Car Title Loan Business – How to Start

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.

Our Sponsor this month
Learn how to buy and sell scrap gold.
Add this niche to your existing business or build a gold buying service.

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

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.

Comments ( 1 )

Leave A Comment

Your email address will not be published. Required fields are marked *

What is 5 + 8 ?
Please leave these two fields as-is:
IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)