If you’re in the market for a title loan, odds are that you need cash and you don’t have any time to wait. The good news is that title loans are custom made to do exactly that. Using nothing more than your car’s title, you could have loan money in your bank account in as little as a day’s time.
Title loans are a unique type of short term collateral loan. Unlike other collateral loans, you don’t have to give up the goods to get your money. Title lenders know how important your car is to your daily life, which is why they wouldn’t dream of asking you to put up the actual vehicle as collateral. Instead, all they need is the car’s title.
The title stays with the lender while you pay down the loan. Once you repay the full loan amount plus any interest or fees, your lender will send your title right back to you without any hesitation. The loans generally last from one to three months depending upon your specific loan, giving borrowers a little breathing room to figure things out when an unexpected financial situation arises.
How Title Loans Work In New Mexico
Like most states, New Mexico has some regulations surrounding title lending, as well as loans in general. These regulations let borrowers feel more confident in their choice to get a title loan, and they help title lenders know what to do to keep their borrowers as safe and as happy as possible.
Most lenders won’t hesitate to comply with the state. Any lender that is not compliant is not a true title lender at all, but a loan shark. There are so many trustworthy lenders out there that it’s never worth it to work with loan shark, but you have to know what to look for in order to ensure you are working with the best lenders possible.
One easy way to check is to see if your lender is licensed with the New Mexico Regulation and Licensing Department. All small lenders should be licensed by the state, and you can look up licensing online.
Beyond that, state compliant lenders will provide borrowers with some information regarding their specific loan, and this should be done up front and without prompting. A worthwhile lender will:
● Provide borrowers with a written loan agreement prior to issuing the loan
● Disclose the amount to be borrowed in the agreement
● State interest rate along with any affiliated fees
● State the length of the loan
Clarity in the loan agreement is critical so that a borrower understands what they are getting and what is expected of them in return. If you believe you have worked with a lender that does not comply with the State of New Mexico, you should contact the Consumer Financial Protection Bureau right away, as well as your local law enforcement.
Chief of Police for Hobbs: Chris McCall
Non-Emergency Phone Number for the Hobbs Police Department: (575) 397-9265
To secure a car title loan you know you can trust the easy way, don’t worry about researching lenders on your own. Instead, give our office a call and let us do the hard work for you. Our team knows New Mexico title loans inside and out, and with a database of the most secure title loans Hobbs lenders have to offer, we can match you with a helpful, responsible lender in a matter of mere minutes. All it takes is one call to get access to the best title loans in all of New Mexico, and still have the money you need in your account in less than 24 hours time.