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A title loan is a great solution for fast cash, but it is not the only option. Payday loans are often considered alongside title loans but are only offered in small amounts (usually up to $500) and require either a post-dated check or pre-authorization for a debit from your bank account. A cash advance is another quick option, but typically carries a high-interest rate and other fees.
Unlike title loans (which require your vehicle as collateral), bank loans can be secured or unsecured, meaning they may not require collateral. In the case of an unsecured loan, your credit history will be the primary factor in your approval and interest rate. Since a title loan is a secured loan, your credit history will not be the primary focus during the approval process and can be one of the best options for those with bad credit or past bankruptcies.
When consumers compare loans, interest rates are usually front and center. Choosing a loan with the best rate is so complicated that there are entire companies (like Titlelo) designed to solve this problem alone. On top of the interest, processing and penalty fees vary widely from lender to lender, and these charges can really add up. Titlelo strives to work with companies that have the most reasonable fees and highlights lenders that do not charge prepayment fees.
Not every lender offers flexible payment options or schedules, but Titlelo works to narrow down your search quickly. Rather than comparing each lender you can find in a web search, fill out a quick application (online or over the phone) and get instant pre-approval. Titlelo works mostly with lenders who do not charge prepayment fees, but if this is an important feature for you, let us know, and we will be sure to find you a loan without these additional charges.
There are no hidden fees when applying for a loan with Titlelo. Apply online for free and receive instant pre-approval. Titlelo works with numerous lenders and can help customers understand exactly what they are paying on a loan. Each lender is different, and we will help you understand the fees your lender charges. We strive to work with lenders that have reasonable fees: including no prepayment fees. If you are interested in making early payments, we will match you with a lender that does not charge an additional fee.
When applying for pre-approval, provide your name, contact information, and vehicle information. There will be no credit check or employment verification. Your lender will complete an inspection of your vehicle to determine the final loan amount, and they may request additional documentation, like proof of income and a valid government-issued I.D.
If you have researched title loans before, you know there can be strict requirements for the vehicle: mileage, equity, and age. Many lenders will not consider a car that is more than ten years old, but cars retain value for most of their lives. Titlelo works hard to select quality lenders near Hatch that have different requirements and loan processes for this very reason. Even if you have an older model, we can still match you with a lender that offers competitive rates without disqualifying your vehicle for age.
Lenders in New Mexico may also require additional documentation, such as the title of the vehicle, proof of registration and proof of insurance (but not always). The loan amount will be based on the actual value of the car as determined by the lender's inspection.
We work for you, not a lender. Titlelo offers customized solutions for people who need a loan fast. Rather than telling you what options you have, we listen to your needs and provide recommendations based on the lenders that offer what you want. You never have to worry about finding the best rate: we do all the searching for you and narrow your options down to only the most competitive lenders. Titlelo will strive to find a lender that matches your requirements.
Since we work with so many different lenders, we can offer solutions to people in every financial situation. If you have applied for a title loan in Hatch the past and have been denied, don't be discouraged. There are plenty of lenders that Titlelo can work with to approve your loan.
Applying for car title loans online shouldn't be difficult. Complete our simple online application and enter basic information about yourself and your vehicle. Once you're pre-approved, one of our friendly experts will contact you.
Titlelo will assess your needs and match you with the best lender in your area. Once you've accepted the terms and conditions of your lender, we'll help you gather everything you need to make the process simple and swift.
Visit your local title lender and bring your title, ID, and any other required documents. Review and sign your loan documents and get the cash you need instantly. Drive away with your car and get back to what matters in your life.
Title loan laws in New Mexico are under the New Mexico Small Loan Act. As such, lenders are only permitted to issue loans up to $2500. However, the maximum amount the borrower can get from the lender will still depend on the current market value of the vehicle. The percentage of the car varies from one lender to another. But in general terms, the borrower can expect to get an offer of about 40% of the vehicle’s current market value.
As for the interest rate, New Mexico title loan laws do not have a set cap. The lender is free to charge any rate the company deems reasonable. Typically, the interest rate for title loans in Hatch, NM is 25%.
In Hatch, borrowers need to be at least 18 years of age. The lender will require the borrower to present a government-issued ID and proof of ownership of the vehicle. The borrower must also submit personal information and auto details to the lender. These include the borrower’s full name, current address, and date of birth. The vehicle details include the make, model, and mileage of the car. The lender also has the right to perform a vehicle inspection before approving the loan.
If the borrower is not able to repay the loan on its maturity date, extensions are available. When the borrower rolls over the loan, the lender permits the debtor to pay only the interest charged on the original loan. The loan principal will then be carried over to the extended loan, which generally lasts for another 30 days.
When it comes to repossessions, borrowers in New Mexico have little to no protection. The lender is not obligated to inform the borrower of an impending repossession. The lender doesn’t have to provide the borrower with a grace period for a missed payment. New Mexico laws allow lenders to dispatch a repo man to retrieve the borrower’s vehicle as soon as the title loan defaults.
When the vehicle is repossessed, the lender can immediately auction the car. The lender is not obligated to give the borrower a right to cure.