Motorcycle Title Loans

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When you are in a bind and need some extra cash, title loans can help! Motorcycle title loans are a type of short-term loan that uses your motorcycle as collateral. Approved applicants can receive up to $50,000 as early as the same day. 

A great advantage of motorcycle title loans is that you get to keep your motorcycle during loan repayment. It’s as easy as filling out an online application, providing the required documentation, and receiving a decision! 

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How Do Motorcycle Title Loans Work?

Title Loan Approval with Bad Credit

Bad credit should not prevent you from applying and getting approved for motorcycle title loans. While traditional banks require near-perfect credit to approve borrowers for a loan, title loans are much more lenient.

If you have a clear motorcycle title, you may be able to borrow money against the title of your motorcycle, plus interest. This means that if your motorcycle is paid off, has no existing liens, and is in your name, you can use it as collateral to apply for the loan, even if you have a bad credit score.

There’s no need to have a perfect credit score, as credit history is just one of the many factors considered during the application process. However, we may ask to check yours as part of the title loan process. Here’s everything you need to know.

Income and Qualification for Motorcycle Title Loan

To qualify for a Motorcycle title loan, you must show your ability to repay the loan. Don’t worry if you are unemployed and don’t have regular pay stubs. Approval decisions for motorcycle title loans also consider different sources of income, such as:

• Pay statements
• W2 form
• Tax statements
• Disability award letters
• Social security benefits
• Workers’ compensation funds
• Trust documentation
• Awarded settlement documentation
• Severance pay documentation

The application process typically takes about five minutes to complete. Then, conditional approval may be given pending review of your documentation.

Motorcycle’s Equity:

Equity is required when using a motorcycle’s value for loan purposes.

Equity means that your motorcycle is worth more than what you owe on it. Even if your motorcycle has remaining payments, you may still qualify for a title loan.

To secure a title loan, borrowers must own their motorcycle outright and sign the title over to the loan company. This provides the lender with collateral in case of loan default. If repayment is not made, the lender can sell the motorcycle to recover their losses.

To determine your motorcycle’s current worth, you can check the Kelly Blue Book for the trade-in fair value. Title loans typically offer 25%-70% of the motorcycle’s total value.

How Much Cash You Can Get?

In the title loans industry, lenders often offer approved loan applicants up to $50,000 on the same day. At our company, we provide loans ranging from $2,600 to $20,000. Additionally, we offer up to 70% of your car’s value, while the industry typically offers between 25% to 50%. Borrow responsibly and choose terms that align with your financial situation wisely.

It is also wise to research your title loan state’s laws. Title loans are not legal in every state. In this case, you won’t receive any cash regardless of your motorcycle’s value and ability to repay.

Once Approved, How Do I Get My Money?

Once approved for a title loan, you can receive your money through various methods:

1. Direct Deposit: The funds can be directly deposited into your bank account, making it convenient and fast.
2. Check: You may receive a check that you can deposit into your bank account or cash as needed.
3. Cash: In some cases, you can pick up the cash in person at a designated location.

The method of receiving your money may vary depending on the lender and your preference. It’s essential to discuss the available options with the lender during the application process.

It’s essential to carefully weigh the pros and cons and assess your financial situation before proceeding with a motorcycle title loan application.

The Bottom Line

Motorcycle title loans are an option to get you the money you need asap. They are convenient for emergency situations because cash is paid out quickly if approved. Keep in mind that these loans are meant to provide you with short-term financing to help solve immediate cash needs and should not be considered a long-term solution.

Applying for a motorcycle title loan online through Montana Capital is quick and easy and may give you access to up to $20,000 within 24-48 hours. If maintaining access to your motorcycle while gaining access to short-term financing is important to you, apply online here and get a free quote!