Emergency cash assistance may be a thing you will need to obtain if you find yourself struggling with your finances. However, most individuals find that the process of getting the money you need is strenuous. More often than not, those same individuals may be struggling with their credit and get denied right off the bat. If you find yourself in this situation, get a title loan in Farmington instead. These loans are non-discriminatory, which means that no matter what your highest education level is, occupation, an income, and even credit score, you will have fair and equal chance to receive a loan. To find out how much you can get from a lender, fill out a form with us!
What is the Process of Getting a Title Loan?
Since your credit report may not be checked, your vehicle title, which is a legal piece of paper proving you are the owner of the car, is used as security for the loan amount. This protects you from being overcharged and acquiring high-interest rates that come with most bank loans. The loan amounts are determined by the fair market price of the vehicle you own, which keeps you from being tricked into taking a loan amount higher or lower than what the true worth is. Contrary to other types of loans, you can apply for a title loan online. Applications are provided to the borrower on this website and come in the simplest form. Vehicle make, year, model, mileage, and style is the bulk of the questions you need to answer. You may need to give us a number that we may contact you at, just so our helpful loan agents can get you the help you need if you are confused about what title loans are.
Title Loan Applicant Requirements
To simply submit an application, you must be at least 18 years old. In addition, you will need gather paperwork necessary to finalize the loan contract. Some title loan lenders may need you to provide them with a proof of insurance, but only if you are getting a highly-valued loan amount. You may also need to provide recent pay stubs, bank statements or other means of reliable income as a proof that you will be able to pay off the loan you are given. Moreover, you will need to get the title to your vehicle to give to the title loan lender at the time of the exchange. You can get your title at a title service in Farmington, or at the local Department of Motor Vehicles. If you were given the vehicle by a family member, or if you purchased it from someone else, you may need to complete some other paperwork to state that you are the rightful owner now.
For more information…
Motor Vehicle Department – New Mexico
Address: 3501 E Main St, Farmington, NM 87402
Phone: (505) 599-9712
Lender and Consumer Rights and Responsibilities
As a consumer of a loan, you are the only one held accountable if you pay the loan off or not. The contract you are given will let you know how much you owe, the payment plans you can take, and the consequences of any late payments. A lender is also legally required to provide you with a means to file any complaints against them if they are being unlawful. Title loan lenders must operate transparently and make sure that you know the terms of your contract before asking you to sign. If they do not provide you with any disclosures you can file a complaint with the number they provide and void your contract altogether.