Title Loans in Roanoke: Everything You Need to Know (2022)
Have you heard about title loans in Roanoke? Well, they are the top option for people looking for a way to get some instant cash.
Whether you are stuck in a financial rut, facing some urgent situation that needs funding, or is planning to start your own business, car title loans might just be the solution.
Are you ready to know everything about title loans in Roanoke? This article will guide you, including how to successfully get one! Let’s dive right in!
Some Context on Title Loans…
This is for those who only have heard about title loans in passing or have not yet fully understood the idea and mechanism of car title loans.
You can skip this section if you want for those already familiar with car title loans, but we still encourage you to read this section if you are confused about something.
What Exactly Is a Title Loan?
A title loan is a type of short-term loan, which means that the duration of the loan does not exceed a couple of years.
Like any other traditional loan, collateral will be exchanged in place of the online instant cash that you will receive. In the case of title loans, the collateral is the vehicle title.
The collateral will be returned once the loan amount is fully paid and the interest rate.
Title loans are also called the following:
- Vehicle title loans
- Auto title loans
- Pink slip loans
If you encounter these terms in the next subsections, remember that they mean the same thing as title loans.
How Will Car Title Loans Benefit Me?
After giving you some background information about car title loans, we know that you are curious about how Roanoke title loans can help you.
This section will list all the advantages of applying for a car title loan. Continue reading to find out!
#1 It’s Simple and Streamlined
Have you ever applied for other loans, such as cash loans from banks or credit institutions? Do you still remember the stress you went through during the application?
Well, one thing is for sure. You won’t undergo the same situation when applying for Roanoke title loans. Let us tell you why.
The loan process is SUPER simple. We won’t leave you hanging for days or weeks at a time, as the loan process can be done in as short as one business day.
How cool is that, right?
Here, we understand that some situations require urgent responses. That’s why we make it a point to make the process as quick as possible.
In this way, we can help you with your needs and financial matters as fast as possible. No more long months of waiting for you!
#2 It Can Be Done Anywhere, Anytime
Compared to traditional loans, which follow normal operating hours, title loans are available for you anytime and anywhere you are.
This is one of the main reasons why the loan process is also much more effective than other types of loans.
You won’t have to wait for next Monday or the next business day to process your loan. Once your application form is submitted, it will proceed to the next step.
One more good thing is that you don’t even have to go out of the house to apply. So, this is convenient if you are a stay-at-home parent taking care of your kids or unavailable to go out.
Our goal here in title loans is to ensure that everyone has equal access to the opportunity. Since the application form can be done online, you can also do this in your commute time.
You won’t have to queue in long lines and waste your precious hours. Just click the link and start filling it out.
#3 It Gives Everybody Equal Chances
Have you ever experienced being declined a loan application? We know we’ve been there too, and it’s not the best feeling.
Traditional loans hold high regard for credit scores, so people who do not have a credit score or have bad credit scores feel that they are not eligible.
That’s not the case for title loans.
In America, title loans are known for treating your credit score as only one of the factors but not the main driving force of your acceptance or non-acceptance.
Although people with a higher credit score have the potential to get better deals or lower interest rates, title loans ensure that they give everyone an equal chance in availing of the loan.
For an American, title loans might just be the helping hand that they need to turn things in their financial life around.
So, if you do not have a credit score yet, or are worried you might not make the cut in traditional loans, title loans are waiting for you.
#4 It Lets You Drive Your Car
We mentioned earlier that title loans need collateral in exchange for some money, right? Some may be thinking, “But does that mean that my car will also be exchanged…?”
The answer is: No, your car will not be surrendered to your title loan lender. You can continue driving your car around and your day-to-day routine while paying off the loan.
Some bank loans freeze their borrowers’ collateral to ensure their value and condition, but you will be free to use your car in the usual way you do in title loans.
The main requirement of the loan is the car title, after all. And even that will be returned to you once you fulfill the loan and the corresponding interest rates.
If you are using your car for work or doing your chores and responsibilities, don’t worry, your car will remain in your possession.
How Do I Apply for a Car Title Loan?
We will guide you to apply for one now that we’ve listed the advantages of title loans and what sets them apart from bank loans and other traditional loans.
This section will explain the step-by-step process of applying for Roanoke title loans, including some tips and advice for success. Let’s dive right in!
Step #1: Do Your Research
Think of this step as your guide for all the other steps. Some people skip this step and just apply for the first title loan company they see, but we encourage you to be different.
As they say, “Preparation is the key to success,” which is also true for your title loan application process.
There are A LOT of companies offering loans in Roanoke, Virginia, but we recommend that you compare and contrast them and what they offer.
In this way, you can filter out the companies that don’t fit your search. This creates a funnel for the best of the best to remain, giving you only the companies that you have chosen.
We recommend that you list the terms and conditions of each company and choose very carefully which loan company you will apply for. Here are some that you can check:
- Does the company accept a cash advance?
- What is their title loan rating?
- Do previous customers leave a good review or not?
- Do they have hidden fees?
- Do they conduct a credit check?
Believe us, and you will be saving tons of time and effort by only applying to companies you think will answer your needs. Not to mention that you will be ready for the next step, too.
Step #2: Apply Online
We mentioned in the previous subsection that you could apply anywhere, at any time you like. That is the second step of our title loan process.
Once you have chosen the title loan company you want to apply for, you have to find the loan application form on their website and click that form.
Before you start filling out the form, we advise you to prepare the documents you will be referencing beforehand.
In this way, you won’t have to go back and forth and repeatedly stand up from your chair to confirm some information that you are putting.
Once you have settled that, it’s time to begin filling out the information in the application form through the online application system.
As promised, this can take as little as 10 minutes of your time, so you can even do this during your lunch break or some idle time.
Need some assistance while filling out the form? Our title loan agents and officers are more than happy to help!
Step #3: Submit the Required Documents
Out of all the steps in the loan process, this one requires much of your effort, as there are documents that need to be compiled and submitted.
The documents can be divided into parts: Applicant’s Documents, Car Documents, Financial Information, and References. Let’s discuss it one by one.
Title loan providers must ensure your identity and verify what you have submitted in the application form.
The following are the most important documents that a lender may ask of you:
- Birth Certificate
- Government-issued ID. This can be your passport, state-issued driver’s license, social security ID, etc. The goal is to ensure that you are 18 years old and above.
- Proof of residence. Only residents of Roanoke, Virginia, are entitled to apply for title loans here. It is important to bring some recently paid loans, loan previous utility bills, or an ID showing your Roanoke address.
Of course, there can be other documents that the lender may require, but these are the most common ones that you must prepare no matter what.
The main requirement for easy title loans in Roanoke is the car documents. Whatever happens, make sure that you have brought the original and some photocopies.
The MOST important document is, of course, your vehicle’s title. The title must be lien-free, meaning that there must be no outstanding judgments or loans attached.
The following are also a must-bring:
- Proof of Car Insurance. Lenders of car title loans want to be assured that the insurance company will cover the costs and repairs whatever happens to your car during the loan.
- Vehicle Photos. Take pictures of all four sides of both the interior and exterior of the car. This will show the general condition of your vehicle.
- Odometer. A picture of your odometer is also required as it will display the mileage of your car.
- Vehicle Identification Number (VIN). The VIN is the car’s fingerprint and can be found on the lower-left corner of the dashboard or in front of the steering wheel.
Next up is to prove to the title loan lenders that we can return the borrowed money.
The best way to do this is to show your proof of income. This can be in the form of the following:
- Payslips, for those who are employed or hired by another
- Bank statements for those who are receiving financial aid from the government or any form of allowance/aid from a person or organization with a bank account
- Financial statements for business owners and entrepreneurs whose business is their main source of income
Remember, one type of proof of income is not favored over the other. What’s important here is you show the lenders that your income is enough to cover the monthly payments.
If you have more than one source of income, that is alright too, and you can compile them to present your proof of your ability to repay the loan.
Lastly, some lenders of an auto title loan will ask for two or three references, especially when they want to know more info than what you submitted when you apply online.
Don’t worry. All questions asked to them will be relevant to your application for a car title loan.
Step #4: Discuss With Your Lender
Aside from the benefits mentioned earlier, a title loan is one of the best short-term loans because it allows for discussion and negotiation with your lender.
Most short-term loans are rigid and strict, but an auto title loan lender understands that every borrower has a unique financial situation.
Before your money is released and the loan is finalized, you will be given a copy of the loan agreement and the contract between you and the lender.
Read through all the loan terms and conditions, and ensure that you do not miss any provision. Here are some terms to look out for:
- Minimum loan amount
- Pay period/Duration of the loan
- Other fees not mentioned before
- Loan agency location
- License number or documents of your loan agency
If something does not sit right with you or you want to appeal for some flexibility, bring it up with your lender to meet each other halfway.
These are important things that must appear in the loan agreement. Once you have checked every contract sentence, sign it and ask for a copy.
Step #5: Receive Your Cash
Of course, our labor has finally borne its fruit, and you can finally pay an urgent bill or answer a crucial financial need.
This step will receive your money from your lender, either a direct deposit for a bank account set or other institutions such as MoneyGram and Western Union.
After that, we trust that you will be able to pay on time every month. It helps to check the cash rating of the location you are based in, for this case, Roanoke.
Frequently Asked Questions [Q&A]
We answer the most common questions that people ask of us in this portion! We came up with this list, so you won’t be left wondering anymore.
We hope to answer your question here and further make you feel at ease around Roanoke title loans.
Q1 – How Much Money Will I Get?
The amount of money you will get depends upon the value of the qualifying vehicle. This depends on the five factors such as;
- Year of the vehicle
In your short-term loan, the amount of money you will get will depend on your car value, computed based on the factors mentioned earlier.
The lower the mileage of your car, the higher the car value. And the newer it is, the more value it has, especially if it is a top-of-the-line model.
And not only that, but if you have installed improvements in your car such as leather seats, a sunroof, or some alloy furnishings to strengthen the car’s overall quality.
Ask your lender the year of the car they qualify for, as some lenders do not accept cars manufactured before 2000.
To be sure, you can always course your questions to our customer service agents, and they will let you know if your car does qualify based on the criteria above.
Q2 – Will They Check My Credit History?
A credit check will ultimately depend on your title loan lender. Some lenders perform a credit check as a mandatory part of their loan process, while some don’t.
If your lender does perform a credit check, remember that what they want to know is the matter with which you pay urgent bill.
Some lenders will also adjust the interest rates for a borrower depending on the credit score.
Someone with a higher credit score can get the best deals than someone with bad credit or a low credit score.
But, if you are the latter, don’t lose hope. We mentioned that title loans in Roanoke, VA give a chance to everyone, so make sure that you prove your ability to repay the loan.
Your vehicle’s title is still the main requirement of the online title loans, and you have to show your consistency and willingness to fulfill the loan amount.
Q3 – Are There Affordable Title Loans?
In the previous subsection, we mentioned that you would have an opportunity with the lender to bring up your financial situation and ask for flexibility.
The lenders can make the monthly payments flexible or extend the loan to lower the amount you must pay every month.
After instant approval from submitting your documents, the best title loans lenders will ensure your financial situation fits your monthly payment terms.
We recommend that you bring up your situation to your title loan lender, so they can also create a situation where both of you can work through the loan.
Feel free to discuss and negotiate, as this can change the loan terms and conditions of the title loan.
Q4 – Is a Title Loan the Same as Payday Loans?
No, payday loans are different from title loans. But, before we explain the difference, let’s start with their similarities first.
Both payday and title loans are under short-term loans, which means you have to pay them in a shorter period.
The difference lies in the collateral. For title loans, the collateral is the car’s title, while for payday loans, the borrower gives the creditor a post-dated check as a “cash advance.”
The lender will loan you the amount you put on the post-dated check, which the lender will collect on the day your salary will be released.
In essence, you will be getting a cash advance for your payday, but there is one thing that sets title loans apart from a payday loan.
Payday loans are notorious for having a higher and even predatory interest rate, so many people think that a loan’s cost hurts. But, title loans are different.
Here in car title loans, we ensure that the interest rate we give you is based on the competitive market interest rates, even when you have a bad credit score.
Q5 – Are All American Title Loans Legit?
In Virginia (VA), title loans are legitimate under the Code of Virginia. There are both rules protecting the interests of both the creditor and the borrower.
For the borrower, the law prescribes that they only apply to title loan companies that are given a license to operate by the state of Virginia (VA) and steer away from those without one.
This is because the licensed title loan companies are regulated under the Code of Virginia and thus answer to the law whenever a conflict arises.
The law also protects the borrower by maintaining strict circumstances in repossession.
Apply for a Title Loan Now!
What are you waiting for? This great opportunity is just waiting for you!
Auto title loans might be the turning point you are looking for, and nothing stops you from applying for one.
All that’s left for you is to start your loan process and wait for your grant.
We wish you the best of luck!