It is a well-proven fact that per capita income is an important economic indicator that shows the financial strength of the people living in a particular area. A higher per capita income means people have strong purchasing power to maintain a good standard of living. According to the 2010 US census report, the per capita income of Alamogordo in the state of New Mexico is lower at $14,662, compared to the state’s per capita income of $22,966 and much lower, compared to the national per capita income of $27,334. The low per capita income is a reflection of financial instability and weak purchasing power. Despite low per capita income, people of this ancient city are well-prepared to tackle any kind of financial emergency situation before it takes a toll on their spirit of living because they have realized the effectiveness of title loan during the financial crisis. The car title loan is now the viable source of instant cash for most of the people in Alamogordo, helping them to cover all kinds of unexpected short term expenses.
Auto Title Loan: A Brief Introduction
An auto title loan, also known as a car title loan, is a short-term secured loan, which can be acquired by using the vehicle title as collateral. In other words, a borrower, who wants to obtain this loan facility, must permit a lender to put a lien on his or her vehicle and surrender the vehicle title paper temporarily, in exchange for a loan amount. However, the title lenders in Alamogordo never deprive you of driving your dream car while you are repaying the loaned amount. The lien is scrapped and the title is returned to you after repayment of the loan.
5 Strong Reasons to Choose Alamogordo Title Loans
Five strong reasons that will make you opt for a title loan in Alamogordo include:
Readily available cash: One of the unique features of this instant financial solution is its ability to offer you cash on the very same day. The loan companies don’t verify a heap of documents. They just require three basic documents to process your loan application. These documents include:
● The title paper of your vehicle,
● Age proof certificate,
● Valid id proof.
Since the paperwork is very minimal, the lenders are able to approve your loan on the very same day. In certain cases, they give you cash in less than an hour.
Transparent loan estimation methods: The methods adopted by most of the title lenders are simple and transparent. As the loan amount exclusively depends upon the value of your vehicle, the companies take the help of various online and offline car valuation tools to determine the loan size. Generally, they look into various specifications of your vehicle, such as type, model year and estimated mileage to finalize the loan amount. Typically the loan amount can be $2,500 to $10,000.
Credit scores not an obstruction: The title lenders never discourage the people with bad credit or no credit score. They offer loans to these financially challenged people in order to enable them to make a new beginning in their lives. This unique feature of auto title loan has made it the most effective finance alternative as compared to the traditional loans.
Competitive interest rates: The market-driven forces have compelled the lenders to introduce competitive interest rates. They never mislead the customers regarding interest rates. Hence, the customers always feel comfortable taking out the auto equity loans.
Flexible repayment options: In order to enable the customers to pay their monthly installments without any financial burden, the title lenders have come up with various repayment options. The borrowers can either pay by cash, check or through a credit card as well as a debit card.
Legal Provisions related to Title Loans in Alamogordo, New Mexico
Companies offering the car title loans in the city are licensed and regulated by the New Mexico Small Loan Act of 1955 §58-15-1 to 30 NMSA 1978. New Mexico Administrative Code Title 12 Chapter 2 Part 10 – Trade, Commerce and Banking Consumer Protection Extension of Credit for Small Loans protect interests of the customers. The title lenders are bound to submit an initial and yearly license application before the Director of the Financial Institutions Division to operate in the city.
In case of fraud, consumers can file a complaint with the Consumer Protection Division under the Office of the Attorney General in New Mexico
Santa Fe Office:
● 408 Galisteo Street Villagra Building, Santa Fe, NM 87501
● Toll Free: 1-866-627-3249
● Phone: (505) 827-6000
● 111 Lomas Blvd NW, Ste 120 Albuquerque, NM 87102
● Toll Free: 1-866-627-3249
● Phone: (505) 222-9000
A car title loan has emerged as the most viable source of instant cash for the financially-challenged people in Alamogordo, New Mexico. Using this hassle-free and highly convenient quick cash facility, they cannot only get rid of the financial burden, but are also able to deal with all those unplanned and unexpected expenses that come without knocking.
Moreover, this alternative financial solution is certainly a lifeline to for those who (due to their dubious credit history) have to struggle a lot to get a loan from the conventional sources of loan lending.