Get A Hassle Free Car Title Loan In New Mexico
People are always looking for the best method to get cash when they’re most in need. In this situation, most personal loan lenders are going to make it hard to get approved, and even if you have the right documents it can take a few weeks to actually get your cash.
But what if I told you there was an alternative way to get money using the equity in your car as collateral. With a New Mexico title loan, you can borrow up to 20k by tapping into your vehicle equity. It doesn’t take long at all to get your cash and you don’t need perfect credit to get approved.
Car Title Loan Requirements In New Mexico
The title loan process is simple and the requirements are minimal as long as you have a valid car title or pink slip to show you are the actual owner of the vehicle. You simply need to provide a copy of your car’s title, license, or state id, and proof of insurance. Some local lenders in New Mexico will require paystubs or other proof of employment to verify you have enough income to make the monthly car title loan payments. You can use the money for any personal needs such as debt consolidation, home repairs, or even a vacation. Plus, there are no prepayment penalties so you can pay off your loan early without any extra fees.
Compare these simple requirements with other loan offers that you see in parts of the state like Rio Rancho or Roswell! There’s no longer a need to track down years worth of financial statements and bank documents to give to your lender. You don’t need to worry about your poor credit score and whether or not that’s going to lead to title loan denial. Car Title loan companies in New Mexico simply want to know that you have a car title and sufficient equity in your vehicle.
Typical Title Lending Amounts In New Mexico
The title loan amount you are able to borrow will be based on the equity in your car. Most title loans in New Mexico allow you to borrow up to 50% of the value of your car. So, if you have a car that’s worth $10,000 then you could potentially borrow up to $5,000 through a title loan. These amounts vary based on certain factors. For instance, does the bluebook value of your vehicle show it at a certain value but you know it doesn’t run or it will take to actually track down the physical copy of your title? Or could there be a situation where a local finance company in Albuquerque has a lien on your car that limits the amount of equity you have? Each situation is different and you need to confirm the exact amount available with an online title loan and then compare different rate quotes to get the best value.
How Long To Pay Back A Vehicle Title Loan In NM
The length of time to pay back your title loan will vary based on the lender you work with. However, most title loans in New Mexico come with a repayment term of 12-36 months. This gives you plenty of time to make monthly payments without putting too much strain on your budget. The first step you want to take to determine the payoff amount and monthly APR would be to run some quick interest calculations. Use our title loan calculator to see what the payment terms look like and that way you can have a breakdown of the different financing terms.
When considering all your options for quick cash, don’t forget about title loans in New Mexico. With this type of loan, you can get the money you need without any hassle. You can use the funds for any personal purpose and there are no issues when it comes to keeping your car. The finance company will take your pink slip as collateral for the amount borrowed and you will keep possession of the car as you make the monthly payments.
I Have Poor Credit – Can I Still Get A New Mexico Title Loan
Yes, online title loans in New Mexico are available to those with poor credit scores. In fact, title loan companies actually prefer applicants who might have less-than-stellar credit ratings. This is because title loans are secured by the title of the borrower’s car – not their credit score. So, if you have a valid car title and enough equity in your vehicle, you can likely get approved for a title loan even if your credit score is below 500.
Some loan underwriters may not even check your credit score. They may simply review your title and run a quick check of your basic credit info to verify your personal information and see if you’re currently in bankruptcy proceedings in New Mexico. This makes the title loan process much easier and faster than trying to get a personal loan from a traditional bank or credit union. You can receive your money in as little as one business day after applying for a title loan online and sometimes even quicker than that if it’s a quick title loan refinance. Before applying ask how long it takes to get your money and verify the approval process.
Can I Apply Directly Online OR With A Local Lender in NM?
There are many title loan companies in New Mexico that you can work with. You can either apply directly online with some lenders or go through a local title loan company. Whichever method you choose, it’s likely you will need a vehicle inspection at some point done by the lender. This is required by the majority of companies in Albuquerque that offer online title loans and you can get this completed in less than an hour at any licensed inspection office.
Applying online is a great option if you want to get the process started quickly and don’t want to waste any time. Plus, you can apply from the comfort of your own home and there’s no need to go through a credit check.
If you decide to work with a locan company, make sure you do your research first. Compare rates, fees, and terms offered by different lenders. This will help you find the best deal for your title loan needs.
Getting an auto title loan in New Mexico can provide you with the cash you need at a rate that’s manageable. Once you decide that this type of secured loan is best for you, don’t hesitate to contact Highway Title Loans to see exactly how much money you can get for your car title. We work with people all over New Mexico and you can apply online or with a local business in Albuquerque or Las Cruces if you want to get everything processed in person!