bad credit

How to Get Approved for A Loan with Bad Credit

Getting a loan without a good credit has always been challenging, but it will be even more difficult in the post-COVID economic crisis. Banks have already set higher standards for all types of loans, from mortgages to even smaller personal loans.

That can put millions of Americans in a tough spot. What do you do if you need to raise money quickly for an emergency, such as a big house repair or hospital bills? Here’s how to get approved for a loan with bad credit, including with title loans.

Bad Credit Loan Options

Build a Relationship with a Bank

There’s an advantage to having several accounts, or a long-standing account, with one bank. Since you are already seen as a loyal customer, they may be more likely to consider your loan application. Talk to their loan officer about what kind of loans and rates you can qualify for.

Go to a Smaller Bank

Smaller banks and credit unions may have a wider range of loan options than larger banks. However, a low credit score will still be a disadvantage, so be prepared to gather several supporting documents and go through many interviews.

Ask Someone to Co-sign the Loan

If you have a bad credit history, you may still be able to get a loan if you ask someone to guarantee the loan. Approach someone you trust, like a friend or relative. Co-signing loans is a big responsibility for both of you.

Apply for Title Loans

If you can’t get a bank loan or find someone who is willing to act as a guarantor, you still have another option left: car title loans.

car title for a title loan

What is A Title Loan?

Title loans let you use your vehicle as collateral for a loan. New Mexico title loans allow you to borrow up to $10,000, based on the value of your vehicle.

What Are the Benefits of A Title Loan?

  • Anyone can apply. Title loans do not require a high credit score. It doesn’t matter whether you have a bad credit history, or even no credit history at all.
  • Simple, painless process. Applying for bank loans is such a tedious and frustrating process. You can waste an entire day just waiting in line or gathering requirements. However, applying for a title loan can be finished in 30 minutes!
  • You can still use your car. Many people think that they have to surrender their vehicle. That’s not true! You can use your car while paying off the loan.
  • Fastest way to raise emergency cash. You receive the money the same day the loan is approved.

What Kind of Vehicles Can I Use for An Auto Title Loan?

Any vehicle can be used: a car, truck, van, or even a motorcycle or RV. However, the vehicle has to be under your name. If it is not currently in your name, you need to have it transferred to you at the DMV.

The vehicle should also be lien-free. That means that it is already fully paid for and have no outstanding loans or judgments against it. You can’t use the same car to apply for different loans.

How Do You Determine the Value of My Vehicle?

The amount you can borrow depends on the value of your vehicle. This is determined by a vehicle inspection and is based on a nationally recognized pricing guide.

Credible lenders like New Mexico Title Loans will always do a fair evaluation of your vehicle.

What Are the Requirements?

One of the biggest advantages of title loans is that it cuts through all the red tape and paperwork. The only requirements or documents you need are:

  • A government-issued ID like a driver’s license or passport
  • A lien-free title under your name
  • A vehicle inspection

How Do I Find Title Loans Near Me?

New Mexico Title Loans is a trusted lender with one of the most convenient application processes. You can go to one of our branches or visit our website.

  1. Go to and fill out our online form.
  2. One of our loan representatives will call you. He will confirm your information, and then explain the requirements. Feel free to ask questions!
  3. Go to one of our branch locations for a vehicle inspection. Bring your car, a lien-free title, and a government-issued ID. The inspection takes just five minutes and will determine the loan amount you qualify for.
  4. Complete the title loan application. Then leave with your car and your cash.

The entire process takes just thirty minutes. It’s simple, easy, fast, and a surefire way to borrow money even if you have bad credit. So, if you are going through a financial crisis, and need to raise emergency cash as quickly as possible, don’t hesitate to approach New Mexico Title Loans.

For more information, visit

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.

New Mexico Title Loans

If you are searching for a convenient way to get a title loan, look no further than New Mexico Title Loans, Inc. We offer online title loans where not store visit is required or in-store title loans and installment loans. To get started, fill out the simple online form above or give us a call at any one of our convenient store locations.

All you need is the following items:

  • Driver’s License or State Issued I.D.
  • Lien-Free Title to Your Vehicle
  • Your Vehicle for Inspection

When you’re ready to get the emergency cash you need without all the hassles of a traditional loan, New Mexico Title Loans, Inc. has you covered with a car title loan up to $10,000 today.

New Mexico Title Loans