When you are looking for fast money, maybe you are convinced by too-good-to-be-true loan promises to utilize your most valuable possessionвЂ”your carвЂ”as collateral. These loans, referred to as automobile name loans, may be misleading and may run you a lot more than you bargained forвЂ”or your carвЂ”if you donвЂ™t repay on time.
What’s a Vehicle Title Loan?
Car title loans in Virginia are governed by the Motor Vehicle Title Loan Act. They are high-interest loans supported by your car or truck’s name as collateral. In the event that you skip a re payment, your car or truck might be repossessed.
A car title loan term cannot be less than 120 days or more than 12 months under Virginia law.