Reasons Why Borrowers Are Getting Home Repair Loans
Being a homeowner comes with a lot of perks. You can decorate to your heart's content, paint your rooms in any way you want, and make your place completely your own. One downside? You are responsible for any repairs that need to be made — and there will be repairs.
According to a State of Home Spending Report from Angi’s, the average amount spent on home improvement and repair projects was $10,341 in 2021, 25% more than the year before. Many repairs can be emergencies, including fixing electrical work, repairing roof damage, or dealing with flooding.
In 2021, spending on emergency repairs rose a whopping 42% — averaging $2,231 on two projects per household — compared to 2020. Home repairs are often major expenses — but they don’t have to be out of reach for homeowners, even those who may be struggling financially. Here’s why more people are taking advantage of home repair loans.
Get Home Repair Loans For These Valid Reasons
They Can Provide Substantial Assistance
Some home improvement projects are relatively inexpensive, such as a new coat of paint or fixing a faucet leak. Often, the most vital repairs are also some of the most expensive. Home repair loans – like fast auto title loans in New Mexico – can help with even the priciest fixes that you absolutely need to handle in your home.
Those who qualify for auto title loans through New Mexico Title Loans, Inc. can receive up to $10,000 for their emergency home repairs. That can go a long way, since homeowners are expected to spend an average of $3,600 in 2022 on home repairs, according to home improvement experts.
They Are Easy To Qualify For
If you’ve ever taken out a financial loan of any type, you know that it can be a difficult process. Many lenders have a laundry list of requirements for borrowers to even be considered for a much-needed loan. That’s not the case with our home repair loans that use your car’s title as collateral.
You need the title to your vehicle to be lien-free, which means there are no judgments or loans against it and you own it. You also must be at least 18 years old and have a driver’s license or a state-issued photo ID. The only other thing you need to qualify for auto title loans is your vehicle for a quick inspection to determine how much of a loan you could qualify for.
Your Credit Doesn’t Need To Be Perfect
Having bad credit can generally put a homeowner at a disadvantage, but it doesn’t have to when home repair loans are concerned. We encourage people with all forms of credit history — good or bad — to pursue a home repair loan at New Mexico Title Loans, Inc. when they need help. In addition, you do not need to have a checking account to qualify for one of our auto title loans.
Title Loans Are Designed For Emergency Home Repairs
Loans shouldn’t be used for everything, especially non-emergencies. That’s why we recommend using auto title loans only to overcome a financial emergency, including vital home and car repairs, a trip to a hospital emergency room, or last-minute travel. The best part? You always keep your car and can drive it as you normally would during the duration of the loan.
It’s An Easy And Flexible Process
You can confidently get home repair loans from New Mexico Title Loans, Inc. because we make the process easy and fast. With us, it can take as little as 30 minutes to qualify for a title loan. That’s because we let you start the process online. Simply fill out the title loan inquiry form on our website with some basic personal information so we can easily give you a call.
Stay close to your phone because soon after you submit the form, you’ll hear from one of our loan representatives from the nearest store. One of our loan representatives will give you a quick call to walk you through the rest of the process and go over the required items.
At this stage, you can either head to the nearest New Mexico auto title loan location of your choice with the required items or set up a place and time for one of our representatives to meet you. It’s entirely up to you how you get through the process.
Either way, you’ll need your vehicle and the required loan materials. We will do a quick inspection of your vehicle to see how much you could qualify for our title loan. We will also assess your information to determine if you qualify for approval. If approved, you will get the cash you need the same day or the next.
Get Started On The Home Repair Loan Process Today
The next time you need to get emergency home repairs and can’t pay for them yourself, you can turn to auto title loans for help. If you’re ready to take care of pressing home repairs and need a little financial assistance, just go online, give us a call, or visit one of our locations today. We’re here for you!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.