Get Started
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.
If you have a title loan in Lamy but are unhappy with the interest rates or even the customer service, Titlelo can find a new lender to refinance your loan. After learning more about your current loan and vehicle, we will connect you with a lender that will offer better rates and a better experience.
When a loan is refinanced, the old debt is paid off by the new lender and a new loan is created to replace the old one. The new lender will then have rights to the vehicle in case of a default on the loan. The lien on the vehicle (rights to possession in the case of a default) is transferred from the old lender to the new one with the new loan.
Refinancing is a great opportunity to shop for new rates and lenders, but it can be difficult to locate a credible company fast enough to satisfy your needs. Titlelo can match you with a new lender in minutes and lower your rates for good.
Making ends meet is hard enough. What happens when you just can't do it? Both unexpected expenses and planned events, like holidays, birthdays, and back-to-school can all throw a budget off just enough to put a bill (or bills) in jeopardy. A short-term loan can provide you with the money you need to keep your bills current while addressing your additional expenses.
When you need cash, but do not want to open a new line of credit, a title loan can be the perfect solution. Your loan amount will depend on the value of your car, which will be determined by an inspection by the lender you choose. Titlelo helps you compare lenders and select the one with the best rate and options for you.
If your car is not yet paid off, but you still would like to take out a title loan, Titlelo can work with you to find a solution. A title loan on a vehicle with an already-active loan would be referred to as a second-lien on the vehicle. A lien is the legal right of possession over property until another party pays off a debt.
Though Titlelo does not recommend this kind of loan, as it is considered a high-risk loan, we want to empower you to make the best decision for your situation. We can discuss all of your options and provide you with our professional recommendations, but at the end of the day, we will connect you with the lender you choose. Titlelo has worked hard to build relationships with lenders that offer these special loans while still maintaining an excellent reputation.
Unless you receive your funds via direct deposit, there will be no reason to process your bank account information. It is not required to process your loan, and we respect that you may not want to share this information. Titlelo protects customer data, but the safest place for it is to remain with you.
To apply, you will need to provide only basic information about yourself and your vehicle to Titlelo. There may be more documentation required by the lender to process the loan and disburse funds, including a valid government-issued ID, the title to the vehicle, and proof of income. Some lenders will request proof of address, proof of registration, or proof of insurance (but not always).
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 Lamy, NM is 25%.
In Lamy, 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.