Living on smaller budgets and finding extra income, like truck title loans, have been an essential part of surviving this pandemic.

While we have found ways to make do with what we have, a financial emergency—unexpected car or house repairs, medical bills, or a delayed paycheck—can put us into a downward spiral. But there is a safety net if you own a truck: a truck title loan.

Use Your Truck As A Financial Safety Net

If you find yourself in a situation where you need to raise cash quickly because of a large, urgent expense, don’t panic: you can apply for a title loan.

Title loans are short-term secured loans where you use your vehicle as collateral. You can borrow up to $10,000, with minimal documents and processing. And with an efficient and experienced lender like New Mexico Title Loans, you can even have the money on the same day that you apply.

What kind of trucks can I use to get a title loan?

Any kind of vehicle make, or model can be used, as long as it is registered under your name, fully paid, and is lien-free. Lien-free simply means that there are no current loans or other outstanding judgments against it.

If you own a truck and it is under someone else’s name, but that owner isn’t willing to use it as collateral for a loan, you just need to have it transferred to you at your local DMV.

What are the advantages of getting a title loan?

Today, it’s almost impossible to get a traditional bank loan without a high credit score. Banks are even tightening restrictions on loans because of the post-COVID economic crisis, so even little things like not having a long credit history, or missing a few credit card payments, can already affect your ability to get a personal loan.

With a bank loan, you’ll have to submit several documents, or even find someone who is willing to co-sign a loan for you. The process can take weeks, and you can be outright rejected at any stage of the process.

That's frustrating for anyone, but if you have a financial emergency, it can be very overwhelming and stressful. If it is a true emergency, then you can't afford to wait weeks, and some situations -- like hospital bills or home repair -- force you to come up with money within the same day.

In this scenario, title loans can be a lifesaver. They are faster, simpler, and easier to get than traditional bank loans.

• No credit history requirements. Your credit score is not really a factor. If you have a bad credit history, or no credit history at all, it doesn’t matter—you are still eligible for a title loan.
• No red tape. The only documents you need to present are your car registration and your driver’s license, and you only have to have to visit the branch once for the vehicle inspection.
• Get the money right away. The application and vehicle inspection only take about 30 minutes. If you’re approved, you get the money the same day.
• You can still use your vehicle. As long as you keep to the payment schedule, you will be able to enjoy full use of your truck while you pay off your loan.

How do I find title loans near me?

New Mexico Title Loans Inc. is one of the most trusted providers of title loans. We are known for our convenient application process, friendly customer service and fast processing. You can apply for title loans through one of our branch locations or online.

1. Fill out the online form on the website, newmexicotitleloansinc.com. This is a simple form, and rest assured that all your information is secure and kept confidential.
2. Once you submit the form, one of our loan representatives will call you. He or she will explain the requirements and the process. Do feel free to ask any questions—we are here to help you!
3. When you end the call, go to the branch for a vehicle inspection. Bring your vehicle, driver’s license or state issued ID, and your lien-free title to your vehicle.
4. Upon arrival, a loan representative will review your documents and conduct a quick, five-minute car inspection to determine the loan amount you qualify for.
5. Once the loan is approved, simply sign a few forms and you will get the cash you need, the same day you need it. Financial emergency, solved!

Truck title loans are one of the easiest and most convenient ways to raise emergency cash. To find out more about the process, or get a personal consultation with one of our loan representatives at New Mexico Title Loans Inc. simply visit your local store or complete a New Mexico online title loan request form to get 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.