Car title loans are meant to help people experiencing a financial emergency get quick cash. They use a vehicle as collateral to secure the loan, and qualified borrowers receive a percentage of their vehicle’s fair market value.
Whether you need to pay off bills or have an unexpected medical expense, the funds are yours to use as you see fit. So, if you’re considering a title loan, look to the lender reviews to make the right decision for you!
Choose a title Loan Lender You Can Trust
Applying for a car title loan is a serious decision. You should make it carefully after you’ve considered your needs, the possibilities and the long-term impact on your financial future. After you’ve figured that part out, you just need to choose a lender you can trust.
Fortunately, making the right decision about the best car title loans lender isn’t difficult. You can make sure that you make the best decision by making reviews part of your decision-making process. When you know you’ve made the right choice, you can get your title loan started today.
What Is a Car Title Loan?
Car title loans are a type of secured loan where you use your vehicle as collateral. You provide the lender with your vehicle’s title while you pay off the loan, and you get to continue driving your car. Once the loan is completely paid, the lender will return your title.
To qualify, most lenders require the following:
- Lien-free title in your name
- Government Photo ID
- Proof of residence
- Proof of income
Review How Typical Car Title Loans Work With Montana Capital
Here is what you can expect from a typical title loan from Montana Capital:
- You want to borrow $2,900 with a term of 24 months.
- The finance APR is 93.09%, meaning you have to pay $3,190 to borrow $2,900.
- You give the lender the title to your car, and the lender gives you $2,810 in cash. This value is the $2,900 minus the lender’s $90 in fees.
- Lien recording fee ($15)
- Processing fee ($75).
- Your monthly payment amount of $250 will be due every 30 days.
- With interest and fees, the total cost of your loan will be $2900+ $3190= $6,090
Here’s an Example of How a Typical Title Loan Works:*
| Example | 2012 Ford Mustang GT | |
| Vehicle Value | 9,900 | |
| Title loan Amount | $2,900 | |
| Loan Term | 24 Mo. | |
| APR | 93.09% | |
| Fees | $90 | |
| Monthly Payment | $250 |
Why Car Title Loan Reviews Are Important
Title lender reviews are vital because they give you a firsthand look at a company’s operations. You aren’t falling for their advertising and claims that ‘they are the best. Instead, you hear from real people about their experiences, good and bad. Read multiple reviews and determine what people think of the lender and consider the company’s overall rating to give you a better understanding of the lender.
Lender Tip
Your title loan lender is required by federal law to provide you with the terms of your loan in writing before you sign. The lender must be honest and clear about the terms and total cost of your loan. Always review the loan agreement carefully and ask any questions you may have before signing.
Montana Capital Car Title Loans Reviews
Montana Capital Car Title Loans reviews can help you understand what to expect. With an easy, fast, and secure loan process that can be completed as early as the next business day, Montana Capital can help you get the financing you need.
Check out reviews from Montana Capital Car Title Loan borrowers and see why we have an average rating of 4.9 on Google.
What Can You Learn From Car Title Loan Reviews?
1. Loan Value
Car title lenders will determine your vehicle’s fair market value by appraising your car. Some require an in-person inspection, while others accept photos of your vehicle. A typical title loan lender will offer between 25% and 50% of your vehicle’s value.
At Montana Capital Car Title Loans, you can receive up to 70% of your car’s value, anywhere from $2,600 to $20,000.
2. Interest Rates
On average, auto title loans are high-interest loans that have an APR of three figures. This means that a title loan with a 12-month term would cost triple the amount you borrowed with interest and fees. For example, a $3,000 title loan would cost you around $9,000. In general, Montana Capital annual percentage rates (APR) ranging are from 60% to 175%.
3. Repossession
With a title loan, your car is at risk. Both the borrower and lender hope to avoid repossession. However, we must be honest and say that you may lose your car if you’d don’t make your payments as agreed.
At Montana Capital, we are mutually invested in you paying off your title loan. If you have trouble making your monthly payments, speak with a representative to discuss your options.
4. Credit Score
Title loans appeal to borrowers because of their relaxed credit requirements. While an auto title loan lender may run a credit check, bad credit doesn’t disqualify you automatically. Your vehicle is used as collateral for the loan, reducing the risk to lenders and increasing your chances of approval.
This is the case at Montana Capital! Bad credit is only one determining factor for approval, and there is no set minimum score. All credit scores are invited to apply – it’s fast, free, and secure. While we check your credit to verify your application information, our primary qualifying factors are your ability to repay your title loan and the equity in your vehicle.
5. Repayment Terms
Title loans are short-term loans that typically range from 1 to 36 months; this varies by each state’s law.
At Montana Capital, we offer loan terms from 12 to 36 months according to each state’s law.
6. Prepayment Penalties and Additional Fees
While most title lenders don’t charge penalties for paying off your loan early, you should still research each lender and look at the reviews to make sure they don’t charge prepayment penalties or hidden fees. Research each lender and look at their reviews to learn if they charge any prepayment penalties or hidden fees.
Montana Capital doesn’t charge any prepayment penalties or hidden fees. Plus, applying is free. This means you can pay off your loan early if you have the cash, saving you money on interest. We do, however, charge the following fees only once your loan is approved:
- Lien Recording Fee – $15
- Processing Fee – $75
7. Ease of Application Process
Pay close attention to what reviewers say about the application process. Is it fast and simple?
Read what reviewers say about how long the application took, what information was required, and how long the title loan lender took to provide a pre-approval or final approval. Pay attention to details, such as if the applicant could upload information online and if an in-person vehicle inspection was necessary.
Montana Capital gives borrowers the option to apply completely online without showing the car, over the phone, or in person. Our online application is quick, convenient, and available 24/7 for those needing cash fast.
If you submit your documentation quickly, you can receive your money as soon as the same business day. These documents should provide proof that you can afford to repay the loan and show the condition of your car.
8. How Fast You Can Get Funds
It is common to see title loans advertising a quick payout to approved borrowers. The actual amount of time it takes depends on a few factors, including:
- Time it takes to complete the application
- Time it takes for underwriting to review it
- Submitting all required documentation
- Time of day you sign your title loan contract
When you apply for an online title loan with Montana Capital, you can receive a quick pre-approval decision and get your cash in as few as 5 hours. However, most are funded within one business day.
9. Continue Driving Your Vehicle
One of the greatest benefits of a title loan is driving your vehicle while making payments. Make lenders offer this to ensure you can continue using your vehicle and not disrupt your normal routine.
At Montana Capital, we hold on to your title but allow you to keep driving your car as usual for the duration of your loan. The only thing you are not allowed to do is sell your vehicle while you owe on the loan.
10. Keeping My Personal Information Safe
Montana Capital Car Title Loans is a registered title loan lender. We make it our top priority to protect our borrowers’ information. Any personal information we collect is for loan purposes only, and we take every precaution to protect it, following all industry regulations.
11. Customer Service and Company-Specific Information
Customer service is a vital part of any business and can make or break your lending experience.
You may find a lender who offers the money you need and has a quick turn-around, but is it worth it if they aren’t available to answer questions or don’t offer support if you fall on hard times?
Look for reviews that discuss what to expect from a company’s customer service to see if they can be relied on to provide you with the support you need.
At Montana Capital, we have representatives eager and ready to help answer your questions. We want to ensure they have the resources needed to get back on their feet.
Whether that means paying off their title loan early, walking them through the application process over the phone, or working with them to avoid defaulting on their loan, our goal is to empower and support our customers.
What Sets Montana Capital Apart
Montana Capital Car Title Loans is a title loan lender since 2007. We provide our borrowers with unmatched customer service and loan products. Being the first choice in the title loan market is our goal.
Our completely online application is quick and easy. Approved borrowers can receive up to $20,000 when they use their vehicle as collateral for the loan. While many applicants worry about their credit score, it is only one of many factors we consider when evaluating your application. At Montana Capital, our primary eligibility factors are your ability to repay the loan and the market value of your vehicle.
After all, you are more than your credit score!
Final Thoughts
Getting a title loan is appealing because of how quick and easy it is to get your funds. If you are in a tough financial situation, a title loan may be the answer you’re looking for.
However, before signing on the dotted line, read over the fine print. Review the loan agreement in detail to know exactly what you are expected to pay and how long you have to pay it. Understand the fees and interest to decide if you can realistically afford the loan so you don’t risk losing your vehicle.
At Montana Capital, our loan structure is designed to make the loan process and payments more manageable. To see if you’re pre-approved, apply today! We are always ready to help you with your title loan questions and needs.
Written by
Samantha Hawrylack
Samantha Hawrylack is a writer for Montana Capital Car Title Loans and a personal finance expert. Sam received her Bachelors of Science in Finance and her Masters in Business Administration from West Chester University of Pennsylvania. She began her career in the financial services industry and shifted to an entrepreneurial role where she could directly impact clients. Sam has an impressive background in personal finance and business management.