What You Must Know Before Taking A Loan Out Against Your Car

January 28, 2022 | Emma Frost

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If you are thinking about taking a loan out against your car, there are some things you need to know first. From how much you can get to the actual process, this information can help you make the right decision for your finances. Here are six tips to help you when you come to New Mexico Title Loans, Inc. for a title loan. These six facts can help you decide if a title loan is right for you.

6 Things To Know Before Taking A Loan Out Against Your Car

1. You Get To Keep Your Car

The number one question people ask when first applying for a quick car title loan from us is if they get to keep their vehicle. You’ll be happy to find out that you get to keep your vehicle throughout the entire process – even while you repay the loan.

While we say you are taking a loan out against your car, we actually use your vehicle’s lien-free title as collateral – not the vehicle itself. What this means is that the vehicle will be in your possession from the time you apply for a title loan to the time you pay off the last payment.

2. You Can Get Up To $10,000

If you get approved for a title loan from New Mexico Title Loans, Inc., you can get anywhere from $300 to $10,000. $10,000 can help you out whenever you are in a serious emergency situation. The exact amount you will be loaned depends on the value and condition of your vehicle.

3. Only Get A Car Title Loan If You Need It

Even though an extra $10,000 would be nice for anyone, it’s important to only apply for a title loan if you need it. This kind of loan is specifically designed to help you with emergency expenses you cannot handle alone – not for frivolous spending.

A car title loan may be an option for you if you have suddenly lost your job, find yourself or your loved ones in a medical emergency, or find yourself in some other unforeseen emergency situation that you cannot handle on your own.

4. Know What You Need For The Meeting

To apply for a car title loan, you need to know about the required items you need for the meeting. To get through our process, you need a driver’s license or state-issued photo ID, a lien-free vehicle title to use as collateral, and your vehicle for inspection. If you don’t have one or more of these three things, you won’t be eligible to apply.

Of these three things, the lien-free title is often the requirement that can trip you up when you are taking a loan out against your car. A lien-free title is one that has no outstanding debts or warrants against it. This means you are done making car payments. Additionally, the title must be in your legal name, not someone else’s.

 

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5. All Credit Types Are Welcome To Come In

One reason why some individuals turn to car title loans is that anyone – no matter what your credit history is – is welcome to come to New Mexico Title Loans, Inc. and apply for the title loan. You can still qualify for a car title loan if you have bad credit or no credit at all. This makes a car title loan one of the few loans that can help you with emergencies, regardless of your credit score.

6. The Approval Process Is Fast

Because car title loans are designed for when you find yourself in an emergency, you can get approved for one of these loans quickly with us. The in-person process can take as little as 30 minutes, allowing you to get the money you need either the same day or the next bank business day.

How To Begin Taking A Loan Out Against Your Car

After learning these six key facts about car title loans, you might feel that this loan is an option for you. If that’s the case, all that is left to do is to go on our website and get started with our process. To get started, simply fill out our home page request form.

This request form is not the application, but it gets you in contact with us so that we can set up an appointment for you to apply. The request form only takes minutes to fill out, and we will get in contact with you shortly. When we give you a call, this will be your chance to ask us any more questions you have.

We will also set up an appointment to get your vehicle evaluated. The good thing is you can either come to your nearest auto title loan location in New Mexico, or we can come to you. This decision is yours to make. Either way, we will inspect your vehicle and evaluate your information. If approved, you can get the money the same day or the next bank business day.

Get Your Car Title Loan Today!

As you can see, there are a lot of things to know before taking a loan out against your car. The good thing is we here at New Mexico Title Loans, Inc. make it easy to understand whatever you need to know to understand your title loan.

If taking a loan out against your car sounds like an option for you, you can get started now. Fill out our inquiry form and we will contact you shortly to get the ball rolling. We can help you be on your way to paying down your emergency expenses. We look forward to talking to you soon!

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