Car Title Loan Business – How to Start

By | May 30, 2010

Virginia car title lending laws have been modified. A Virginia car
title loan business will still prove to be quite profitable. However, you’ll want to be familiar with these rate changes. Not in Virginia? Look for links to your state as well.

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Virginia car title loan interest rate caps:

•22% per month (264% APR) for that portion of the loan under $700

•18% per month (216% APR) for that portion of the loan between $700
and $1,400

•15% per month (180% APR) for that portion of the loan exceeding
$1,400

Also, car title lenders must give a 10-day notice by mail before repossessing a
vehicle and must give a 15-day notice before selling the car after repossession.

The Virginia Consumer Finance Act prohibits unlicensed lenders from charging
and receiving interest in excess of 12 percent per year on consumer loans.

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1 Comment so far
  1. Frank May 31, 2010 12:43 am

    Thanks for the good information. Will keep this in mind.

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