Title Loan Data for Richmond, VA
$3,164
Average Loan Amount
$1,890–$9,500
Loan Range
2016
Average Vehicle Year
11
Loans Funded
Based on 11 loans in Richmond from 2024 to 2025. Actual loan amounts vary based on your vehicle’s condition, mileage, your ability to repay the loan, and Virginia regulations.
Actual Title Loans Funded in Richmond, VA
Actual loan amounts vary based on vehicle condition, mileage, and Virginia regulations.
| Year | Make | Model | Miles | Funded Amount |
|---|---|---|---|---|
| 2020 | Nissan | Kicks | 100,720 | $1,890 |
| 2017 | INFINITI | QX60 | 149,628 | $2,000 |
| 2013 | Honda | Civic | 210,000 | $1,890 |
| 2010 | Subaru | Outback | 136,000 | $1,900 |
| 2014 | Mercedes-Benz | C Class | 92,000 | $3,500 |
| 2015 | Toyota | Camry | 16,162 | $1,890 |
| 2015 | Lincoln | MKZ | 74,900 | $3,000 |
| 2015 | Nissan | NV 2500 | 196,458 | $2,887 |
| 2022 | Mini | Cooper | 19,800 | $9,500 |
| 2015 | Honda | Civic | 181,961 | $3,500 |
Average Title Loan by Most Common Vehicles in Richmond, VA
| Vehicle Make | Avg. Vehicle Value | Avg. Loan Amount | Borrowers |
|---|---|---|---|
| Nissan | $4,632 | $2,389 | 2 |
| Honda | $4,938 | $2,695 | 2 |
| Kia | $5,500 | $2,843 | 1 |
| Lincoln | $7,850 | $3,000 | 1 |
| Mercedes-Benz | $6,150 | $3,500 | 1 |
Based on 11 loans in Richmond from 2024 to 2025. Actual loan amounts vary based on your vehicle’s condition, mileage, your ability to repay the loan, and Virginia regulations.
Did You Know? Richmond by the Numbers
What Richmond Borrowers Used Their Loan For
| # | Top Use |
|---|---|
| 1 | Moving Expenses or Security Deposits |
| 2 | Rent or Mortgage Payments |
| 3 | Urgent Vehicle Repairs |
Based on 11 borrowers in Richmond from 2024–2025.
Unemployment Rate in Richmond, Virginia
5.7% of Richmond residents are currently unemployed, compared to the Virginia state average of 4.1%.
Source: U.S. Census Bureau & Bureau of Labor Statistics.
Median Household Income in Richmond, Virginia
The median household income in Richmond is $64,587. About 18.2% of residents live below the federal poverty line.
Source: U.S. Census Bureau & Bureau of Labor Statistics.
Title Loan Regulations in Virginia
- Interest rate cap: 36% per year interest plus optional monthly maintenance fee up to $15/month (combined rate including fees; Virginia statutory interest is limited under the Consumer Finance Act, with additional fee schedules)
- Loan range: Up to $2,500 (no minimum)
- Repayment term: 6 to 24 months
- Regulated by: Virginia State Corporation Commission (SCC) – Bureau of Financial Institutions
What a Title Loan Costs in Virginia
| Loan Amount | Term | APR | Interest/Fees | Total Due |
|---|---|---|---|---|
| $500 | 12 months | 36% | $103 | $603 |
| $1,500 | 12 months | 36% | $308 | $1,808 |
| $2,500 | 12 months | 36% | $514 | $3,014 |
Lenders may also charge a monthly maintenance fee (up to $15/month), adding up to $180 per year on top of interest. Always ask your lender for the full APR before signing.
📖 Governing law: Virginia Motor Vehicle Title Loan Act (as reformed by Fairness in Lending Act 2020)
See all Virginia title loan rules and consumer protections on our Virginia title loans page.
Title Loan Questions for Richmond, VA Residents
Yes. Title loans often come with high costs. In Virginia, on a $1,000 loan you could pay up to about $45 per month (around $30 in interest plus up to $15 in monthly fees). Total charges over the life of the loan are capped at 50% of the loan amount for loans of $1,500 or less, and 60% for loans above $1,500. You should treat this as a short-term option and plan to repay it on time.
Example:
If you borrow $1,000 in Richmond, total interest and fees cannot exceed $500.
No credit check is required for pre-approval or a free estimate. Approval is based primarily on your vehicle’s value and your ability to repay.
A pay stub is not required, but some form of income verification is. Income must be verified under Virginia law. Accepted documentation includes bank statements, Social Security award letters, disability benefit documents, tax returns, or other evidence of regular income.
In Virginia, title loan interest is capped at 36% per year. A monthly maintenance fee may also apply. By law, total fees over the life of the loan cannot exceed 50% of the original loan amount. Your written contract must show the full cost before you sign.
Bankruptcy history is less of a barrier for title loans than for traditional financing. Vehicle collateral value and current repayment ability matter more than past credit events. If your bankruptcy has been discharged and you have verifiable income, you may still qualify.
Your vehicle’s current market value and your ability to repay are the main factors. Virginia caps title loans at $2,500, and most borrowers qualify for up to 50% of their car’s value. Get a free estimate online to find out what you may qualify for.
Yes, a lien-free title is required by Virginia law. A title loan cannot be made on a vehicle with an active lien already on the Virginia DMV certificate. When you take out the loan, the lender records a lien and holds your paper title. After full repayment, the lender releases the lien and returns your certificate of title.
A title loan is secured by your car. You can borrow up to 50% of your vehicle’s current market value based on its worth and your ability to repay, up to Virginia’s $2,500 maximum. The lender files a lien with the Virginia DMV and holds your title while you keep driving and repay over 6 to 24 months. The lien is released and your title returned once the loan is paid off.
