What Type Of Loans In Gallup, NM Can I Get?
March 4, 2022 | Daniel Dewitt
Do you need help handling emergency expenses? If so, there are two loans in Gallup, NM that can help you. When you come to New Mexico Title Loans, Inc. in Gallup – or anywhere in New Mexico – you can either get title loans or installment loans. Either one can offer you money quickly. Here is what you need to choose the right loan for your situation.
Types Of Loans In Gallup, NM
When it comes to loans in Gallup, NM, fast auto title loans use your vehicle’s lien-free title as collateral. How it works is that if you are approved, we will place a lien on your title and hold onto a copy of it while you repay the loan. While you’re paying back the loan, you will still be able to drive your vehicle as normal since we are not keeping your vehicle.
Once you pay back the loan in its entirety, the lien will be removed. Title loans from New Mexico Title Loans, Inc. can get you up to $10,000, dependent on the condition and resale value of your vehicle. In order to qualify, you need your driver’s license or state-issued ID, a lien-free title, and your vehicle for inspection.
It’s important to reiterate that the title needs to be lien-free and in your name. A lien-free title is one without any debts against it. You will have to pay off the car entirely before coming in. And if the vehicle title is not in your name, you will need to get it transferred as well. As long as you have these three things, you can continue the process, even if you have bad credit.
The second of the loans in Gallup, NM are installment loans NM. Installment loans are another short-term loan, but they work differently. Whereas the title loan is a secured loan that uses your vehicle title as collateral, the installment loan is based on your promise or signature. You’ll borrow a specific amount of money and then pay it back in pre-agreed installments.
New Mexico Title Loans, Inc. offers installment loans up to $1,250 to help you out with emergency expenses. The requirements include a driver’s license or state-issued ID, your most recent pay stub, and a checking account statement currently open in your name. Unlike title loans, we will check your credit for installment loans, but you don’t need collateral.
Which One Is Right For Me?
Which of these loans in Gallup, NM is right for you ultimately depends on which requirements fit you better. For example, if you have a poor credit score but a lien-free title in your name, a title loan will likely be an option for you. In contrast, a signature installment loan is better suited for your needs if you do not have a title eligible for a title loan.
If you meet the requirements of both, you will need to consider other factors instead. You might want to consider the loan amount, for instance. If your emergency expense is quite high, the title loan is the better option simply because there is a larger maximum loan amount. This might not matter to you if your emergency is not that expensive.
In other words, there are many factors you need to consider in order to determine which loan is right for you. Starting with the requirements and how much money you need can help you determine if a title loan or signature installment loan is better suited for your situation.
How Do I Apply For Either Loan?
If you’re interested in either a title loan or a signature installment loan, the process of applying is pretty simple with New Mexico Title Loans, Inc. when you are ready. The process for either loan starts with you filling out our quick inquiry form. Make sure you select which loan type you are interested in.
Once you fill out this form, a representative from the closest Gallup, New Mexico loans place will give you a call. Set up an appointment over this phone call so that your vehicle or documents can be evaluated. For title loans, we can even meet you somewhere else if you’d rather not come into the store.
Make sure to bring all of your required items for either of the two loans in Gallup, NM to the appointment. The in-person process can take as little as 30 minutes to complete. As a result, you can get the money from your title loan or installment loan as soon as the same day you are approved or the next business day.
Get Started Today!
Title loans and installment loans are options for you if you are looking for loans in Gallup, NM. These loans are similar, but they have differences you have to consider. If you decide that either of these loans is right for your situation, fill out the New Mexico Title Loans, Inc. inquiry form to get started. We will call you back shortly to continue the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.