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Title loans in California

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Title Loans in California - Beat the Golden Coast Financial Crisis

Everyone faces emergency expenses at some point, and may require quick cash. If you have a bad credit history and are in a financial bind, you may wonder how you’ll get immediate funds.

In such financial circumstances, title loans in California may help. Our title loans in California offer a convenient way to access money quickly, sometimes on the same day you apply.

California Flag, USA

California, known as "The Golden State," features a prominent depiction of a grizzly bear on its state flag.


Using your vehicle as collateral, you can secure up to $10,000 financing. The best part is you can keep and drive your vehicle while repaying the loan.

Our loan process is 100% online or over the phone, and we can fund loans quickly, helping California residents resolve financial emergencies quickly.

California Title Loan Laws & Our Title Loans Service

California Title Loan LawsMontana Capital Title Loans Service
Loan Amount Minimum$2,510$500
FeesNo limitNo hidden fees
Interest RateNo limit on loans over $2,50060% - 175%
Repayment TermsUp to 36 monthsUp to 36 months

At Montana Capital, we can lend to borrowers with less-than-perfect credit, and our loans never have a prepayment penalty. We also offer excellent customer service, making your stressful time a little easier to handle.

Title loans in California help California residents get access to cash quickly. You use your vehicle as collateral to secure the loan and receive funds that you will repay over the term of the loan laid out in the title loan agreement, while continuing to drive your vehicle as normal.

If you own a qualifying vehicle such as a car, RV, powersport vehicle, or truck, this secured loan option allows financing for any financial situation, even with bad credit. California has some unique laws regarding title loans, but they are a legal option to get the financing you need.

Let's check out this comprehensive guide on title loans in California and find out!

Should I Apply for a Car Title Loan in California?

The car title loan process in California is quick and easy. There’s no credit score required, and bad credit isn’t a barrier. You can secure a quote online, saving time and money while securing immediate funding and quickly accessing funds for emergencies. 

Car title loans provide funding fast when the unexpected occurs without the stress of how you’ll qualify. You can have your funds as soon as the next business day if you can prove you can afford repayment.

Car Title Loans are Secured Loans

Car title loans are secured loans, meaning they use your vehicle as collateral, and often come with high interest rates. Because of this, applicants should be aware of the risk of repossession if they are unable to make their payments. That is why you should only apply for a California car title loan in emergencies when you are unable to qualify for other financing options. 

To be approved, applicants should also have enough equity in their vehicle. Most lenders offer 25% to 50% of the car’s value. If your vehicle isn’t worth enough, or your loan amount is too high compared to the car’s value, lenders risk too much lending to you. If you are experiencing an emergency and have exhausted all other options, including loan options for bad credit, but prove you can afford the payments and have enough equity in your vehicle, a bad credit title loan may be right. However, before deciding if title loans online make sense, understand the California title loan laws.


How Car Title Loans in California Work - A Brief Introduction

Just like title loans in other states, California title loans use a borrowers collateral from vehicles such as a car, RV, powersport vehicle, or truck to secure the loan. With a car as collateral, borrowers can get higher loan amounts even without perfect credit. Most lenders fund collateral loans on vehicles within a few days of completing the approval process.

Where California title loans differ is in the details. California’s minimum loan amount allowed for title loans is $2,510, and the maximum APR is 36% for loans up to $10,000.

California Title Loan Application Requirements

The title loan in California requirements are simple because they require collateral. When a lender has collateral, they have something to fall back on if the borrower doesn’t make the required payments. Borrowers don't have to worry as much about their credit or employment history. Most title lenders look at this information but focus on the car's value and how well you can afford the loan repayment.

California Title Loan Requirements Also Include: 

  • Proof of car insurance 
  • Proof of California residency
  • Enough equity in your vehicle
  • Lien-free title in your name

How the CA Car Title Loan Process Works

The California title loan process is simple. Just follow these four steps to get online title loans in California.

Complete the Pre-Approval Application

Shop around and research your title loan options. Ensure they are legit and offer the rates and terms that fit your needs and your budget.

After choosing a responsible lender, apply online. Applications will gather personal qualifying and vehicle questions.

Submit Documentation

Each lender has different requirements to get car collateral loans fast, but some of the most common documentation lenders require include the following:

  • Lien-free vehicle title
  • Government-issued ID
  • Photos of your vehicle
  • Proof of income sources
  • Proof of residency
  • Copy of vehicle registration
  • Copy of vehicle insurance

You may also want to provide copies of your most recent bank statements, personal or professional character references, or proof of employment history and income to strengthen your application.

Review Pre-Approval Decision and Terms

After submitting your documentation, you'll receive a pre-approval decision stating whether your application has been accepted and the rates and terms being offered. California law requires lenders to provide all details in writing before you make a decision. Review the terms carefully and ask any questions you have to ensure the loan is right for you.

If you decide to move forward with the loan, you may need to submit more documentation for final approval.

Accept, Sign, and Repay!

Once the lender reviews all documentation and approves your online application, you can accept the terms, sign your documentation, and receive your quick cash.

Tips for Borrowers

The cost of vehicle ownership can be high in California. If you're trying to keep your car costs down, a used car may help you save money, especially if you can pay cash for it. As long as your car is paid off, lien-free, and you meet the other qualifying criteria, it may be eligible for a car title loan.

Once you own your car lien-free, here are some tips to get the best title loans in California.

  • Ensure the lender is registered with California's DFPI
  • Never apply for more money than you need
  • Beware of title loans' high-interest rates
  • Exhaust all alternatives before borrowing money
  • Only use title loans in California in an emergency

Contact Montana Capital Car Title Loans for more info or Apply Online

Car Title Loan Alternatives

Even in a dire financial situation, title loans in CA aren't the only option you have. They offer access to quick cash, but it may come at a price. Here are a few other alternatives to consider first.

  • Friend or Family Loan - Friends or family may be able to help you through your financial emergency. If you need funds fast but know you can repay the loan quickly, consider asking people you trust for help.
  • Personal Loan - A personal loan is unsecured. This means there is no collateral. However, because personal loans come from banks and other financial institutions, they have a more extensive underwriting process, so it often takes longer to get your funds.
  • Home Equity Loan - A home equity loan borrows money from your home's equity. Like online car title loans, you put up collateral that you risk if you cannot make your payments. Home equity loans may have lower interest rates but a much longer and more in-depth underwriting process.

Why Choose Us

We has helped qualified California residents secure title loans since 2007. We have many branches across the United States and offer car title loans that meet California title loan laws. We also offer the option to secure title loans completely online, funding as soon as the next business day in some cases.

Example - Bad Credit Applicants are Welcome!

Good credit isn't a requirement to qualify with us. Plus, you get to keep your vehicle and use it as usual. You can apply online or call 1-800-700-8900 and speak to a qualified agent to get pre-approved.

Example - How Much Cash Can I Get?

We offers emergency car title loans ranging from $500 to $50,000 or up to 70% of your car's value. The APRs vary based on the loan amount, but loans over $10,000 can have APRs ranging from 60% - 175%.

Example - How Fast Will I Get the Money?

Sometimes title loans can be funded the same day if the right conditions are met! For example, if you apply, sign your title loan agreement, and have all of your documentation approved by 2:00 pm your lender's time, you may have your funds in as little as 5 hours. However, if you don't meet that timeframe, we typically pays out funds within 1 business day.

Example - Refinance an Existing Title Loan

You may also refinance an existing title loan from another lender. This is often a good option for borrowers with loans with much higher interest rates or less attractive terms than we may provide.

Example - Early Loan Payment

We allow borrowers to pay back their loan early without any prepayment penalties. This can save a significant amount of money in interest over the lifetime of the loan.

For example, a borrower’s loan agreement states that they have a term of 36 months to repay their loan. However, shortly after receiving the title loan, the borrower got a significant raise at work. Because of this increase in income, the borrower was able to increase how much they were paying each month and was pay off the loan a few months early saving a lot of money on interest. When your loan doesn't have a prepayment penalty, like the loans we offer, you can save a significant amount of money.

Advantages and Disadvantages of California Title Loans

Getting a CA car title loan has its advantages and disadvantages. It's essential to consider the pros and cons to decide whether a quick title loan is suitable.

Car Title Loan Advantages

  • You can get quick cash using car title loans online in California
  • Credit is considered but not a primary determining factor
  • You can keep using your car even with California title loans

Car Title Loan Disadvantages

  • Auto title loans for more than $10,000 could have high-interest rates in California
  • Title lenders can repossess the car in CA if you don't make your monthly payments

FAQs

Are Title Loan Interest Rates Considered High in California?

Title loans are considered high-interest rate loans. However, due to the Fair Access to Credit Act, interest rates on car title loans in California are on the lower end, 36%, for loans under $10,000.

How Much Money Can I Get With a Title Loan in California?

The state minimum loan amount allowed for California title loans is $2,510. However, Montana Capital has a minimum loan amount requirement of $500 and will lend up to 70% of the car's value.

How Quickly Could I Receive My Funds in California?

You may receive funds from fast title loans in California in as few as 5 hours after final approval if completed and approved by 2:00pm your lender’s time. While your initial approval is pre-approval, final approval comes when all documentation is received and reviewed.

Can I Keep My Car While Repaying a Title Loan in California?

Yes! When securing auto title loans online in California, you keep your car and use it as usual. The only restriction is you can't sell the car when you are still paying on the loan.

What’s Considered Proof of Income for a Title Loan in California?

Proof of income doesn't have to only be from employment. You may have income sources, such as:

  • Pay from employment
  • Disability income
  • Retirement income
  • Investment income
  • Social Security income

Can I Get an Online Title Loan With Bad Credit?

Yes! At Montana Capital, we offer car title loans for bad credit. Our primary qualifying factors include your ability to repay the loan and your car's value.

Is a Loan Impound Disclosure and Waiver Required for a Title Loan in California?

Yes, the state of California requires title loan borrowers to sign an Impound Disclosure and Escrow Waiver to protect lenders. You can do this online easily by clicking on ‘Get Form.’

If a lender wants to require an Impound account, an account that sets aside money to pay your car insurance and taxes, you must sign an impound disclosure or notice. If the lender waives the impound requirement, you must sign an Escrow Waiver, a document that clearly states the consequences of not meeting the requirements, such as paying your insurance.

What Happens if I Can't Make My Payments?

Auto title loan companies can repossess your vehicle if you do not make your payments. That is never the goal for lenders or borrowers, so if you cannot make your payments, get in touch with your lender immediately to work out a different arrangement.

Can My Vehicle Be Repossessed in California?

Yes, your car can be repossessed in California, according to the law. The company that repossesses your car must contact you within 48 hours to tell you where any belongings found in the car are located. They may charge a fee to store the items.

In addition, the car title lender must inform you where the car is and what you can do to get it back. This usually includes paying all past due amounts late and repossession fees.

Title Loans in California - The Bottom Line

Living in California comes with some high expenses, from the average cost of living to its 7.25% sales tax. If you are struggling, a title loan may be able to help.

Before jumping into the process, consider all aspects of a title loan. First, you must understand California’s laws on title loans, including consequences of not meeting the terms of your loan agreement. Next, research all of your options since title loans often come with high interest rates and should only be used in emergencies. Finally, dont hesitate to consult a financial professional before deciding on financing.

At Montana Capital, our simple application process can provide a pre-approval decision within a few minutes. If approved, you can receive your funds in as few as 5 hours to one business day. Apply here today to get a free quote and see how much money you can get!

Written by Samantha Hawrylack

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.

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