FAST FUNDING WITH A TITLE LOAN IN NEW MEXICO
Apply online using the form below or contact us at 800-250-6279!
TITLE LOANS ONLINE WITH NO STORE VISIT IN NEW MEXICO!
Premier Title Loans knows it can be difficult to get approved for a loan if you have bad credit. Because of that, we offer instant car title loans in New Mexico where you can borrow up to 70% of your vehicle's equity.
How Title Loans Work In New Mexico & What Are The Loan Amounts
There are multiple reasons why borrowers in New Mexico turn to Premier Title Loans when they need fast cash. For one thing, a car title loan allows anyone to cash out the equity from the paid off car or truck, and loan amounts can approach $15,000 for high value vehicles. Other people enjoy applying with Premier Title Loans online and being matched with multiple direct lenders nearby. There’s no concern about being stuck with one company that won’t budge on the rates and terms. Instead, you can make the best decision for your lending needs and go with the best lending offer.
You may be wondering how these loans work in New Mexico, and they’re pretty simple when you realize that a title loan uses your car’s equity as collateral for a loan. The car has to be titled in your name and paid off, and you’ll sign over the vehicle’s title to the lender while paying them monthly. Customers with bad credit can qualify because the underwriter looks at your vehicle’s equity, not your credit score!
Loan amounts for online title loans depend on the current resale value of your car or truck. For instance, if you own a car worth $20,000, you can expect a funding amount between $7,000 to $12,000. The average auto title loan amount in New Mexico is $2,500 as of 2023.
Interest Rates and Fees For Online Title Loans in New Mexico?
The rates and fees for online title loans in New Mexico depend on the lender, but you should expect an interest rate of 36% or lower for loan amounts under $10,000. These terms are based on 2023 regulatory changes that capped interest rates at 36% for most small dollar loans in NM. In addition, there may be other fees, such as an origination fee, a processing fee, or a pre-payment penalty fee. Be sure to ask about all costs before you agree to take out a title loan.
Essential Requirements For Title Loans In New Mexico
Other than a lien free vehicle, you don’t need much else to qualify for a New Mexico title loan. The lender will want to know you have a vehicle that’s completely paid off and proof that you’re the vehicle’s owner. The car’s pink slip must be in your name, and there can’t be other lienholders. You may also have to show proof of income through pay stubs or income verification from Social Security or annuities. Some lenders may ask for a few references and proof that the car is currently insured and registered by the New Mexico Motor Vehicle Division.
Title Loans With Bad Credit In New Mexico
The bottom line is that these secured loans are ideal for someone with a bad credit history. While personal loan lenders focus on your credit score when underwriting unsecured loans, a title loan company is focused on the equity in your vehicle. Auto title loans work for all types of FICO scores, and it’s likely your credit won’t even be checked.
There’s a chance you’ll see a soft credit check or be asked to verify previous lenders. But, this is often to look for past bankruptcies or severe credit issues like a repossession or judgment that may result in a lower funding amount with your loan. Even with all that, a New Mexico title loan company will not be overly concerned if you have poor credit!
Get A New Mexico Title Loan – Apply Online Or With A Lender Near Me
Applying with Premier Title Loans in NM is a straightforward process. You can complete the entire application from the comfort of your home, and there’s no need to go through a credit check. Some companies will let you bypass an inspection if you provide video proof of the car! Plus, you’ll get to compare rates and terms from multiple title loan companies before deciding on the best one. Then, once you’re approved, the money will be deposited directly into your bank account within one business day so you can access the cash quickly!
One drawback to applying online is that you cannot control how the banks handle the ACH payments. If you applied for a title loan on a Sunday or holiday, it might take 1-2 days for the funds to hit your bank account after signing the loan documents.
Fast Cash Today With New Mexico Title Loans Online
Anyone looking for a fast and straightforward way to get cash for your car title can apply with Premier for a vehicle equity loan in New Mexico. Submit your personal information and vehicle details with our online form or call 800-250-6279 to complete everything over the phone!
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