Do I Need Good Credit To Get A Title Loan In Grants, New Mexico?
Whether you are just now starting to build your credit or have run into hard times in the past that caused your credit to dip, you know just how important a good credit score is for getting loans. Without a good credit score, it may feel impossible to get the loan you need.
You'll be happy to learn that there are options that are available to individuals with non-existent or bad credit. Do title loans in Grants, NM, fall into this category? Read on to find out.
Do I Need Good Credit To Get A Title Loan In NM? No!
Unlike bank loans, unsecured loans, and other similar loan types, you do not need good credit to qualify for title loans in NM. Even if you don't have any credit, you can still qualify for one of these loan types in Grants.
Title loans fall into the category of secured loans. As a secured loan, collateral is used to ensure that the lender gets their payback in one form or another. As such, your credit score is not that important when applying for title loans since collateral is used.
In contrast, unsecured loans do not have any form of collateral. The only sense of security the lender has is your promise. Your credit score backs up your promise and allows the lender to know whether or not you have a stable credit history.
Due to the collateral involved in a title loan, the lender has more of a sense of security, and your credit score is not a determining factor.
In case you are concerned, you will still get to use and drive your vehicle as normal, including after you've been approved for the loan. Pay back your loan, drive your vehicle, and get the money you need. Easy and reliable!
What If I Don’t Have Any Credit?
Having bad credit is one thing but having no or no credit is another. Can you still qualify for a title loan in NM if you fail to have any credit at all? Yes. NM residents with non-existent credit can get approved for title loans as well.
What Do I Need Instead?
Since your credit score is not a major factor when determining your eligibility for a title loan, there are other things you’ll need instead.
Lien-Free Title In Your Name
Importantly, you must have relevant collateral in the form of your vehicle's title. Your vehicle’s title is what proves you own the vehicle. By using the vehicle's title as collateral, you can qualify for a title loan, regardless of your credit.
However, there are specific requirements for the usable title. It must be free of any liens, and it needs to be in your name (as it appears on your driver's license).
Alongside the title, you need your vehicle. Your vehicle will need to be inspected. This inspection is done to confirm the value of your vehicle. You can only be loaned as much as your vehicle is worth, or else your title does not make adequate collateral.
The inspection is super fast and easy. New Mexico Title Loans, Inc. will do the inspection for you so that the process may only take 5 minutes to finish.
Driver’s License or ID
The only thing left to have is your driver’s license. A state-issued ID will work too. This is a standard requirement amongst all lenders and loan types. It is simply used to check out and confirm your age and identity. If you are driving, you should check this requirement off easily.
How To Get Started
If you have the three items above, you may get approved for a title loan from New Mexico Title Loans, Inc. With our title loans, you can get a loan worth up to $10,000 depending on the value of your vehicle. The process is fast and easy.
The in-person application portion can take as little as 30 minutes to complete. As for the money, you can receive it the same day as approval or the next.
The only thing left is to get the application started. To begin the process, follow this link that takes you to our homepage. There, you will find an inquiry form. Fill it out.
Note that this form is not the formal application. However, it gets the ball rolling. Once you submit the form, one of our representatives will call you and help you formally apply.
Apply For A Title Loan In Grants, NM Today!
If you have bad or nonexistent credit, you are not without luck. You might get approved for title loans in NM today if you have a title to your vehicle, your vehicle, and your driver’s license. To get your title loan money in NM, head over to our home page and fill out our inquiry form. A representative will give you a call back to get the process started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.