, Virginia, and start your application now!