Car Title Loans in Richmond: A Step-by-Step Procedure

Cash advances can help you get out of a financial pinch. But, if you’re in need of a larger amount for an emergency, title loans are one of your best bets.

It may seem too risky for some, but if you need money ASAP, then it’s a good alternative.

Before we tell you why we’ll explain what it is and how it works first. Let’s go!

What Is a Title Loan and How Does it Work?

An auto title loan, also known as a pink slip loan, is somewhat similar to a payday loan.

The ONLY DIFFERENCE is that the title owner gives their car as collateral to have some financial aid.

It’s a short-term loan that you can repay within months or a year. Your lender will not return the car title unless you have paid the title loan in full.

How Are Auto Title Loans Different From Other Loan Types?

Unlike payday loans, a car title loan has collateral.

The car owner must give up their title to the lending company in exchange for money.

The lender, on the other hand, will look into the car’s value and offers a deal based on a percentage of that value.

Usually, online title loan lenders will also set the interest rate and the deadline for payment. However, you should still try to negotiate to make the most of your title loan.

Car owners can still use their car but the title will not be returned until the payment has been completed.

There are FEWER requirements than other loans, and repayment can be as quick as a few weeks.

Some lenders don’t mind that you have no bank account. Others won’t pry into your credit history.

Will My Credit History Affect My Loan Amount?

Title loans are much MORE ACCESSIBLE to many because it allows legal adults with fast cash. The requirements are less compared to other loans.

Some lending companies don’t mind if your credit history is not very good. However, that doesn’t mean all of them won’t be doing credit checks.

For those with negative credit scores, don’t fret. You can still get approved, it’s just that the lending company will look into your rating.

However, this can affect how much cash you can get.

What Do You Need to Get Car Title Loans in Richmond?

Before applying for a car title loan, you need to ensure you have everything you need. Here are the most important items you will be needing.

Vehicle Title

One of the first things you’ll need is a car title, of course. You aren’t even eligible for this type of loan if you don’t have it!

However, it’s not just any vehicle title.

It should have your FULL NAME on it. You can’t use your title for collateral if another person’s name is on it.

If you and your spouse share the title for household purposes, you may still apply for a title loan. However, it’s best to contact your local lender first if they will allow it.

If you want to be sure, check out the state laws in Richmond, VA.

Bank Account

Although this part may vary between Richmond, VA title loan lenders, it’s still best if you have your bank account already set up.

It doesn’t need to have a huge amount of money. You’ll only be needing it for any direct deposit from the lender.

If you plan on using other payment options, check out if they allow over-the-counter cash claims.

Some may even agree to a direct deposit to Moneygram. But this will still depend on the establishment.

Are Credit Checks Required?

YES, but not entirely.

Companies can do a credit check on you but it will not usually hinder you from getting title loans.

In some cases, it’s just a formality.

But credit checks are usually done just to ensure the borrower will pay the title loan back.

However, this rule will vary depending on the lender’s credit criteria. Moreover, if you have a good credit report, you can have instant approval from the lending firm.

Income Proof

Apart from your credit score, they will need other proof that you have a source for your funds.

That’s why they will ask for your proof of income.

It doesn’t have to be a payslip from your full-time or part-time job. You can also use other types of proof such as your income tax statement if you have a business.

Anything that can be used as proof that you’re earning and have steady cash flow.

If you’re retired already, don’t worry.

You can also apply for a title loan in Richmond, VA. Just show them your pension or your other source of funds!

Don’t get scared right away. Talk to an agent to find out if you need more proof.

Valid ID

A valid ID is also needed.

It will be used to check if all of your details match. Make sure to use a government ID or your passport to avoid going back and forth.

Proof of Insurance

Title loans for cars are risky, both for the borrower and the lender. That’s why they can be strict with the documents.

Now should the borrower FAIL to pay the title loan, the lender will be taking the car and resell it. That’s one of the reasons why they need proof of insurance.

Car’s Details

You will also need to send every detail of your car. Getting to know its model, make, and manufacture date should do.

Check your registration papers as well and ask if the lender will be needing them.

For online title loans, take a picture of your car’s interior and exterior. Indicate any dent or problem with your car as well.

Be as honest as you can.

How Are Cars Valued?

We still recommend it if you have a gist of your car’s value. It’s one of the best ways to check whether your lender is giving you a good deal or not.

Your car’s details should help you figure out the figures.

For those who don’t know the fair market value, use websites such as Kelley Blue Book to get a reference.

It will help you gauge how much you can get for title loans too.

How to Get a Car Title Loan in Richmond, VA

Now that you know what you need, let’s take a look at the process of getting title loans.

1 – Look for a Loan Provider

Before you start with the application, it’s best to look for a good lending institution. There are plenty of title lenders in Richmond but they won’t offer the same deals all the time.

Title lenders often set the interest rate you will pay.

If you’re not sure how much you should get for your loan amounts, then check the interest rates for typical loans in Richmond, VA first before you contact them.

After that, you also need to account for the interest rate and time period for the title loan repayment. Check their loan process and annual percentage rate before deciding too.

You have to keep in mind that you won’t be able to get your title back until you’ve repaid them.

That’s why it’s also important to check the ACTUAL LOAN AMOUNT, especially if they have many fees and costs to be added.

Carefully read their terms and conditions too. Look for minimum loan amounts in your state as well.

2 – Apply Online

When you apply online, make sure to type in all the correct details.

You don’t want to be pre-approved only to have to do it again because some of your details don’t match with your documents.

That’s also why you need to gather your requirements even before you apply. Most of the details you need for a title loan are in those documents anyway.

Moreover, it only takes a few minutes to complete this process!

Once you fill out the form, you’ll be advised to send the required documents.

Some lending companies will allow you to scan these documents instead of handing them over to their office.

3 – Hand Over All the Required Documents

Now that they know you’re eager to apply send in the required documents. Make sure you got everything you need.

Also, check if there are some requirements needed by your title loan lender that we didn’t cover in the previous section.

Some lenders can be picky and need more documents. In contrast, others stick with the basics.

Always submit RIGHT AWAY to speed up your process! Never use fake documents as they can get you in trouble.

Once the conditional approval is done, you’re ready for the next part.

4 – Receive Your Cash

After completing the first three steps, you should be able to secure your title loan.

All you need to do is wait for their approval, which, for most lenders, only takes at least a business day.

There are even cases where you can have your results in a span of minutes.

It’s going to rely on how fast the lender can check all of your documents and your car’s value.

Although we mentioned your credit rating won’t hinder you from getting title loans, it’s still a factor when it comes to how much you can get and how long it will take.

After the final approval, you can finally get the cash you and your lender agreed on! It’s now funding time!

Now that you have the money you needed, you’re almost done. All that’s left is to get back your collateral and you’ll finally be free.

Whew! You got the money you need and used it to keep you financially afloat. That must have been a pinch! But it’s not over yet.

5 – Repay Everything Back

After you acquire the loan proceeds, you need to start with your monthly payments. You can slowly pay up your dues or, if you have extra money, pay early.

If you’re planning to settle it earlier than what you discussed with your lender, it’s best to ask first if you have extra fees for paying title loans.

Some companies charge borrowers a penalty fee when they repay at an earlier date.

If you’re short on cash, you can have your payments extended instead. It may cost more, but it will help you from having your car taken away.

Always talk with your lender and see if you can restructure your loan.

What Are the Benefits of Car Title Loans in Richmond?

So how can auto title loans be an advantage to you? Here are TWO REASONS why.

1 – Helps You Get Cash While Using Your Car

Title loans in Richmond, VA, not only allow you to get quick cash but also allow you to do so without giving up your car.

It’s a MORE CONVENIENT method compared to pawning your car. Since they will only need your car title, you can even drive anywhere while you’re repaying the loan.

2 – Allows for an Easier Process

Richmond residents can have access to emergency cash fast. No need to wait for weeks for a pending review.

As long as you have a car, your title, and every requirement, you can have your loan approved within the week.

Plus points if you have a good credit score! They can have it approved within one business day in Richmond, VA.

Is Applying for a Loan in Richmond, VA, Really Worth It?

Sometimes there are just so many requirements, so applying for an auto title loan can get scary, especially when you don’t have a good credit rating!

However, there’s no need to fear because the money you can get will hugely depend on your car’s quality and the documents you’ve submitted.

Of course, they will still need to check that you can repay the loan amount.

Traditional bank loans can take up to a year to get approved. Also, the amount you get is less than auto title loans.

Although some lenders will require you a bank account for secured loans, some are alright if you claim it from their branch.

All you need to do is to apply and send your requirements. Within a few days, you should get a response from your chosen lender.

What Are the Drawbacks of Car Title Loans in Richmond?

Although the perks of an auto title loan look promising, you also need to weigh down its disadvantages. Here are TWO DRAWBACKS of title loans.

1 – You Can Put Your Car at Risk

One of the biggest risks you’ll make is that you can say goodbye to your car FOREVER.

Sure, a title loan can save you in a pinch. But if you can never repay that debt, the lenders will take your vehicle as collateral.

Moreover, repossession is immediate. If you miss your deadlines, they may not approve you for payment extensions.

A title loan is a short-term loan known for having a competitive rate.

Although each lender in Richmond, VA offers different interest rates, they’re usually higher compared to other types of loans.

The best way to go about it is to look at the different title loan lenders and their offers.

You can even talk to an agent first to know more about their rates and if they have any deals up for grab.

2 – Some Cars Don’t Qualify

Not every car is eligible for a car title loan in Richmond, VA. Some companies do not accept cars manufactured before 2000.

There are also lenders that go as far as disqualifying cars when the mileage is too high.

So when planning for title loans, always make sure that your car can still compete in the market.


Here are some questions we need to go over before you go proceed with your title loan application.

Are Appointments Required Before Applying for title loans?


Appointments are not necessary when you want to apply for a title loan. However, you may need to set one if your lender wants to do a car inspection.

Although you will be sending pictures of your car, a site visit will help in confirming your vehicle’s current state.

Can I Increase My Title Loan Amount?

Your title loan will depend on your car’s value. If you want to increase the money you can get from lenders, you can do so by improving your car.

You can also ask for higher title loans if you increase your interest rate.

However, we strongly advise you to refrain from doing so. Title loans have competitive rates already. It can be expensive to pay back.

How Soon Can Your Cash be Sent?

It all depends on how quickly you’ll get approved.

Some can have the results within the day. After the confirmation, you can expect your money to be sent to you in a few minutes.

Is It Possible to Get Rejected?

YES, your application can be denied.

However, this usually happens to those who have a terrible credit history.

If you’re known for not paying back your loans, you may have a more challenging time getting approval.

Am I Still Eligible if I Don’t Have Car Insurance?

It’s a bit tricky if you don’t have car insurance.

Some will not allow you, while some companies will help you find one.

If you need help, you can ask your local lender. Maybe they can allow you even if you don’t have one.

Final Thoughts

Title loans may seem complicated, but they’re straightforward.

It may look like one of those bad credit decisions, but if you work out your repayment scheme and interest rate, you should be able to do it!

Hopefully, this guide can help you get the most out of your title loan. Always follow the steps we mentioned, and you’ll be alright.

Good luck!