Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Car Title Loans
Bad Credit Is No Problem!
Car Title Loans 123 offers loans up to $20,000 in New Mexico!
Get your money now by filling out the form below
What Is My Vehicle Worth In NM?
How Much Cash Can I Get With A New Mexico Title Loan?
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 looking to use their vehicle's equity as security for a loan. We provide online title loans in New Mexico with additional options to apply in person anywhere throughout the state. You don't need a perfect credit score, and borrowing upwards of $20,000 with a qualified vehicle is possible.
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 monthly payments. Continue to drive your vehicle as usual, and the lender will hand over your title when the loan amount is paid back in full.
Once approved for an auto title loan, you will agree on the payment terms and loan amount. The interest rates for title loans in NM aren't as high as in other states and often fall between 25 - 36% for loans between $2,500 and $10,000. Loan amounts over $10,000 can have much high interest rates, so it's important to limit your loan amount or repay your loan in the quickest timeframe possible. Rest assured, knowing the rate is locked in and won't go any higher over your loan term.
The car must be registered in New Mexico, and you must reside within the state. Provide proof of registration from the New Mexico MVD and verify your address with a utility bill or financial statement showing your current address.
-The car's title has to be in your name and fully paid off. Sometimes, you can get approved for a title loan if you owe your original lender less than $1,000, as that amount will be paid off and added to your title loan balance.
-You must show proof of income. This can be with employment records or bank documents. Income requirements vary based on your loan amount, but it's a good bet that you must make at least $2,000 a month to qualify for a car title loan.
-You must have valid vehicle insurance and proof of registration. Some local lenders in New Mexico may require extra liability coverage above what's provided by your initial policy.
-You will likely need to bring your car or truck for inspection. This can be done at any lending location within the state. Once the inspection is completed, you can sign your contract and pick up your cash!
If you meet all of these qualifications, you'll likely qualify for a New Mexico title loan with a loan amount of $2,500 or more. These loans don't need to be paid quickly; some lenders allow payoff terms of up to 5 years!
Start today with Car Title Loans 123 by filling out our online application or visiting a location in Albuquerque or Las Cruces.
Yes, getting a bad credit title loan in New Mexico is possible. Most borrowers have low credit scores, which 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 a car in good condition. That means you'll likely need a model year 2008 or newer vehicle with less than 100k miles. Vehicles within that range have the highest resale value and will provide the most equity.
Unlike traditional finance companies that ask for many documents, a title loan company in New Mexico mostly wants to see how much collateral you have! Show your lender the title of a vehicle you own, and we won't even check your credit score!
Borrow up to $20,000 with New Mexico title loans and expect an average loan of $3,500 as of 2024. Because of recent lending regulations, the minimum loan amount in NM is $2,500, so you'll probably need a car worth at least $6,000 to qualify for a title loan. Funding amounts differ by lender and are generally higher in Albuquerque, where lenders compete more and can offer more competitive rates. Borrow 40-70% of the vehicle's value and use that as collateral for the loan. That means a car worth $20,000 can lead to a funding amount of around $11,000.
Maybe you already have a title loan from another lender, but the interest rate is too high. If so, we can help you by refinancing your current loan. Any equity loan with an APR over 40% is a candidate for a refi in New Mexico, as there's a chance you can get that rate down under 35%. Car Title Loans 123 offers buyout options where you can get entirely new repayment terms if a lender agrees to buy out your existing loan. Contact us to see how much we can save you with new repayment terms and possibly a lower monthly payment!
Are you ready to get started and see how much money is available with the equity from your vehicle? Complete our online application or visit any office in New Mexico to apply and complete the vehicle inspection. Title loans are a great way to get fast cash when needed most, so don't wait any longer! Apply with Car Title Loans 123 or call 844-567-5011 to get your funds today!
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