When you are in need of a fast cash loan to help cover an unexpected or emergency expense in New Mexico, one great way to get that cash is a car title loan.
The reason why car title loans are a great option to consider when you are in need of fast cash is because they are very easy to get quickly and do not require a great credit score to get one - unlike most of the other popular types of personal loans on the market.
In fact, all you need in order to car title loan is a car that you own outright. That means you're going to have the car's title and it's going to have to be lien free.
The reason for that is because car title loans are secured loans that are based off of the value of your vehicle.
A title loan in New Mexico can net you up to $10,000, but you're going to have to make sure that you qualify first. Before getting into that, however, let's go over what a title loan is and how they work from step A to step Z.
To put it simply, a title loan in New Mexico is a secured loan in which you borrow an agreed-upon amount of money for a short payment term that is based on and tied to the value of a car that you own.
After your car undergoes either an in-person of photo/video inspection, the value of your car will be determined. That value will decide the maximum amount that a given title loan company will lend you, it will similarly determine whether or not you are approved for the loan in the first place.
If you are seriously considering taking out a car title loan, you are more likely wondering the number and type of documents that you will be expected to provide in order to qualify.
While all car title lenders are different in terms of what they need and what they don't need when it comes to approving applications, there are some general documents that are required regardless of what company you are working with. Here are the following documents you can expect to provide to any online or in-store auto title lender in New Mexico:
Beyond that, you will be good to go! Something great about car title loans that is different from other types of secured loans is that you do not need to trade in your car to secure your cash. That means you can drive and operate your car as usual throughout the life of your loan.
This is is one of, if not the best aspects of car title loans in New Mexico. On average, applying for a title loan takes a matter of minutes. Whether you are applying online or in-store, once the lender takes a look at your documents and evaluates the value of your car, you will be approved and be ready to go.
After that, getting you your cash loan in can take less than 30 minutes. That's because title lenders pride themselves on making the entire process take a little time as possible so that you can get the money you need exactly when you need it.
One tip to make sure that your application and approval process goes as quickly as possible is to make sure that you have the necessary proof of income. This allows lenders to get insight into how you will be able to pay back your loan.
On top of that, the better condition your car is in, the lower your interest rate will likely be. That means that you will be paying less in interest fees throughout the life of your loan. This will save you hundreds or even thousands of dollars depending on the amount of your loan and the length of your payment term.
This is another thing that is so great about car title loans for borrowers, especially if you have something like a bankruptcy, defaulted loan, or even eviction in your past.
If you are interested in getting a car title loan in New Mexico, you will not have to undergo a credit score check, no soft pull, no hard pull, no nothing!
As explained earlier, the reason why title lenders are able to hand out loans up to $10,000 in the state of New Mexico is because the loan is a secured loan based off of the value of your vehicle. In fact, if you are looking to actually improve your credit, you can use a title loan to do so. Just make sure that your lender reports to major credit bureaus and they will show that you borrowed and paid back you loan responsibly. This can have a fantastic impact on your credit score and help you borrow money, take out a credit card, or even take out a mortgage some time in the future.
On the other side of that, it is important to know that because car title loans are secured loans, that there are some fairly serious risks if you do not pay off your loan. The primary, and most serious risk that you should be aware of is that if you default on your title loan, your lender can repossess your car to recoup their losses.
Of course there are many ways to avoid repossession even if you cannot pay your loan, but that will lead to increased interest charges and potential other fees that come with rolling over your loan past its original payment term.
In the end, a car title loan is great for people who are in need of fast cash because there is very little background checking involved and payouts can be made in the same day. If you are interested in taking out a car title loan, it is time to gather your documents and let us help you find the best lender who can get you the money you need with an attractive rate and flexible payment term.
Financial relief is just around the bend, it's time to let your car help you get there.