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Six essential facts to know before getting a Title Loan:

Before getting a title loan in Virginia, make sure you know the following:


1. The maximum interest rate is between 17%-22% a month (204% – 264% APR).

– That is very high. You can negotiate a lower rate, many lenders charge less than the maximum.

2.  The lender is not permitted to charge any Loan origination fees.

– They can charge a $10.00 lien fee for VA; no other fees are allowed.  If there are other fees, question them.

3.  You have 1 day to cancel the loan by returning the funds the same or next day.

– If you find a better source of funds, take advantage of this and cancel the loan.

4.  The lender can repossess your vehicle if you default on the loan.

– Find out what the lender considers a default; and how to cure a default before signing.

5.  A late fee of 5% of your monthly payment can be charged if you are 7 days or more late.

– Make sure you are not charged a late fee if you make your payment less than 7 days late.

6.  A lender cannot legally come after you for money if they repossess your vehicle.

– Be advised that they can if you intentionally conceal or damage the vehicle.


For more information feel free to visit us at www.ftlenders.com.

The post Six Essential Facts to know before getting a Title Loan: appeared first on Fast Title Lenders.



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