Title Loans in Montana: Should You Apply for One?
Do you need cash this instant? Are you at an all-time low with your finances?
How about your expenses like bills? Did the unexpected happen, and now you're left with almost no cash and money?
DO NOT WORRY! Title loans will NOT make you wait for 5 hours, and you'll have your money in no time!
Read below to learn more about car title loans and how to get the best deal in Montana.
Montana, known as "The Treasure State," features a prominent representation of the state's natural resources on its flag.
How to Apply for Montana Title Loans
Here are the essential steps to apply for title loans in Montana! Do not worry if you think this process is a drag. You'll be surprised at how fast it goes by!
Step 1: Prepare the Required Documents
You will need to present documents for title loans in Montana before applying for the loan itself!
The requirements are documents that include your vehicle title, the car that will be the collateral, and a valid ID issued by the government.
Other companies may require you to bring more documents for better documentation, but the stated documents are the two MOST IMPORTANT documents to bring to any lending company.
Step 2: Find a Reliable and Trusted Lending Company
The second step in applying for a title loan is to find a company you think fits your needs the best!
Research the different lending companies and what their title loan services are.
Not only that, you want a company that is RELIABLE AND TRUSTWORTHY enough to handle something as significant as your car and loan.
Check their payment plan, interest rates, how they work with their customers, terms, conditions, and others!
Finding the right lending company will make you go through an easy process!
Step 3: Visit Your Chosen Company’s Website or Store
The next step is to VISIT your chosen company's website or store.
This is where you want to APPLY ONLINE or directly talk to them about their services and how you want to use them.
Although applying online is convenient, some online title loans will request that you bring your vehicle for inspection.
Visiting the company's website will lead you to its online application; meanwhile, you can immediately apply for their services directly to their branch!
From here on, you will take the application process!
Step 4: Undertake Their Loan Application Process
This step is where you will discuss EVERYTHING with your assigned loan agent.
That said agent will determine whether or not you qualify to undertake a title loan.
If the agent thinks you meet the basic requirements for a title loan, the company will assign the best lender suited for you!
The loan process determines your ability to repay the loan, the vehicle title and property you are loaning, your source of income, residency, and more.
Step 5: Get Your Money!
Once you find a lender and are pre-approved with them, REJOICE because you will get a title loan and earn your cash!
The process is extremely fast because you can get the cash as early as one business day or the same day you applied! The cash will be transferred to you to your bank account.
You guys can say that this is getting fast cash!
But always remember that you will need to pay the loan back with interest.
How Do Car Title Loans Work?
Title loans are for people that need money fast and are owners of vehicles like cars, motorcycles, trucks, and other modes of transportation.
Montana car title loans do not mind a bad credit score, so it does not mean that they are bad credit loans.
That is why car title loans are great for people with all credit types!
With proper ownership, the car title SHOULD be under your name. The title and the car's equity value are needed for lending companies to give you a loan.
In other words, your car or vehicle will be the COLLATERAL for you to avail of the loan.
Do You Automatically Avail of Car Title Loans if You Apply?
No, applying for title loans DOES NOT automatically mean that you are approved of the loan.
Loan specialists will determine if they can give the loan to you through a thorough inspection of the car and customer.
The lender will go through a loan approval process and determine if you meet all the requirements and qualifications.
Once the factors have been cleared, the customer will have their lenders avail of the loan, and they have to pay back the amount of money with interest rates involved!
We HIGHLY RECOMMEND that you pay as soon as possible so that you do not incur additional payments in the future.
What Are the Requirements for a Montana Car Title Loan?
These are the requirements for borrowers that need title loans in Montana!
- Government-issued ID
- Free and Clean Title
- Proof of Income
- Proof of Residence
- References (precisely three that are not related to you)
- Insurance (some states do not require this, double-check to be sure)
- Social Security Card (a document with your name and SSN both listed are a good alternative)
- Photos of your Car (this includes all four sides, the VIN and Odometer)
Some lenders may require you to list the vehicle year, condition, and ownership rights. This ensures that the collateral is in good condition.
This also lets the lenders lend and approve the loan to their customers in good faith.
What Are the Qualifications to Avail a Car Title Loan?
The following are the qualifications needed for a consumer to avail of a car title loan!
- Actual loan amount
- Annual Percentage Rate
- Proper ownership of car title
- Have the capabilities of repaying the loan
These qualifications are what make your application get loan approval.
If loan specialists notice that you fail to meet one of the qualifications, then it is highly likely that you will be denied an auto title loan.
How Do You Pay Off a Montana Car Title Loan?
The MOST OBVIOUS answer here is to pay off the loan with money.
However, there are instances wherein you may not have enough cash to pay off that loan.
Maybe you can't use cash options, or your loans are piling up one after the other!
Here are some of the best ways to pay off those loans if you do not have enough cash with you!
Sell or Trade Your Vehicle
As unfortunate as it sounds, if you do not have the cash to pay off your title loans, you may have to sell or trade your vehicle to generate cash.
It is difficult to sell the vehicle if you still owe a good amount of cash, but downgrading to a cheaper but still safe car is the safest bet.
Negotiate With Your Lender
If your lender is nice enough, they'll likely work with you on how to fix this issue! But this process needs to be approved by them to continue onwards.
Similar to a loan application, this needs inspection and documentation.
Once approved by the lender, the process can proceed!
However, the drawback is that if your lender approves of you paying less than what you owe, you will have bad credit, and your credit check will go lower.
But, if the lender agrees to this, you will be able to pay your loan!
Avoid Title Loans
If you know that you are in a difficult financial situation, AVOID CAR TITLE LOANS!
One of the biggest drawbacks of a title loan is that it is EXPENSIVE, and the interest rates are higher than your typical loan!
Before you apply online, check if you have any personal loan that needs attention, check if you have bad credit, and check if your finances are stable in the bank.
Borrowers who avail of title loans generally know they are financially stable but need a fast buck and have good credit and good finances in the bank.
Be careful if you want to apply for a title loan!
Pros and Cons of Auto Title Loans
Here are some of the pros and cons of an auto title loan!
Advantages of Auto Title Loans
- Normal loans are not as cheap and accessible as affordable title loans
- You can get your money on the same day you apply online or in-person
- You can get a minimum loan of $2,500
- Many lending companies do not perform a credit check!
- Takes way less time to process in comparison to your local bank or a credit union
- Lending companies can help you get a personal loan
Disadvantages of Auto Title Loans
- Title loans have high-interest rates
- You need to use your vehicle as collateral
- You may lose your car if you cannot repay the agreed loan
- Auto title loans are meant for short-term purposes, not long-term
Frequently Asked Questions (FAQs)
Here are some of the FAQs about this topic! Hopefully, this section will answer your problems if the article does not provide sufficient information!
Does Your Credit Score Matter in Applying for Car Title Loans?
Many lending companies advertise that they do not need to conduct a credit check and use any hidden fees, but it is still important to keep these in mind!
You must note the credit score because eventually, you need to repay the title loan!
Having bad credit means that it will be harder for you to avail of loans in the future!
How Long Does the Loan Process Take for Car Title Loans?
The loan process takes around 15-30 minutes to take!
Since applying for a title loan can be done online, it makes the process much more efficient and easier to manage.
You can receive your funding from your lending company on the same day!
Conclusion
If you need a quick buck and you are willing to use your car as a way of settling with a loan, why not try availing a car title loan?
Montana, with a total population of 1.069 million as of 2019, has many lending companies that will make your life easier and will make the most of your time!
We hope this article proves helpful in understanding how car title loans work in Montana!
Just remember that although having a quick buck is excellent, you still need to repay that loan in the future!
Avail of it only if you are FINANCIALLY STABLE or capable of repaying the amount of money!