Title Loans White Rock, NM

A title loan is a special financial product that allows people to qualify for financing based on the fact that they own a vehicle. They give their vehicle’s title to the title loan company but are able to continue driving their vehicle while it serves as collateral on the loan in question.

This is a great arrangement for many vehicle owners who have trouble being approved for a traditional unsecured loan.

Steps to taking out title loans White Rock

Velocity Cash makes the process of acquiring title loans in White Rock, NM fast and easy. The first step to applying for cash car title loans is to fill out our simple form. On our website, we have a simple application that requires applicants to enter information about the vehicle they will be using to secure the loan.

The information we need about a prospective borrower’s vehicle is the vehicle’s make, model, mileage, and year. With this info, we figure out what is the overall value of the vehicle being offered as collateral. Then, we can determine if and how much we can offer in a loan to the applicant.

Once the applicant fills out our application and submit it to us, we get back with a response. If we’re able to offer a loan, we send the loan terms. The applicant can then either accept these terms and sign on the loan or decide not to borrow.

Regulations in New Mexico that impact White Rock title loans

New Mexico has relatively relaxed laws on title loans in the state. In fact, there are no caps or limits on title loans in the state. However, there is a maximum allowable loan amount for title loans in New Mexico.

In New Mexico, a title loan can not be borrowed for any more than $2,500. This keeps title loan amount low so that borrowers have an easier time paying them back.

As of 2013, there were about 194 different lenders offered title loans in New Mexico. This works out to more than one lender per 10,000 of New Mexico’s population.

Advantages title loans offer to New Mexico consumers

Few other types of loans offer as much convenience and flexibility as title loans White Rock. The following are the major benefits offered by title loans in Santa Fe and throughout the state of Arizona:

• They don’t require a high credit score- One of the biggest hurdles to consumers in any state when it comes to acquiring financing is dealing with a poor credit score or no credit history. Fortunately, this is not an issue for title loans with no insurance in White Rock, NM.
• They don’t require borrowers to be employed- Often, unemployed individuals need a small loan to hold them over until they are again bringing in a paycheck. For traditional loans, it’s usually very difficult to be approved if one is unemployed. However, with title loans unemployed individuals can be approved because their vehicles serve as collateral.
• They don’t take a lot of time to apply for- The process of applying for a title loan is quick and easy. Getting a typical loan often requires borrowers to go in person into a financial institution, wait in line for long periods of time, and go through a thorough interview process. None of these things are necessary with title loans.
• They allow vehicle owners to get more use out of their vehicles- With a title loan, a consumer’s vehicle can multitask. It works as both loan collateral and a mode of transportation at once.

Contact us today to get your White Rock title loans and try the title loan calculator to see what your payments might be.