What Are Title Loans in Suffolk and How Do They Work?
Title loans are known for being SUPER FAST and CONVENIENT. They offer INSTANT APPROVAL, in just 1 business day, sometimes even as fast as 30 minutes!
And as if that isn’t convenient enough, there are even some online title loans available that let you complete the ENTIRE loan process online!
The best part is that you still get to drive your car and use it as usual during the duration of your loan.
But what exactly are auto title loans, and how do they work? And is it the right solution for your current situation?
Let’s find out!
What Are Car Title Loans in Suffolk Virginia Beach?
If you’ve ever heard of:
- Auto title loans
- Fast auto loans
- Pink slip loans
- Title pawns
Those are all car title loans! It is a short-term loan form where you hand over your car title to your title loan lenders in exchange for quick cash loans.
The duration of car title loans in Suffolk, VA, is usually 30 or 60 days, depending on your lender.
Your lender only holds on to your vehicle title, not your actual car, so you still get to drive it during those 30 to 60 days!
After that, you will be expected to return the money you borrowed, plus the interest and other additional fees.
You Should Get a Car Title Loan in Suffolk, Virginia if You…
- Do not have a good credit history
- Do not have any other collateral other than your car
- Can not get a cash advance from your employer
- Are you not currently employed or do not have a steady income
- Are in a rush and do not have the time to go through the long process of traditional bank loans in Suffolk Virginia
They’re perfect for sudden cash emergencies, like unexpected business expenses, tuition fees, overdue rent, hospital bills, or any other financial situation that must be solved TODAY.
You Are Eligible for Title Loans in Suffolk, Virginia if You Are…
- At least 18 years old
- A US citizen
- A resident of Suffolk VA
- The sole owner of a fully paid vehicle
How to Get an Auto Title Loan in Suffolk, Virginia
Let’s go through the quick and easy loan application process!
It only includes 4 EASY steps, gathering your required documents, providing acceptable property, and proving your ability to pay off the auto title loans!
Step 1: Get Your Requirements
These are the usual documents most title loan lenders will ask you to submit:
- Government-issued ID. Bring one with a photo of yourself, like a driver’s license. And make sure that your name here matches your name in your vehicle title.
- Proof of residency. Any of your utility or phone bills, mortgage agreement, contract of lease, or any other document that will prove that you are a resident of Suffolk, VA.
- Income proof. If you’re employed, bring your recent payslip. If not, you can bring proof of your business income, proof of social services benefits, proof of retirement benefits, etc. If you do not have a steady income, bring any official document proving your ability to repay your title loans. This could be proof of your inheritance, proof of property owned, a bank statement, etc.
- Character references. You will need to submit 2 to 4, depending on your lender. They have to be people NOT RELATED to you. You will also need to provide their phone numbers or emails and home addresses.
- Vehicle title. This is what your Virginia lenders will hold on to for the loan duration. It also needs to be CLEAN and LIEN-FREE. It has to be fully paid, solely under your name, and not standing as collateral for any other loan.
- Vehicle insurance. If your car is already insured, get your car insurance papers. If not, your auto title loans lender can get it insured for you.
- Vehicle registration papers. Like the insurance, if your car’s registration is up to date, you can bring proof of its registration. If it’s not currently registered, your lenders can also have it registered in no time.
- Vehicle photos. Take pictures of your car’s front, back, and 2 sides.
- A copy of your keys. For easy repossession (if ever), you will also be required to give your auto title loans lender your spare keys.
Step 2: Apply Online
Start your auto title loans application by visiting your chosen title loans lender’s website. The first thing you’ll see there is the online application.
Please fill it out and wait for a company representative to call you. Alternatively, you could also give your title loans lender a call to get pre-approved.
You can also start asking them the questions you have during the call or double-check the required documents with them and book your slot in their office.
After the call, your auto title loans application may also be given conditional approval. Then you will be asked to proceed to their office and bring your car with you.
This is an OPTIONAL step of the process.
You could also grab your documents and go straight to your chosen lending institution office if you’d rather.
Step 3: Visit Your Title Loans Lender in Suffolk, VA
With ALL your documents, drive your car to your chosen title loan services office to process your auto title loans.
They will assess your documents and qualifying vehicle and ask a few questions when you get there. They might also conduct a credit check.
After the final approval, your title loan representative will let you know the following before preparing your contract:
- The maximum and minimum loan amount you can borrow
- The time period of your auto title loans
- Their contract terms
- Their interest rates
- Their fees and service fees
- Other additional fees
Now, this is the perfect time to NEGOTIATE. Contracts of auto title loans are individually prepared, and the terms vary from borrower to borrower.
This means that everything from the terms to the interest rates first offered by your lender can still change!
So negotiate your way into better terms, a lower interest rate, and maybe more money to borrow if you need it.
Step 4: Contract
Once you and your title loans lender have agreed on the contents of your auto title loan contract, it’s time to sign it!
Before you sign, make sure to:
- Read the FINE PRINT
- Double-check for HIDDEN FEES
- And REREAD the contract to make sure you did NOT MISS ANYTHING
Step 5: Get Your Money
After signing the contract, you can now get your emergency cash. You can receive your loan proceeds through any of the following:
- Money transfer
- Direct deposit to your bank account
- Online transfer
- Other common money transfer services
Congratulations! You’ve now successfully taken out an auto title loan!
How to Avoid the Risks of Title Loans in Suffolk Virginia
Car title loans are notorious for being high-risk loans because of their highly competitive rates, expensive monthly payments and fees, and the possibility of losing your car in the end.
Although we can not discount the risks, there are a few ways to take out an auto title loan to minimize the risks.
Here are a few of our tips…
Look Out for Hidden Fees
Some car title loan lenders will take advantage of your urgent situation and slip in additional fees in the fine print of your title loans contract.
This is why it’s very important to THOROUGHLY read ALL of your contracts before you sign.
We know that the best part of a car title loan is quick cash, but reading your contract is one part of the process that you should NEVER RUSH.
Don’t Max Out Your Title Loan Amount
If you can, borrow exactly the amount you need for your financial emergency.
It might be tempting to borrow the maximum loan amount offered when it’s right there in front of you, but the less principal amount you owe, the smaller your interest amount will be.
And when the due date comes, the lesser total debt you will have to worry about.
Use a Secondary Car
If you have a second vehicle, you might want to put that up as collateral for your car title loans in Suffolk, VA.
This way, you will have some peace of mind knowing that you won’t lose your primary means of transport even if the worst happens.
If you get your money before the 30 or 60-day period, you might also want to make early payments on your car title loan.
Doing this will give you peace of mind, knowing that your debt is getting smaller and you won’t have to lose your car!
You don’t even have to pay early the whole loan amount. Take the extra cash you get early to your lender, watch your debt shrink, and disappear.
How Are Car Title Loans Different From Payday Loans?
A payday loan and a title loan qualify as a type of short-term loan.
They are also targeted at borrowers who can not get a cash advance from their employer and are quick and easy to get.
Both of them will also charge a high-interest rate.
However, unlike payday loans, a title loan will require you to put up collateral to get approved. Because of this, you can usually borrow more money from a title loan than from a payday loan.
Also, the period for payday loans is usually adjusted to your payday schedule (hence the name).
It is designed so that you will be able to pay off the loan right away when your paycheck arrives.
How About Car Loans?
Car loans are very different from car title loans.
A car loan is what you get to purchase a car and pay it in installments through the bank, while a car title loan is putting up your car as collateral to get a loan.
An auto loan is used to get a car, but you will have to already own a car with auto title loans.
Why Don’t Title Loan Lenders Perform a Credit Check?
Some of them still do.
But the reason why many title loan lenders don’t is that the most important factor in getting approved is your ability to pay off the title loan.
It doesn’t matter if you have a bad credit score for some of them. All that matters is that you can pay back your title loan this time around.
Also, it helps that they hold on to your car’s title during the loan duration. This way, they are secure that they can make up for their losses in the case of loan default.
Frequently Asked Questions
Still, got questions? We have all the answers!
How Much Cash Can I Get From a Car Title Loan in Suffolk, VA?
It all depends on the car value.
Your title loan lender will first assess your car to be able to estimate its value, which will depend on your car’s:
- And overall vehicle condition
Once your title loan lender estimates the value, you can usually borrow anywhere from 25 to 50 percent of it.
Do I Need a Job to Get Approved?
Although it will help your chances of getting approved better if you have a steady income, you don’t need to get employed to get a title loan.
Your title loan lender will look for your ability to repay the title loan.
This is why any other document that proves you can pay off your title loan by the time it is due is accepted as proof of your income.
Will I Need a Bank Account?
Your title loan lender will need your bank account if you choose to receive your loan money through your account.
Although, it is highly recommended to own an account so lenders will have an easier time transferring money to you!
Banks are the optimal way of transferring money and are secured and safe to use.
How Do I Choose the Best Lender in Suffolk, VA?
These are what you can do:
- Ask around for reputable title loan companies
- Read the customer reviews
- Compare the rates and fees
- And trust your gut!
The best lenders will always prioritize making the business relationship easy and convenient for their clients!
Are Title Loans Safe?
All title loan companies in Suffolk, VA, comply with Virginia laws. They are also closely monitored and regulated by the government.
Places like Main St, Suffolk, also have regulated title loans.
The ESSENTIAL factor of title loans is that you need to pay the borrowed amount back if you do not want any damages!
Is It Possible to Cancel My Loan if I Change My Mind?
It depends on your lender.
Different companies will have different policies regarding this, so it’s best to call your lender and ask.
Usually, most lenders will have a grace period of 2 to 3 days and let you cancel your loan without a penalty.
You can still cancel the title loan if you cancel after that period, but you will have to pay an early cancellation fee.
What Other Vehicles Can Qualify for Title Loans?
This also depends on your lender.
Give your particular lender a call and ask them about their qualifying vehicles to make sure.
When Will I Get My Vehicle Title Back?
As soon as you’re done paying your total loan amount (principal, interest, and fees), your lender will give you back your title.
If you do NOT pay the loan amount on time, the title will be owned by the lender until the amount has been fully paid with interest!
Won’t I Have Issues Selling My Car Later On?
When you’re done paying off your title loans, your lender will return the title to you, and your car will be clean and lien-free once again.
It will be as if it never stood for collateral in a loan!
A vehicle title loan is a QUICK, EASY, and CONVENIENT.
You can apply online, get instant loan approval, and get your cash on the SAME DAY!
But the loan interest rates are sky-high, the loan period is short, and there’s the very real (although small) possibility of losing your car if your loan defaults.
So make sure you scour the market for the best title loan lender, negotiate for lower rates, don’t max out the amount you’ll borrow, and pay early.
And don’t forget to read your contract THOROUGHLY and at least TWICE before you sign it! The internet will warn you against title loans, but they don’t have to be as scary.
As long as you’re careful and thorough and confident that you can pay your debts back before the due date, you’ll be fine!