Car Title Loans in New Mexico

New Mexico title loans are often the best option for people who need a large sum of money in a short period of time.

If you have the title to your vehicle and need money quickly, it’s worth considering this type of loan, especially when you consider how simple the process is and the loan amounts you could qualify for once it’s over.

How Title Loans Work in New Mexico

New Mexico title loans are fairly straightforward.

In short, you exchange the title for your vehicle for the sum of money you need. By doing so, you allow the lender to put a lien on your vehicle. They also take physical possession of the title until the loan is paid off.

If you’re unable to pay back the loan and end up defaulting, the lender can sell your vehicle in order to recoup the money they’re now missing.

Aside from the fact that anyone with a car title can apply for one of these loans, another big advantage is that the amount you’ll be approved for isn’t tied to your credit score.

That’s because this is a secured loan. As the title is being used as collateral, the lender doesn’t have to worry about the borrower’s history of being able to pay back loans.

Minimum Loan Amount for Loans in New Mexico

To qualify, you only need to make $1,200 a month and own a vehicle with at least $2,000 in equity.

In New Mexico, we can lend you as little as $2,500 or as much as $50,000.

There are no laws regarding terms or interest rates in New Mexico. Loans are not subject to vehicle credit services organization here, either. The state is very similar to South Carolina in this regard.

Another nice thing about New Mexico title loans is that there’s no requirement for how you spend the money. You don’t need preapproval for your plans.

That means you can take out more than you “need” up to the amount for which you’ve been approved. So even though you might be quoted a certain total, you can consider any loan amounts up to that number.

For example, say you’re taking out a title loan because you have some home repairs that need to be done, but you’re not entirely sure how much they’ll cost. Maybe you know you’ll have to take a couple days off work to do the repairs and won’t get PTO. In either case, you can borrow as much as you like (up to the amount for which you’ve been approved) and use it for whatever reason you choose.

The Title Loans Process in New Mexico

Likewise, the loan process in New Mexico is extremely straightforward. In fact, you can usually get through the entire application process and drive away with your money in fewer than 24 hours.

Step 1. Apply for a New Mexico Title Loan

The application process is simple. You can complete our application online, but it can also be done over the phone or through our chat portal (just click the “chat” button).

All you need to do is provide us with some basic information about you and your vehicle. Once your application is complete, one of our representatives will get back to you within a few minutes. This is when they’ll quote you the amount we can lend.

Step 2. Fill Out Some Simple Paperwork

The next step is simply verifying the information you provided. Once this is done, we can finalize the loan.

Fortunately, the list of documents we need is a very short one. Here they are:

  • Driver’s License
  • Pictures of your vehicle
  • Proof of how much you make a month
  • Proof of residency (you can use a utility bill for this)
  • Proof you have auto insurance
  • The title for your vehicle

We also need a list of six references. One of them must be a family member.

This step of the process often takes less than an hour. Once you provide us with these documents, we’ll take care of the rest. However, if you have these documents ready at the time you apply, the entire loan process will be even faster.

Step 3. Get Your Loan!

That’s just about all there is to it.

For the last step, you’ll drive to the address we listed below to have your vehicle inspected, which only takes a few minutes.

Then, just sign your contract, receive your funds, and drive away.

As long as you make your required monthly payments, you get to keep using your car. The loan doesn’t need to interrupt your daily life and no one needs to know you’re using your title to secure one.

Where We Offer Car Title Loans in New Mexico

If you’re interested in applying for a New Mexico title loan, you can visit us at our Albuquerque office to pick up your money. It’s located at:

3620 Wyoming Blvd NE,

Albuquerque, NM, 87111

Our office is just a block from Madison Middle School and Sandia High School. We’re just off the corner of Comanche Road NE and Wyoming Boulevard NE. Just walk in the Wyoming Professional Building and you’ll see sings for our office.

You can call us at 888-505-3784 Monday through Friday, between 8:00 AM and 7:00 PM. We’re also available on Saturdays, between 9:00 AM and 5:00 PM.

We have a number of other locations throughout the Southwest, as well.  

Proud to Serve the People of New Mexico

We absolutely love having an office in New Mexico. Its nickname, “The Land of Enchantment” couldn’t be a better fit. New Mexico is rich in history and even richer in natural beauty. Speaking of which, many also refer to it as “The Cactus State” and it’s not hard to see why. Dozens of species call the state home and are hard to miss with their eye-catching shapes and spines.

Tourists and locals alike love the fact that so much of New Mexico has been left untouched. Nature lovers can take advantage of the unbelievable sights found at Carlsbad Caverns National Park, Bandelier National Monument, and Sandia Peak Tramway. There are also the incredible gypsum sand dunes of the White Sands National Monument.

At the same time, New Mexico isn’t lacking for fun urban environments, either. Anyone who’s been to Santa Fe know about its numerous museums and historical sites. There are also eateries like Pantry Restaurant, Sazón, and Geronimo.

Here in Albuquerque, we love the ABQ BioPark Zoo, the Botanical Gardens, and the Explora Science Center. We also look forward to the Albuquerque International Balloon Fiesta Presented by Canon.

For more than two decades, TFC loans has been serving residents of New Mexico. We look forward to doing so for many more to come.

 

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