Doing Car Title Loans The Right Way (And Pitfalls To Avoid)
August 25, 2021 | Daniel Dewitt
When it comes to emergencies, car title loans from New Mexico Title Loans, Inc. can help out. However, it's crucial that you get car title loans the correct way. Don't make these common mistakes to avoid complicating your process. Get it right the first time around with our handy tips and tricks.
What Are Car Title Loans?
First of all, you might be wondering what title loans are exactly. Title loans are financial aids that allow you to borrow a certain amount of money (capped at $10,000) based on the value of your vehicle. They are short-term loans designed for emergencies only. Our customers use our handy title loans for crises, such as:
- Funding urgent travel;
- Fixing necessary home damage;
- Paying for medical bills.
Obtaining one of these loans allows you to benefit from quick access to cash when you need it most. But keep our tips and pitfalls in mind, so the process goes off without a hitch.
How To Do Car Title Loans The Right Way
1. Get Your Documents Ready Beforehand
Our car title loans online fast process is designed to be speedy. But it can be painfully slow without the right documents. So, we recommend getting everything together before you fill in the form to ensure the process runs smoothly. Thankfully, we don't ask for too much; you only need to gather 3 items! For car title loans, you need the following:
- Your driver's license or a different kind of state-issued ID;
- Your lien-free title to your vehicle;
- Your vehicle for inspection.
2. Know The Process Inside And Out
When you apply for a traditional loan, the entire process is often filled with complicated financial terms and legal jargon. Car title loans are different. We don't muddy our language with confusing words. Instead, you'll benefit from plain English and to-the-point answers, making it easy to understand the process inside and out. The points below outline the steps you need to take to acquire our loans:
- Submit the filled-in application form on our New Mexico Title Loans, Inc. website to send us your basic information.
- Answer the phone when one of our loan representatives from your closest New Mexico Title Loans, Inc. store calls you. They will tell you about the entire process, answer your questions, and discuss the required items.
- Take the documents we talked about earlier to your local store. Just go to our website to find all the New Mexico title loans in my area locations.
- One of our loan associates will quickly inspect your vehicle to establish how much money we can lend you if you qualify for approval. We'll talk more about how we value your car in the next section.
- The associate will then give you another chance to ask any questions. They will also assess your other information to determine if you qualify for approval. If you do, they will go over the loan terms so you understand them clearly.
- Once they've approved you, they will guide you through a couple of documents, signing as you go. After that, you will receive the cash you need on the same day!
3. Understand How We Value Your Vehicle
As we briefly mentioned, the amount of money you can get from a title loan is dependent on the value of your car, truck, or van. So, knowing what factors contribute to this value before trying to get the loan will provide a ballpark figure for you to work from. We consider two factors when figuring out the value of your vehicle:
- The national market average for the make and model;
- The condition of your vehicle, as noted by a visual inspection.
4. Ensure Security
Look at the URL bar, is there a padlock next to the website? The answer should be yes! This means that the website is using the most up-to-date SSL or TLS encryption to keep your data safe. Of course, this is vitally important when you're going to be sharing sensitive information.
5. Make Sure You Keep Your Car
Your car is your lifeline. Some car title loan companies might take it away, but not us. You can continue to keep and use your car as you please while you're repaying the loan! We place a lien on your title, but we don't restrict the use of your own property.
The Top 3 Pitfalls To Avoid When Getting Car Title Loans
1. Delaying Repayments
No matter the type of loan you receive, you must make timely repayments. Often, people fall into sticky situations and fail to pay. Try not to do this! Failing to repay on time can just cause you unneeded stress and trouble. Trust us, you'll thank us in the future.
2. Failing To Read Through The Contract
Contracts are written to be read fully. You should never sign anything you're not 100% knowledgeable about. It's imperative to read through all the paperwork. We will make sure to go over all of our terms with you before you sign the agreement, but please make sure you read through as well, so you fully understand everything.
3. Not Getting Your Hands On A Copy Of The Contract
Typically, people become overly excited about the approval that they forget to get a copy of their contract. But it's essential. It contains vital information about the payment schedule, loan amount, legal information, and so much more.
Secure Our Car Title Loans Now!
Now you're armed with the 5 tips to follow and 3 mistakes to avoid the next time you're looking to secure one of our car title loans. When you need help with emergencies, this loan is definitely one you should consider. Fill out the online form to get our process started today.