Most of the people residing in New Mexico are convinced that Title Loans Silver City is the only source that can instantly resolve their cash needs by filling out the loan application within a few minutes. Poor credit is not a problem anymore for the inhabitants of Silver City since title loan allows them to get this loan without discussing any financial record.
Eligibility and Application Process
As it is already clear that your previous financial records have no use here, so title loan lenders’ focal point remain your vehicle. This is what makes you eligible. Nothing else will be required. Only your vehicle and documents related to it.
The loan process begins with the value of your vehicle. For which, a lender will collect all details pertaining to your vehicle and then will evaluate the worth of it. That reckoned amount you can borrow as a loan from that particular lender. This amount may vary from lender to lender since evaluation method of one lender may be different from another. But your loan amount exclusively depends on the type of vehicle you own. If you own a luxury car, you will surely get a huge amount and if you have an average bike or any two wheeler, then loan amount will depend on how much worth a lender finds of its. But that is for sure, any vehicle will make you eligible for a title loan in Silver City.
It shouldn’t make much impact on you since a title loan is a short-term loan and you can fulfill your needs with the loan. Get the amount you need! Though we give you a loan on your vehicle, you are not going to hand over your vehicle to the lender. After determining the worth, you will be free to take your vehicle. A lender will keep only vehicle title as collateral and a few other documents you need to submit:
● Vehicle Insurance
● Residential Proof
These documents, especially vehicle title, can also augment the loan amount since these also contribute in the value of a vehicle. So whenever you consult any lender and handover him these documents, make sure you provide them all in a valid state and in a good readable condition. If your documents seem old or you need to get new copies, you can apply for this to Department of Motor vehicles, Silver City, New Mexico.
Even online you can inquire to them for license, registration, ID, vehicle title and every other thing related to vehicle. Their office is located at:
1876 Highway 180 East
Silver City, NM 88061
Alternate Phone: (888) 683-4636
Fax: (575) 388-4431
Interest Rate Laws in New Mexico
Generally, every short term loan carries high-interest rate but to confer respite to borrowers in New Mexico, the law has obliged all the title loan lenders to charge only 10% interest rate for the first month and then 4% in the remaining. Lenders cannot exceed this interest rate, though they can reduce it as they often do in their new title loan offers.
If any lender charges high-interest rates or hides any conditions then reveal it later to you, as a borrower, have legal right to terminate the agreement. You may require a legal guidance on this matter. And if a lender compels you to pay and use extortionate methods for collecting money, then this will be considered as criminal act according to The Criminal Loan Sharking Act.
Better take experts advice in any such situation and even before obtaining a loan. Our professional team can guide you on all legal matters and can arrange a better title loan deal for you in Silver City, New Mexico.