Title Loans in Newport News, Virginia
5 Star Car Title Loans in Newport News, VA
Stressing over how to handle expenses when you need emergency cash but have no options but to borrow money? It can feel frustrating and challenging to go through the long approval process for taking a traditional bank loan.
Moreover, you may feel awkward asking for money from friends and family. Thus, when you need quick money, taking a title loan in Newport News, VA, can be a viable option. It allows borrowers to get a short-term loan with the car’s title certificate as the collateral.
5 Star Car Title Loans provides a reliable short-term financing solution in the form of auto title loans in Newport News, VA. We are dedicated to helping out individuals who require immediate funding but can’t obtain a traditional bank loan due to poor credit.
What is a Car Title Loan and How Does it Work?
Car title loans are a way to finance your short-term monetary needs by giving your car’s title to lenders as collateral in exchange for providing the required funds. It is different than a personal loan from a bank as –
- The loan assessment and approval procedure is fast2
- No credit checks are required1
- You only need to submit a few documents for loan approval
- You can get loan approval even with a poor credit score1
Moreover, title loans don’t require vehicle submission. Thus, you don’t need to part with your vehicle during the loan term and only the car title will stay in the lender’s possession. So, you can use the car as you need without restrictions.
Steps to Acquire a Car Title Loan
You can get started in just a few minutes by applying for online title loans from 5 Star Car Title Loans, in 3 easy steps:
1: Fill Out The Online Application Form
You can find the online loan application form on our website. All you have to do is provide the required details. It’ll only take a few minutes to complete and submit your loan request.
2: Know Your Eligibility
You will also need to submit a few documents to determine your eligibility for a car title loan. It includes submitting your ID proof, car title, proof of income, etc.
3: Get Approval and Receive Your Money!
If you fulfill the eligibility requirements and get approved, you can expect the money to be available in your bank account within a day in less than 24 hours.2 You can also collect it from a participating money transfer location, via money order, or as a mailed check.
Who Can Apply for Title Loans in Newport News?
Title loans can be obtained when you fulfill the minimum qualifying criteria such as the following:
- Applicants need to be of 18+ years of age and have their own valid driving license as per the local state laws of Newport News, VA.
- Applicants who have the sole ownership of the car with the car title and registration under their name can be considered qualified to apply for a title loan.1
- Applicants need to have an acceptable income source to show their eligibility to repay the loan.4 (It’s the most critical factor for determining your eligibility for title loans.)
- The car title must be lien-free. If the title is partially owned by another person or has an auto loan that you are still paying off, you may not meet the eligibility criteria to apply for a title loan.
So, if you want to know whether you qualify for a title loan or have any questions, feel free to reach out to our team at (888) 309 0994 for a consultation!
What Documents I’ll Need for a Title Loan?
Most title loan lenders don’t require a lot of documentation for loan processing.1 You will need to provide a copy of the following basic documents for the online title loan application:
Government-issued ID Proof
You will need to prove that you are of legal age and legally eligible to own and drive a car. Thus, your identity documents such as your driver’s license, passport, or other government-issued identification would be required for documentation purposes.
Proof of Income
When it comes to car title loans, poor credit may not be much of a concern as long as you can show proof of reliable income to demonstrate the ability to repay your debt. Thus, you need to ensure to have a repayment plan in advance when applying for a short-term title loan.4
Proof of Residence
The laws regarding getting car title loans differ in each state. Thus, you will need to provide your proof of residence which would be used to determine how much cash you can get, title loan interest rates, repayment, and formulate other loan conditions.1
Vehicle Title and Registration
The original vehicle title and registration in your name will be required when applying for a title loan in Newport News. It is the most crucial document as it will prove that you legally have 100% ownership of the vehicle without any third-party liens.
Remember, you cannot apply for the title loan if the vehicle title has a different name on the title, or if the vehicle already has another ongoing auto loan.
Pictures of the Car
For title loan amount calculation, the vehicle’s value needs to be determined depending on its condition. Therefore, you need to get a vehicle inspection, However, there’s no need for an in-person vehicle inspection necessarily.
At 5 Star Car Title Loans, you can upload the pictures of your car with its Vehicle Identification Number (VIN) and odometer reading for an online inspection.
What do I do if I bought a used car and the title isn’t under my name?
You can’t apply for a car title loan for a vehicle that isn’t in your name. Thus, you need to make sure to get the title transferred to your name as soon as possible after purchasing a car. It is crucial when you are considering opting for a title loan in Newport News, VA.
As per the laws in most states, you will have at least 30 days after purchasing the car to get the title transferred to your name. You can apply for the title transfer online or visit your state’s DMV to get a new car title in your name.
Documents you will need to submit for car title transfer
You will need to submit the following documents along with the application form to get the car title transferred:
- The original title of the car and registration documents
- Proof of residency
- A copy of the bill of sale from the seller
- Your driver’s license
Here are the steps you will need to follow:
- Fill out a car title transfer form
First, you need to fill out the application form which will require some basic information. For this, you will also need to submit the original title with the signature of the previous owner relinquishing their rights.
- Deposit the fee for the title transfer
You will also need to deposit a small fee via your debit/credit card when submitting the car title transfer form. You can deposit the fee online or deposit it at the DMV branch if you are applying offline.
- Receive the new car title
The DMV will process your application and issue a new car title under your name which will be mailed to your address. It may usually take 2 to 6 weeks for the new title to arrive as the processing time varies according to your state.
Once you have the new title, you can apply for the car title loan with 5 Star Car Title Loans.
If I Don’t Have a Job Can I Get a Car Title Loan Without Income Proof?
Income proof is the most crucial factor when it comes to getting approved for a title loan. However, it is not mandatory to have a job to show that you have a reliable income source. Most lenders know that borrowers may not have a job which is why they need a title loan.
Thus, even if you don’t have a stable job, you can still apply for a title loan,1 provided you can show proof of a different income source.
Alternative income proof that you can submit:
You can provide the following documents as alternative income when you are jobless:
If you have completed a job previously and receive annuity payments or a regular pension, you can use it to show your ability to pay back and get approved without a problem.
- Business Income
Sometimes business owners may need to borrow money to cover emergency expenses. In that case, financial records and tax receipts can be used as proof of income.
- Rental income
If you have an acceptable property under your name with tenants who pay regular rent, you can provide the bank statements and tax papers with gross median monthly rent as proof of rental income.
- An inheritance or trust fund
If you receive regular payments from an inheritance or trust fund, you can use it as proof of alternative income for getting a quick auto title loan in Newport News.
- Social security benefits
People with disabilities or senior Newport News residents may receive regular financial assistance from the government in the form of social security benefits. Thus, it can be used as an alternative proof of income when you want to apply for online title loans.
Contact our team at our phone number – (888) 309 0994 for a consultation and get a free assessment today!
Can Bad Credit Affect My Chances Of Getting A Title Loan in Newport News, VA?
If you don’t have a great credit history due to being unemployed or any other reasons, you probably can’t easily get a loan from financial institutions such as banks or credit unions. However, title loans in Newport News, VA, are specifically meant for people who don’t have another option.
Therefore, even if you have a bad credit score, you can still get approved for a car title loan from 5 Star Car Title Loans.1