Emergency Car Title Loans

Q: Does My Vehicle Have to Be Completely Paid Off to Receive a Vehicle Title Loan?

It's best to apply when you own your car without any liens ; however, if you owe a small balance, we may be able to pay it off with the proceeds from your loan, leaving you with the difference.

Q: Can I Have a Cosigner on My Title Loan?

Yes, a cosigner can be on your title loan . While a cosigner may increase your chances of being approved, be aware that this makes both parties financially responsible for the loan.

Q: Do Title Loans Affect My Credit Score?

Title loans don't get reported to the credit bureaus . However, if you default on your payments and we sell your account to a collections agency, they may report the delinquent account to the credit bureaus.

Samantha Hawrylack

Do you own your car outright and need cash for an emergency? Car title loans may be the answer. Use your vehicle’s title as collateral for the loan, good credit and a job aren’t necessarily required for fast approval. Emergency title loans are designed to provide funds quickly, and you can receive your funds via instant direct deposit within 5 hours to one business day.

What Is Considered a Financial Emergency?

According to FEMA, a financial emergency is defined as any unexpected expense or loss of income. Such situations can take various forms, and here are some common examples that households may encounter.

Car emergencies or repairs (transmission, tires)
Loss of income (layoff, illness, injury)
Health emergencies affecting income and medical expenses
Unexpected loss of a loved one, leading to funeral expenses and travel costs.
Home emergencies or repairs (HVAC, roof, appliances)

Before You Borrow

Just like any financial decision, borrowing money demands careful consideration. Before proceeding, it’s crucial to determine if the situation genuinely qualifies as a financial emergency. Remember, taking on a loan is a significant financial commitment that should not be taken lightly.

In a Nutshell:

Our emergency loan application is available 24 hours a day, 7 days a week. Skip the hassle of trekking to a physical location and get up to $50,000 in cash to cover your emergency. borrowers must surrender their title for the duration of the loan. While the borrower can continue driving the vehicle, they cannot sell it until the loan is paid off. If you cannot repay the loan, the lender may take the vehicle used as collateral. Use caution; auto title loans should only be used in an emergency because of their high cost and risk of losing your car if you can’t repay your loan.

Table of Contents

Emergency car title loans allow you to borrow 25 to 50 percent of your car’s value to use during financial emergencies in exchange for your vehicle’s title. It’s a quick and simple process to borrow against your car, without excessive documentation. You can complete the entire emergency online car title loans process in a few minutes and have a pre-approved answer quickly.

Emergency Title Loans – How They Work

We offer a straightforward process for emergency funds loans, designed to help you borrow the money you need with ease and speed.

How to Receive Your Funds

Online Application

Complete an online application in less than 5 minutes! It’s available 24/7, and you receive a pre-approval answer within minutes.

Provide Documentation

Documentation is necessary to prove you are eligible for the loan. With an auto title loan online, you simply upload your documents for review. This includes your proof of income, clear vehicle title, state-issued photo ID, photos of your vehicle, and proof of residency.

E-sign Your Contract

Once approved, review and sign your contract online and get your cash in as little as 5 hours.*

*Funding time varies based on when you sign your loan agreement. If you sign your title loan agreement and have all of your documentation approved before 2:00 PM your lender’s local time, you may get your cash in as little as 5 hours. Montana Capital typically funds title loans within 1 business day.

Key Takeaways:

Title loans are secured loans that require collateral to secure the loan.
Generally, title loan lenders offer funds amounting to 25%-50% of your car’s value, up to $50,000. However, we provide loans ranging from 25%-70% of your car’s value, up to $50,000.
Title loans are convenient for those with bad credit needing cash.
The title loan process can be completed the same day in some cases, in as little as five hours.
Title loans are high-cost and should only be used in an emergency.
Title loans are short-term and payments don’t usually exceed 36 months.

How to Get an Emergency Car Title Loan?

Now that you know how easy the application process is, let’s look at how you qualify for a car title loan.

Qualifying Criteria

You must be at least 18 years old
Reside in the state you’re applying
Own a lien-free vehicle in your name
Ability to repay your title loan
Insurance (in some states and cases)

Required Documents

Proof of income to repay the loan
Original lien-free title in your name
Photos of your car’s interior and exterior
Government-issued photo identification
Proof of residency (tax records, lease, etc. )
Two references (in some cases)
Proof of insurance (in some states)

Lender Tip – Income Comes in Many Forms!

Proof of income is required for all car title loans. However, there are many ways to prove you can repay the loan. Employment income is one source, but others include Social Security benefits, inheritance or trust funds, worker’s compensation, court settlements, tax returns, severance pay, retirement income, and more.

Application Process – Get Your Emergency Funds in as Little as 5 Hours*

To get your emergency title loan funds in as little as five hours or less, it’s imperative that you provide all necessary documentation at once. This is the key to get your emergency funds quickly. You can apply online or call us to apply. With the required documentation ready, we can move the loan through the approval process much faster.

Repayment

We know it can be challenging to manage payments while handling your emergency, so we make it easy to make your monthly payments. You’ll make the same fixed payment monthly until you fully repay the loan.

Your repayment options include:

Phone payment via the automated phone system
Cash payment at 7-Eleven with your PayNearMe link
Check or money order mailed to us

What Sets Montana Capital’s Emergency Funds Apart

Why choose Montana Capital Car Title Loans for your emergency funding needs? Here’s how we stand apart from the rest.

Quick and simple online application – Our online application is quick, simple, and obligation-free.
How much money you can get – Loan amounts range from $500 to $50,000.
Cash turn-around time – If you complete the process by 2 PM on a business day, get the funds in as little as 5 hours. Otherwise, get funded as soon as the next business day after final approval.
Bad credit-friendly – Credit is only one determining factor. More weight is put on your ability to pay the loan and the value of your vehicle.
Lower than average interest rate – Annual percentage rates (APR) ranging from 60% to 175%.
Customer service – Customer service representatives are available Monday through Friday from 9 AM to 7 PM, and Saturday from 10 AM to 4 PM.
Vehicle access – Continue driving your vehicle while repaying your title loan.

Bankruptcy and Title Loans – Does It Affect Eligibility?

Unfortunately, you won’t be eligible for a car title loan if you’re actively in bankruptcy. However, if you’ve had a bankruptcy in the past, and it’s now discharged or closed, it won’t affect your ability to secure a title loan.

Other Options for Emergency Cash Relief

Title loans can be risky because of their high APRs and the risk of losing your car if you can’t afford the payments. Here are other options we encourage you to consider first:

Friend or Family Loan

Close friends or family may be able to give you cash quickly to handle your financial emergency without worrying about interest rates or fees.

Home Equity Line of Credit (HELOC)

A HELOC uses your home’s equity instead of your car. It is also a type of secured loan, but you may get lower interest rates and fees.

Emergency Personal Loan

A personal loan is an unsecured loan from a bank. A personal unsecured loan requires extensive underwriting but usually has lower interest rates than a car title loan.

Pawning Possessions

Pawn shops can buy assets from you, or you can ‘loan’ them the items in exchange for cash. Like a car title loan, they’ll keep the collateral if you don’t pay the loan back. However, unlike title loans, if you pawn your car, you won’t be able to drive it until you have pay back the pawn broker.

Government Programs

Some government programs may help with certain expenses, such as WIC, which provides nutritional support to pregnant women and children up to age 5, or Temporary Assistance for Needy Families, which provides financial support to those in need.

Second Job

Increasing your income puts more money in your bank account and ensures you can handle emergencies without resorting to financing like personal loans, title loans, credit card cash advance, or even payday loans.

How to Avoid Future Financial Emergencies

Knowing how to avoid future financial emergencies is the key to peace of mind. An emergency fund is essential in making that happen. When emergencies arise, you’ll be better prepared for unplanned expenses and avoid high interest debt from loans or credit cards. Here is what you should do.

Create an Emergency Fund

An emergency fund should cover unexpected expenses. Consider holding your emergency fund in a money market account, high-yield savings account, or retirement account (but watch out for fees). Try to save three to six months of your monthly expenses to be on the safe side.

Emergency Fund Statistics

Why are emergency funds important? Check out the following statistics:

According to the U.S. Census Bureau’s data, the real median household income in 2021 was $70,784. However, a recent Prudential study shows that half of respondents claim they have less than $500 in emergency savings leaving them in a tough financial situation should an emergency arise.
1 in 4 surveyed Americans didn’t have any emergency savings in 2021. This is up 4% from 2020’s 21%.
34% of surveyed Americans have less money saved in their emergency fund now than they did before the Corona Virus pandemic.
33% of participants in a 2017 Federal Reserve Study shared that they experienced a financial hardship with the last 12 months.

Build a Strategy With a Professional

Collaborate with a financial expert to create a solid plan tailored to your needs. They can help you develop strategies to avoid future financial emergencies and secure your financial well-being, which is one of the most important things. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money. Gain valuable insights and make informed decisions with professional guidance.

Take Security Precautions to Keep Your Money Secure

Regularly monitor your credit – Check your credit monthly to ensure there hasn’t been any fraudulent activity.
Only use secure wifi networks – Don’t log into important websites, such as checking your bank account online, if you aren’t on your own network.
Shred documents with identifying information – Shred all financial paperwork and documents with important information before disposing of them.
Verify a caller’s authenticity before sharing personal information – Never share personal information with a caller unless you are 100% certain they are legit.

Good to Know: Emergency Financial Situation – What is It?

An emergency financial situation is an urgent need for funds to handle an unexpected incident or circumstance. An emergency financial situation usually requires immediate funding, and exhausting all available resources to help you overcome the financial crisis.

Emergency Financial FAQs

Does My Vehicle Have to Be Completely Paid Off to Receive a Vehicle Title Loan?

It’s best to apply when you own your car without any liens; however, if you owe a small balance, we may be able to pay it off with the proceeds from your loan, leaving you with the difference.

Can I Have a Cosigner on My Title Loan?

Yes, a cosigner can be on your title loan. While a cosigner may increase your chances of being approved, be aware that this makes both parties financially responsible for the loan.

What Do I Do if I Can’t Repay My Loan?

Talk to your loan servicer immediately if you can’t repay your loan. The last thing lenders want is to repossess your car. Lenders will often work with you to create a plan if you are in need.

Can I Get a Title Loan Without Income Verification?

You don’t need a job to get a title loan, but you must prove your ability to repay the loan. This may mean using money from a settlement or even worker’s comp.

Are There Restrictions on How My Emergency Title Loan Be Used?

We don’t tell our borrowers what they can and cannot do with their funds. However, because of how expensive they can be, we strongly encourage title loan borrowers to use their funds for emergency purposes only.

Am I Required to Provide My Social Security Number When Applying for a Title Loan?

Yes, we need your social security number to pull your credit and verify your identity for the loan. However, your information is secure, used only for loan application purposes, and we comply with all FTC privacy regulations. However, your credit is only one factor considered for approval.

Do Title Loans Affect My Credit Score?

Title loans don’t get reported to the credit bureaus. However, if you default on your payments and we sell your account to a collections agency, they may report the delinquent account to the credit bureaus.

If I Need Money Urgently, Where Can I Borrow Money?

When you’re in need of emergency cash, online title loans are a quick and convenient option. Online title loan processes can be completed completely online from start to finish. Applicants can fill out the initial preapproval online, email or upload the required documentation to the lender’s portal, e-sign the loan agreement, and funds can be sent via direct deposit.

The Bottom Line – Where to Borrow Money for Quick Emergency Cash

Emergency funds are money that you put away for unplanned expenses. This can be anything from medical costs from an injury or illness, home or car repairs, unexpected layoff or termination, and more. Preparing an emergency fund can protect you from high-cost loans or credit cards that can set you back financially.

Experiencing an emergency is scary, but knowing emergency funds are available online with a title loan can provide relief. Their requirements are simple, and the application process for this short-term secured loan is quick. Just remember, vehicle title loans should only be used in an emergency and shouldn’t be taken out frequently for reasons like overspending or to purchase “wants”.

Our simple application process making it easy to get the funds you need. We have title loans for bad credit, and no job is required. Check out how you, too, can fund your emergency by applying today.

Written by

Samantha Hawrylack

Samantha Hawrylack writes for our company and is an expert in personal finance. 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.