If you’ve looked into payday loans and decided they aren’t for you, then you might be wondering where to turn. After all, you still need a lump sum of emergency cash to cover major expenses, but what payday loan alternative can you rely on?

A car title loan is a good alternative to a payday loan you can consider if you have a car to leverage and need a longer repayment period or larger borrowing amounts.

There are also a number of advantages of title loans over payday loans in some circumstances and understanding the two can help you grasp whether you need a payday loan alternative. The rest of this article will discuss why car title loans are a great option and when you can make use of them.

What’s The Difference Between Title Loans And Payday Loans?

There are a number of differences between payday loans and title loans that you should consider based on your needs. First, payday loans are a short-term loan option, usually repaid within 30 days of taking out the loan.

As such, they are often used to cover rent, the cost of utilities, or smaller bills in the hundreds of dollars that may arise.

In contrast, title loans are a resource that comes with a much longer repayment period, usually 2-3 years of regular monthly payments. But the biggest difference between the two, aside from the repayment period, is the large borrowing amounts.

While payday loans offer you the chance to borrow a few hundred dollars at most, title loans can provide up to $10,000, depending, of course, on how much you qualify for.

Therefore, choosing the loan that is right for you may be determined by the amount you need and whether or not you have the criteria needed to qualify.

How To Apply For A Title Loan

Getting a title loan is a relatively simple process, but before you get started, you’ll want to make sure you have the following:

• A driver’s license or state-issued ID
• The lien-free title to your vehicle
• Your vehicle itself for inspection

A state-issued ID is required to prove identity, as well as residency. You will need to be a resident of the state you are applying in.

As for your car title, it will need to be listed in your name. If it’s not, you’ll need to have it transferred to you before you can get a title loan.

Similarly, you’ll want to make sure that your car title is lien-free, which simply means that it has no outstanding judgments against it. If it does, you will need to take care of that first before you can get a title loan.

To get started on your car title loan request, fill out the online form on New Mexico Title Loans, Inc., and wait for a representative from the nearest store to give you a call.

When they do, you can schedule an appointment to meet with them at the store or a location of your choosing. Make sure to bring along your driver’s license, lien-free title, and the vehicle whose title you’re using for the loan.

At the meeting, the representative will inspect your vehicle, including your title and VIN, as well as your ID and credit history to see if you qualify. If you’re approved, you can get the emergency cash you need the same day or the next business day.

The lender will hold onto your car title until your loan is paid in full, but don’t worry! You’re still able to drive even while repaying the loan.

As long as you’re over 18 and your vehicle title is lien-free and in your name, you can qualify regardless of your credit, although it may affect your terms in some cases. All credit is welcome to apply, and you don’t need a checking account to be eligible.

Get Started With New Mexico Title Loans, Inc. Today!

Title loans are a great payday loan alternative to handling major repairs that cost thousands of dollars and leave you in a financial mess. These loans can be used to offset the burden of such repairs so you can keep your head above water. If you qualify, you can get up to $10,000 with just a few simple requirements. So, if you’re looking for a payday loan alternative, car title loans might be just the resource you need.

To apply for your fast payday loan alternative now, fill out the online title loan form to speak with a New Mexico Title Loans, Inc. representative today!

 

 

 

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