General Title Loan Questions
What Is a Title Loan?
A title loan is a loan against your car or other vehicle’s value. Montana Capital may be able to approve an SUV, van, motorcycle, boat, or even RV. We take possession of your title until you pay off the balance. Approval and the amount you can get is dependent on your ability to repay the loan and your vehicle’s value. You keep the car and drive it like you normally would during this time. When you pay the loan off, you receive the title and can do what you want with the vehicle.
Approved applicants can borrow up to 70% of their vehicle’s value, between $2,600 and $20,000, and may receive funds as soon as the next business day. Borrowers can receive funds via check, MoneyGram, prepaid or debit card, or direct deposit.
If you are experiencing a financial emergency or are having difficulty getting financing due to poor credit, title loans may be a good option to get cash quickly.
Where Can I Get a Loan?
You can apply online for a car title loan at Montana Capital Car Title Loans. We offer the option to apply online or over the phone by calling 1-800-700-8900.
It takes only a few minutes to get a pre-approval to see how much cash you can get. Once you’re pre-approved, you can upload or send your qualifying documentation to complete the process.
In many cases, we can fund the loan within 24 hours of approval and receipt of your qualifying documentation.
Click here for more information on Montana Capital Car Title Loan locations.
How Much Money Can I Get With a Title Loan?
At Montana Capital Car Title Loans, our minimum loan amount starts at $2,600 and goes up to $20,000. We lend up to 70% of the value of your vehicle as long as you can prove you can afford the payment.
Check out how much you can get with Montana Capital Car Title Loans using our quick and free online application. It’s safe, easy, and only takes a few minutes to complete!
Click here for more information on how much you can get for a title loan at Montana Capital.
Do You Charge Anything to See if I Qualify for the Loan?
We do not charge any fees to apply for a loan or determine the value of your vehicle. There are also no fees if you don’t move forward with the loan.
In short, applying for a loan with Montana Capital Title Loans is risk-free, and there is no pressure to move forward. To learn more, click here. Just complete a few quick and simple steps to receive your free quote. Not only is it safe, but it’s also free! Apply now!
How Long Does It Take To Get a Title Loan?
After applying for a car title loan, we move quickly to process and fund your loan. If you provide the necessary documentation and meet the loan requirements, we may be able to fund your loan in as little as one business day, and sometimes sooner.
Learn more about How Car Title Loans Work With Montana Capital.
How Do I Apply Online for a Title Loan?
To apply for a title loan online, click here.
You’ll answer a few simple questions regarding the amount you need to borrow, your state, your estimated credit score, the reason you need the money, and your email address. Our system automatically determines if you’re pre-approved, and you’ll get an answer within minutes.
Next, you’ll upload your documentation and send your title to us. Once we have proof of the title on its way, we’ll fund your loan.
How Do I Get Car Title Loans Completely Online?
We make it easy to get your car title loan online. Simply click here to start the application. Once pre-approved, you can upload your documentation to the online portal, including pictures of your car, to determine its value.
Once approved, you can pick up your check at a local branch, visit a local MoneyGram location in your nearest Walmart, or have the funds deposited to your debit or prepaid card (this only works with certain cards).
For the full online title loan process without visiting a store, click here.
Can I Apply if I Have Bad Credit?
The good news is you can apply for a car title loan with bad credit. We may check your credit report, but it’s not the only information we use to determine if you qualify.
The main contributing factor for approval is your ability to repay the loan. With a steady income from any source, not just employment, and proof of enough collateral in the car, you may be eligible for a car title loan even with bad credit.For details about eligible sources of income, check out our article here!
Do I Get to Drive My Car While the Loan Is Outstanding?
When you borrow money with an auto title loan, you keep the car, just not the title. You send the title to us, and we keep it until you’ve repaid the loan in full. You are free to drive the vehicle, but you cannot sell it until you pay the loan as stated in the loan agreement. We hold the title as collateral. If you don’t make your payments, we reserve the right to repossess the car to get the money back.
If I Do Not Pay, Will My Car Be Repossessed?
If borrowers do not make their payments and default on the loan, their vehicle can be repossessed. However, it is in neither the borrower’s nor the lender’s best interest for this to happen. The borrower loses their vehicle while the lender has to go through a lengthy repossession process and risk losing money on the vehicle.
Therefore, if you are having trouble making your payments, speak to a Montana Capital representative to discuss your options and see how we can help.
Learn more about the full repossession process and how to avoid it here.
Aren’t Title Loan Interest Rates Considered High?
Yes, title loan interest rates are high. According to the Federal Trade Commission’s website, the average title loan finance fee is 25%, with an APR of 300%. This is why we always recommend only using a title loan when you’re experiencing an extreme financial emergency and don’t have any other options.
While Montana Capital’s interest rates vary, the good news is that we don’t have prepayment penalties. This means you can repay the loan early if you have the funds sooner. This can save you money on interest payments.
Want to know your total loan cost? Try our free and easy-to-use title loan calculator.
Is It Better to Start the Process Online or in Person?
Online title loans are the fastest way to access the cash you need. You only need a few minutes to apply for a title loan online, and if you provide the necessary documentation quickly, you can get approval fast. Then, depending on when you apply for the loan, you may get your funds as soon as one business day later.
At Montana Capital, we want you to feel comfortable with the application process. It is up to the applicant which process is better for their unique situation. If you have any questions while applying for a loan online vs. in person, feel free to call us at 1-888-700-8900.
What Are the Montana Capital Title Loan Requirements?
To get a title loan at Montana Capital Car Title Loans, you must meet the following requirements:
- You must be a minimum of 18 years of age
- Your name must be on the title as the legal owner
- You must have a lien-free vehicle title in your name
- You must prove you have the income to afford repayment
- You must have adequate value for the required loan amount
- You must have proper government-issued photo Identification
Click here to learn more about how title loans work with Montana Capital.
What Documents Do I Need to Provide in Order to Get a Title Loan?
To get approved for a title loan, we need certain documents uploaded to prove you can afford the loan and that there’s enough collateral in your car to guarantee it. To do this, you will need the following:
- Proof of income:
- Work paystubs
- Bank statements
- Disability documentation
- Social Security benefits
- workers’ compensation
- Photos of your vehicle:
- Interior and exterior
- All sides and angles
- Prove your identity and residence:
- Government-issued photo ID
- References in some cases
Learn more about what you need to provide when applying for a title loan here!
Can I Get a Title Loan Without a Bank Account?
You don’t need a bank account at Montana Capital to get a car title loan. We offer several ways to receive your funds if you don’t have a bank account, including the following:
- Pick up a check at a local Montana Capital branch
- Visit your nearest MoneyGram located inside Walmart stores
- Direct deposit the funds to a prepaid card using Repay (not all cards allow this)
Learn more about how to get a title loan without a bank account.
Can You Get a Title Loan Without a Car Title?
You need a car title to be eligible for a title-secured loan. However, our professionals at Montana Capital Car Title Loans are happy to help you to get a title. Many other factors, such as how much is left on your current loan, your ability to repay a title loan, and your vehicle’s resale value will be considered. Contact us today at 800-700-8900.
Learn more about how to take a title loan out against your care here!
Does the Title Have to Be In My Name?
Your name must be on the car’s title to apply for a new title loan. If you own the car with someone else, the title’s wording will determine if you can apply for a title loan.
Look at the title, and in between the two names, determine if an ‘and’ or ‘or’ is listed. If it’s ‘and,’ you’ll need the approval of the other owner, and both must go on the title loan. But, if there is an ‘or,’ this allows either party to take out a title loan and works the same if your name was the only name on the vehicle’s title.
Click here to learn how to take out a title loan from Montana Capital.
Can You Get a Title Loan Without Registration?
Yes, you are able to get a title loan without registration in most states. If you don’t have the funds to register the car, you can use some of the loan proceeds to go to the DMV and pay for car registration, or the professionals at Montana Capital may be able to help.
Contact us for more or assistance with the title loan process here!
What Do I Need to Bring With Me to Have My Vehicle Appraised?
For an in-person appraisal or inspection you would only need to bring your vehicle however, with Montana Capital you may be eligible for an online process which include sending photos of your vehicle instead of getting your vehicle physically inspected. Apply online to day and find out if your are eligible for our online process.
Don’t want to show your car for an appraisal? Learn how here.
Must I Have Collateral for a Title Loan?
Yes, you must have collateral for a title loan because it is used to secure the loan. In other words, your vehicle is used to protect the lender in the event you default on the loan. If that happens, it can be sold, and the funds used to pay off your loan.
That is why the vehicle’s value must be determined before the lender approves your loan to ensure it is worth the risk.
Check out how you can use your car as collateral for a title loan here.
What Can Be Used for Collateral?
The collateral for title loans is the vehicle on the title. The collateral we accept for title loans includes:
- Classic Cars
- Commercial vehicles
At Montana Capital Car Title Loans, any of the above vehicles can be used as collateral as long as it’s worth enough to cover the loan, leaving 30% equity in the vehicle. In other words, we can only lend up to 70% of the value of your vehicle.
Learn more about the types of collateral we accept at Montana Capital here.
Do You Need Insurance to Get a Title Loan?
All states require auto insurance to drive a car except for Virginia and New Hampshire. However, insurance requirements to qualify for a title loan vary depending on the lender.
In general, it is a good idea to have it to protect your asset since accidents and theft can happen. After all, you can’t have a title loan without the collateral that goes with it. Plus, paying back the loan AND paying for car repairs can be costly.
At Montana Capital, full coverage insurance is required for loan amounts over $5,000. Give our representatives a call at 1-888-700-8900 for help finding the best insurance policy for you.
Do I Need to Have a Job to Be Approved for a Title Loan?
You don’t need a job to get approved for a title loan with Montana Capital Car Title Loans. However, you do need proof of income. We offer many ways to prove you can afford the loan, including the following:
- Social Security benefits
- Passive income
- Side hustle income
- Disability income
- Annuity income
- Severance pay
- Inheritance/trust fund
- Cash settlements
No matter the type of income, we’ll need proof of receipt and continuance to use it for loan approval.
Can I Get a Loan With a Low FICO Score?
Credit is only one determining factor in getting a car title loan at Montana Capital Car Title Loans. There is no set minimum score. While we complete a credit check to verify information on your application, we work with borrowers with all types of credit.
The largest determining factor is that your car has enough value and you have enough income to cover the monthly payment.
Learn more about Montana Capital’s bad credit loans here.
Learn more about whether credit can affect your credit score.
Can I Get a Title Loan Without Proof of Income?
You can get a title loan without proof of income from a job. So, you don’t actually need to be employed to get approved. We can accept other forms of income, such as Social Security, disability, inheritance, worker’s comp, or side hustle income, to prove you can afford the loan.
Income is one of the main qualifying factors when applying for a title loan. At Montana Capital, we need to ensure that you are able to make your payments. Therefore, we only require proof that you can afford the loan, regardless of its source.
Click here for more information about proof of income requirements!
What if I Don’t Even Have a Car Title? Can You Help Me Get One?
There is a good chance we can! Our professionals are happy to help you get a car title if you don’t have one. Reach out to one of our representatives at 1-800-700-8900, and we’ll help.
Can I Still Get a Title Loan if I’ve Had a Bankruptcy in the Past?
Yes, as long as your bankruptcy is discharged, you may be eligible for a title loan. At Montana Capital, we focus on what you can pay now rather than what happened in the past. Our focus is on the value of your vehicle and your income so you can repay the loan.
If you need the funds, don’t let past bankruptcy stop you from applying for a vehicle title loan at Montana Capital.
Can You Get a Title Loan on a Leased Car?
Unfortunately, you cannot get a title loan on a leased car. You must have a lien-free car title with your name on it to get a title loan. However, if there is enough collateral in the vehicle, we may be able to use some of the funds from the car title loan to buy out the lease, giving you the remaining funds for your emergency use.
Find out if you’re eligible for a title loan on your leased car.
Can You Get a Loan on a Car With a Salvage Title?
Some borrowers may be able to get a loan on a car with a salvage title. Approval is on a case-by-case basis and depends on the extent of the damage, the car’s value, and your ability to repay the loan.
When a car is labeled as salvaged, its value goes down significantly. The exact percentage varies, but is generally accepted to be 40-50% lower than another vehicle of the same make and model with a clear title.
Can I Get a Title Loan While Still Paying on My Car?
Most borrowers must have a lien-free car title before getting a title loan. However, in some cases, we can pay off the remaining loan balance with the title loan funds. This works best when you have only a few payments left.
It is possible to receive a title loan on a financed vehicle. Apply with Montana Capital Car Title Loans now to find out if you are eligible.
Can I Get a Title Loan With an Out of State Title?
Yes, you can get a title loan on a car if the title is from another state. However, you must prove in-state residency to qualify for the title loan in the state you apply. You must also meet all other title loan requirements to get approved for a loan.
Still have questions? Reach out to a Montana Capital representative or complete an online application to receive a free quote.
What if I Already Have a Title Loan With Another Company?
You can only have one title loan at a time per vehicle. However, you can apply for a new title loan with Montana Capital if you have already accepted a loan from another title loan company, as we may be able to pay it off for you.
We can pay off your current loan and offer you new and better terms in your title loan agreement. This could include additional cash and a different repayment schedule.
Are you in need of additional funds?
Read more about title loan buyouts
Can I Have a Co-borrower on My Title Loan?
Yes, you can have a co-borrower on your title loan. A co-borrower can help you get approved by providing more income to prove you can repay the loan, a leading factor for title loan approval. A co-borrower can be a parent, spouse, grandparent, aunt/uncle, or close friend.
Your co-borrower must provide proof of residency, income, and a valid driver’s license to qualify.
How It Works – Approval Process
How Does the Title Lending Process Work?
The title lending process is a simple way to use your car as collateral for borrowing money you need in an emergency.
To get a title loan, you must prove you have a lien-free title, have your name on the title, and have enough income to prove you can make the payments.
Applying for a title loan online and getting a quick pre-approval is easy. After uploading your qualifying documentation to the portal, we’ll review your documentation. If approved, you can keep possession of your vehicle, driving it around as you normally would, just with extra cash in your pocket. We may fund your loan as soon as the next business day.
We hold onto your title while you repay the loan, and you cannot sell the car during this time. Once you pay the loan in full, we send the title back to you, and you’re free to do what you want with the car.
How Do I Get a Car Title or Motorcycle Title?
If you don’t have access to your car or motorcycle title, you can visit your local DMV. If you can’t get to your DMV or need assistance, contact us at 1-800-700-8900. One of our professionals may be able to help you secure your title.
How Fast Can I Get My Title Loan Money?
When you apply for an online title loan, you can be pre-approved quickly. If you accept the offer and upload your documentation, our professionals will review it as quickly as possible. Most loans are reviewed within 24 hours and funded by the next business day.
How long it takes to fund your title loan depends on the clarity of the documents you provide and how quickly we can determine your car’s value based on the photographs you provide.
How to Get an Online Car Title Loan With Montana Capital?
It’s easy to get online loans against your title with Montana Capital. Click here to apply, and you’ll get an answer on your pre-approval fast, plus a quote for free.
After pre-approval, you can review your offer and determine if you want the loan. If you’re going to move forward, you must upload the documentation necessary to meet the title loan requirements, including your lien-free vehicle title, proof of residency, driver’s license or state ID, and proof of income.
After we review your documentation, we’ll determine if you’re approved for the loan. If approved, we can fund the loan in as little as one business day, as there is very little paperwork to close your title loan, giving you access to funds fast. Get a car title loan with Montana Capital here.
How Do You Sell a Car With a Title Loan on It?
You can’t sell a car with a title loan on it. You must own the car lien-free. However, if you still have time left on your loan term, you have a few options:
- The easiest way is to pay the title loan off early. There’s no pre-payment penalty to pay it off early, and you’ll own the title to sell the car easily.
- Trade the car into a dealership. Some dealerships will work the title loan payoff into the new car’s deal. The dealer will then receive the title for the car.
- Sell the car to a private buyer. If you find a buyer willing to buy the car before receiving the title, you can use the proceeds from selling the car to pay off the title loan and provide the buyer with a clear and free title.
Don’t want to give up your vehicle for a title loan? No problem!
How Does a Title Loan Buyout Work?
A title loan buyout is like refinancing your loan. You take out a new title loan to pay off your existing title loan. This may be helpful if you can’t afford your current monthly payments. You’ll still have a lien on your title when you take out the new loan, but you’ll use the proceeds of the new loan to pay off the existing loan.
Before accepting a loan buyout, consider how much you’re extending the new loan term so you know how long it will be before you have a clear vehicle title.
How Do I Apply Online for a Title Loan?
Click here to apply for an online title loan. It takes only a few minutes to complete the application and get a free pre-approval answer and quote; no commitment needed. If approved, you can complete the entire process online without visiting a store, including providing pictures of your vehicle’s interior and exterior so we can determine its value.
About Montana Capital
Why choose Montana Capital Car Title Loans?
For more than a decade, Montana Capital Car Title Loans has been helping customers by providing title loans with very competitive rates. Montana Capital takes pride in its great customer service and support, which makes us one of the most valued car title loans company in US. Read more about Montana Capital Car Title Loans.
How long have you been providing car title loans?
Montana Capital was established in 2007, and since then served thousands of satisfied customers. Find out more information about Montana Capital Car Title Loans.
Where can I find Montana Capital locations?
Montana Capital has locations across the US. Find the nearest one in our locations finder.
What measures do you take to protect my personal information?
We take extreme measures and work with industry leading protocols to protect your personal information.
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