What Every Borrower Should Know About Loan Repayment
May 31, 2022 | June Mckaig
When it comes to your title loan, a big part of understanding your loan is the loan repayment. Repaying the loan allows you to free up your vehicle title so you can leave it in case you ever need another loan. Of course, when you come to New Mexico Title Loans, Inc. for your title loan, we will go over your loan repayment in detail. But this additional information will help you out.
Use This Guide To Learn About Title Loan Repayment
How Do I Repay My Title Loan?
Your loan repayment options will be discussed with our representative during the application process. Depending on the size of your loan you may even be able to pay it back in one lump-sum. However, we will come up with a repayment schedule if you need to make payments over a certain period of time. We make sure to detail everything we talk about in your loan paperwork.
What Title Loan Amounts Are Available?
At New Mexico Title Loans, Inc., We offer a minimum of $300 and up to $10,000 in cash, depending on the value and condition of your car. The resale value and condition of your car is determined through a vehicle inspection we will do when you arrive for the in-person appointment. At one of our stores
We are looking at a few different things when we inspect your vehicle. Basically, we are looking for any major damage to your vehicle. This means, generally, newer vehicles in great condition will get you a higher title loan. However, we all know that some older cars are quite valuable, so don’t be discouraged if you own an older car in pristine condition, as you may still be able to qualify.
Another thing to keep in mind that affects the value of your car is the mileage you’ve traveled. If your car has a significantly high mileage, such as one over 100,000 your car may be worth a little bit less. As detailed as all this may sound, one thing to keep in mind is that this inspection will last around five minutes.
Can I Make My Repayments Online?
One thing that sets us apart is that we allow you to make your loan repayments online. This means you don’t have to come to one of our stores just to repay the loan. We have a loan repayment portal created to help you easily pay back your loan online. And if you run into any issues, you can quickly give us a call or chat with us on our website for help.
When Do I Make My Repayments?
When it comes to when you have to make your loan repayment, we will discuss this in detail during our appointment. We will talk about your loan repayment schedule and when exactly you are supposed to repay the loan. If you can’t handle your loan repayment schedule, it is up to you to come to us to have a discussion about your options.
Can I Get Another Title Loan While I Make My Repayments?
If you are currently making title loan repayments, you can’t get another title loan with us. Your title needs to be lien-free, which means free of outstanding loans and judgments. If you are repaying a loan, this means your title is not lien-free – which means it is not eligible for a title loan. It is only when you repay the loan – and wait the right amount of time – that you can get another title loan.
Do You Keep My Vehicle While I Make My Repayments?
The good thing about our title loan is we will not keep your vehicle while you are making the repayments. This means you can keep using your vehicle however and whenever you want. The only thing we hold onto is your title – hence the name ‘title loan’. We know how big your transportation is to get through your daily life. We do not want to hold onto your vehicle while you repay the loan.
Understand Your Loan Repayment And Apply For Your Title Loan Today!
Now that you understand how our title loans work and the basics of our loan repayment options, you can apply for your title loan today! You can confidently get through your loan repayment and understand exactly what you are doing. In no time you will have your loan repaid and dealt with.
And as you know if you’ve already gotten a title loan with us, we here at New Mexico Title Loans, Inc. are committed to helping you get the cash you need with our simple and convenient loan process. Once you are ready and you understand our loan repayment, you can get started on the loan process by filling out the online form.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.