Did you know you can use a vehicle as collateral for a title loan in New Mexico? Car Title Loans 123 now offers quick funding for anyone who’s looking to use their vehicle’s equity as collateral for a title loan. We provide online title loans in New Mexico with additional options to apply in person at any number of locations throughout the state. You don’t need a perfect credit score and it’s possible to borrow upwards of $20,000 with a vehicle that qualifies.
When you borrow from a New Mexico title loan company, they put a lien on your car title until the loan is repaid in full. This protects their investment and ensures that you won’t just up and leave with the car if it’s difficult to make your monthly payments. Continue to drive your vehicle as normal and the lender will hand over your title when the loan amount is paid back in full
Once you understand how car title loans work and are approved for a New Mexico title loan, you will be set up with a payment plan that fits your budget. You can choose to make low monthly payments or pay off the loan early without any extra fees. The interest rates for online title loans are high and often start at 40% in NM, but you rest assured knowing the rate is locked in and it won’t go any higher over your loan term.
-Car must be a New Mexico registered vehicle and you need to reside within the state. Some licensed lenders will allow you to take the car out of state, but it’s best to consult with your lender in this situation
-You must be the legal owner of the car and have the vehicle title in your name. The title needs to be free and clear of any liens or other loans that could call into question who the actual owner is.
-Your car must be in good working condition and you will need to show proof of insurance coverage.
-You must be at least 18 years old and a U.S. citizen. It’s best to have a current NM drivers license or state ID card to prove your identity. Get an updated license at any MVD location in Albuquerque.
If you meet all of these qualifications, you’re likely to qualify for a New Mexico title loan with a funding amount that’s based on your vehicle’s resale value. Get started today by filling out our online application or visiting a location in Albuquerque or Las Cruces. We’ll get you the cash you need fast so you can keep moving on with your life and pay for unexpected expenses that come up.
Yes, it is possible to get a bad credit title loan in New Mexico. In fact, a majority of borrowers have less than perfect credit scores and that doesn’t seem to cause any issues when they first apply. Lenders are more likely to approve you for a vehicle equity loan with evidence of regular income and have a car that’s in good condition. That means it likely has a vehicle year of 2008 or newer and has less than 100k miles. Vehicles that fall within that range have the highest resale value and will provide the most equity.
You may need to pay a higher interest rate or put down a larger down payment if your credit score is low, but you can still get the cash you need to cover your expenses. The best part is the amount of paperwork that’s required when you first apply is minimal. Unlike traditional finance companies that ask for mountains of documents, a title loan company in New Mexico mostly wants to see how much collateral you have!
Borrow up to $20,000 with New Mexico title loans. The amount you’re approved for will be based on the value of your vehicle and your ability to make the monthly payments. The more valuable the car the more cash that’s available to borrow. Funding amounts differ by lender and are generally higher in Albuquerque where there’s more competition among lenders. Borrow 40-70% of the vehicle’s value and use that as collateral for the loan.
Are you ready to get started and see how much money is available with the equity from your vehicle? Just fill out our online application or visit any office in New Mexico to apply and also complete the vehicle inspection. We’ll look to quickly approve you and you could have the cash you need in your hands in as little as 30 minutes. New Mexico title loans are a great way to get fast cash when you need it most so don’t wait any longer!