How To Get a Faster Title Loan in New Mexico
When you need money fast, a title loan in New Mexico may do the trick. However, don't jump headfirst into this financial obligation without understanding exactly how to get your money as quickly as possible.
In the sections below, we're diving into our top five tips and tricks for expediting your title loan in New Mexico application so you can get the cash you need in no time.
5 Tips For Getting The Fastest Title Loan In New Mexico
1. Gather Your Documents Before Starting the Process
Accruing the things, you need before kickstarting the title loan process is essential to ensuring things run smoothly. Failing to do so could grind proceedings to a halt.
Luckily, you only need three items to get a title loan from us at New Mexico Title Loans, Inc.:
- Lien-free title — Otherwise known as a clear or clean car title, it proves your vehicle doesn't have any outstanding judgments or liens. We can only offer a title loan in New Mexico with this document type.
- Vehicle — Your vehicle determines the amount of money you qualify for. The more it's worth, the more you can borrow. However, don't be tempted to opt for the maximum amount if you don't need it. Spend time calculating the specific figure necessary to fund your emergency.
- State-issued ID card — Your driver's license is the easiest type of photographic identification. Though documents, such as your employment authorization may work as well. Call the store directly to confirm they accept the type of ID you have.
We haven't mentioned your credit score for a reason — you don't need a great one to be approved! Our loans are accessible for almost anybody since we don't penalize based on the state of your credit history.
2. Know The Process Like The Back Of Your Hand
Once you've established that you hold the items necessary for approval, it's time to understand the process. Knowing what you'll need to do at each stage ensures a smoother ride.
Here's how our New Mexico title loan application process works:
- Fill out the application form found on this website. It sends your information directly to your local New Mexico Title Loans, Inc. store. Even though we ask for basic information only, please ensure you're accurate, so the process runs smoothly.
- Wait for one of our associates to give you a call. Your phone should be close by as this tends to happen rather quickly once you've submitted the initial inquiry form.
- During the call, you'll give the loan representative a meeting location. There's no need to come into the store if you'd rather hold the appointment at your home or workplace.
- Wherever you decide to meet, don't forget the necessary items.
- Wait while one of our friendly loan representatives examines your documents and appraises your vehicle to establish the amount of money you qualify for (between $300 and $10,000).
- If you're happy with the loan amount, sign the paperwork and ask any final questions.
- Finally, you receive the money to fund your emergency within 24 hours.
3. Understand The State's Licensing Needs
Every state has different licensing requirements (i.e., the regulations that govern lenders' permits). Check your local guidelines to ensure your chosen lender is operating within New Mexico's law.
4. Find Out How Much Your Car Is Worth
To avoid disappointment, you need to know how much your car is worth so you can estimate the amount of money we can lend you.
We consider these factors when valuing your vehicle:
- Age — The older your car, the less it's worth unless you own a classic make and model. Typically, cars lose around 60% of their value over the first five years, so don't expect a 2015 Toyota Aygo to be worth the same as a 2021 Aygo.
- Mileage — While newer vehicles are made to withstand hundreds of thousands of miles, older models are not. Therefore, we consider mileage and age in tandem.
- Condition — Both the mechanical state and the cosmetic condition affect the value. Looking after your vehicle means you stand a better chance of receiving a higher loan amount.
5. Understand The Repayment Methods
Finally, understanding how you make repayments before completing the process ensures an easier journey. We recommend asking the loan associate over the phone to make sure you can repay in a way you're comfortable with.
Submit Your Inquiry For A Title Loan In New Mexico Today!
You're well on your way to getting a New Mexico title loan. Now it's time to put our tips into practice by completing our online inquiry form. One of our delightful team members will be in touch to take you through the process and lend you the money you need.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.