Get An Online Car Title Loans In New Mexico
Do you need to borrow $2,000 but keep getting turned down by personal loan lenders because of bad credit or no credit history? What if there was a way to get a loan with your vehicle as the collateral, and what if these loans don’t require a lengthy credit history?
It turns out that title loans can help you accomplish your goal of getting fast cash with your vehicle as collateral, and Highway Title Loans is here to get you started! With title loans in New Mexico, you can borrow up to 20k by tapping into your vehicle equity. We offer these loans for all types of paid off vehicles, and most customers will qualify with a lien free car title and proof of employment. Getting your cash doesn’t take long, and you don’t need perfect credit to get approved.
Car Title Loan Requirements In New Mexico
The requirements for a title loan are minimal, with the main requirement being a valid car title that shows you own the vehicle. At Highway Title Loans, we require the vehicle’s pink slip, proof of vehicle insurance, pay stubs, or other proof of employment to verify you have enough income to make the monthly car title loan payments. There are no prepayment penalties with New Mexico title loan so you can pay off your loan early without extra fees.
Compare these simple requirements with other loan offers 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 that will lead to an instant denial. Car Title loan companies in NM want to know that you have a car title and sufficient equity in your vehicle.
Title Loan Lending Amounts In New Mexico
The amount you can borrow will be based on the equity in your car. Expect an offer of around 50% of the value of your vehicle. That means a car valued at $15,000 can get you approved for a title loan of $6,000 or more in New Mexico. These amounts vary based on certain factors. For instance, does the resale value of your vehicle show it at a specific value, but you know it’s damaged or not worth as much as the retail value? Or could there be a situation where a local company offering loans in Albuquerque has a lien on your car that limits your equity? Each application is different, and you need to confirm your exact loan amount and then compare additional quotes to get the best value.
How Long To Pay Back A Vehicle Title Loan In NM
The time to pay back your title loan varies based on the lender you work with and your income. However, most title loan offers in New Mexico have 12-36 month repayment terms. This gives you plenty of time to make monthly payments without putting too much strain on your budget. Use our title loan calculator to see your specific repayment terms; that way, you can have a breakdown of the different financing terms. Also, look for lenders offering auto title loans with no pre-payment penalties, as that means you can repay the balance at any time without an early payoff penalty.
I Have Poor Credit – Can I Still Get A New Mexico Title Loan
Online title loans in New Mexico are available to those with poor credit scores. Most customers applying with Highway Title Loans have FICO scores under 600, and credit won’t be an issue if you have a paid-off vehicle in your name. Secured lending firms prefer applicants who might have less-than-stellar credit ratings. Since your car’s equity secures the loan, there’s less importance placed on you to have a decent credit history.
Some loan underwriters may not even check your credit score. They may review your title, check your basic credit info to verify your personal information, and see if you’re in bankruptcy proceedings in New Mexico or have had a recent repossession. 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?
You can apply directly online with some lenders or through a local title loan company. Whichever method you choose, you will likely need a vehicle inspection at some point by the lender. This is required by most companies in Albuquerque that offer collateral loans, and you can get this completed in less than an hour at any licensed inspection office.
If you apply with a local company, you should compare rates, fees, and terms different lenders offer. Contact Highway Title Loans when you decide a secured loan is your best option to get a lending estimate. We work throughout New Mexico, meaning anyone in Las Cruces, Roswell, and Santa Fe can get fast cash title loans! Apply with us online or call us at 877-433-5454!