Can I Get A Title Loan In Los Lunas, NM If I'm Unemployed?
With inflation on the rise, many people may wonder, "Can I get a title loan in Los Lunas, NM, if I'm unemployed?" Thankfully, this article will help you learn more about Los Lunas title loans and answer this question for yourself.
Finding yourself without a job can be difficult, but we're here to help you discover how a title loan in Los Lunas, NM, can support you during this time.
Can Unemployed Borrowers Get A Los Lunas Title Loan?
Yes, You Can Still Get A Title Loan Even If You're Unemployed
Getting approved for a title loan in Los Lunas, NM, isn't about whether or not you are employed. When it comes to a title loan, a lender cares more about whether or not you can pay the loan back than if the money comes from a current job. Money is money, and there are multiple ways to make it and multiple ways to have it at your disposal.
In fact, we at New Mexico Title Loans, Inc. do not require proof of employment for title loan approval. We only require proof of income, so you can utilize alternative sources of income--which we'll discuss more below.
Alternative Sources Of Income
The most important factor in qualifying for a title loan in Los Lunas,NM, is whether or not you can reasonably make the loan payments. So as long as you can prove that you have the financial means to pay back the title loan, it doesn't matter if you are unemployed.
You need to prove you have the ability to repay the loan, though.
For this, you can use one of the following alternative sources of income:
- Unemployment checks
- Property returns
- Social Security
- Or any other legal, verifiable source
For most lenders, these alternative sources of income reflect your ability to pay the loan. While employment verification is the traditional method for many loans, with a title loan, other avenues of income are just as valid.
Should I Consider A Title Loan If I'm Unemployed?
Why should you consider one if you are unemployed, as opposed to any other option? Well, there are a few reasons a title loan in Los Lunas, NM, might be a good idea if you are unemployed.
- Unexpected emergencies can leave us searching for a way to meet all our financial obligations. If you find yourself stuck in a financial rut, learning more about Los Lunas title loans may provide hope.
- Getting a title loan from a direct lender is very fast. Qualifying for a loan through an intermediary like an investment bank or a broker can take a long time. On the other hand, getting a loan from a direct lender can take as little as one day. If an emergency arises, it's better to get the money you need to handle it quickly.
- Title loans are also long-term loans, meaning you can pay them back over a more extended period of time. This is beneficial for a very important reason: you can minimize the financial impact of an emergency.
A title loan in Los Lunas, NM, helps you address a financial emergency head-on, receive your cash quickly, and repay your loan in smaller payments---instead of one lump sum. You may even find employment again in the repayment window, further minimizing the financial strain.
What Are The Requirements For Los Lunas Title Loans?
The above reasons make a title loan a great option if you're unemployed and struggling with an urgent financial need. Before deciding if this loan is right for you, it's important to understand the requirements to qualify.
To qualify for a title loan in Los Lunas, NM, you'll need the following:
- Driver’s License or State Issued I.D.
- Lien-Free Title to Your Vehicle
- Your Vehicle for Inspection
- Proof of Income
It's essential to prove that you---and no one else---owns your car. To prove this, you'll need to provide the lien-free title to your vehicle. A clear or lien-free car title means you own your car outright with no outstanding loans or judgments against it.
You may wonder, "What if my car title is not in my name?" To get a title loan, you need to have the vehicle title in your name. Head to your local DMV and have the title transferred to your name prior to requesting a title loan.
Getting A Title Loan Through New Mexico Title Loans, Inc.
If you are in a financial bind and need a title loan to help ease life's burdens, New Mexico Title Loans, Inc. can help you today. Our loan application and approval process are fast and straightforward, and you can be approved even if you are unemployed or have poor credit.
Contact us via phone, or submit an inquiry form on our website, and we'll contact you. One of our representatives will reach out to you to review the process and answer your questions. During the call, you can give the representative a location of your choice, and they will come to meet you if you’d rather not come to the store.
Remember to bring your required documents to the meeting, and our representative will review your documents to see if you qualify. If approved, sign a few forms and get the money you need that day or the following business day.
Unemployment does not disqualify you from receiving a title loan. If you are faced with an emergency, New Mexico Title Loans, Inc. is here for you. Reach out to us 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.