Are you short on cash and you have expenses you need to pay right away? It’s an all-too-common situation, and if you ignore those bills, you could end up paying even more in fees and seeing your credit score drop. But what can you do if you don’t have the savings or the credit available? A popular option for consumers is title loans Albuquerque. A title loan is one of the fastest, most convenient loans on the market, and when you apply, you can get the money you need today.
Here at Hillman Car Title Loans, we focus on making that application process as simple as possible. How do we do that? It starts with our quick, efficient online application option for title loans Albuquerque. This application is available to fill out right here on our site, and people usually complete it in less than 30 seconds since it only requires some basic information. To apply online, start by going to the application form and punching in the following information regarding the car you will use as collateral on your title loan:
The only other information we’ll need from you is the following contact information:
Once you submit the application form to us, we’ll be able to preapprove you for a title loan. We’ll also tell one of our friendly Hillman Car Title Loans representatives to contact you as soon as they can and answer any questions you have about title loans. The representative can set up a time for you to come in and get your loan.
Wondering what you’ll need to have with you when you come in to our office? The good thing is that title loans require far less paperwork than bank loans. You only need to bring your government-issued ID, your car and the title to it. The ID is so we can check your date of birth, because you must be at least 18 years old to get a title loan. We inspect your vehicle to see what kind of condition it’s in, and we also hang on to your car title while you pay back your loan. Once the loan is paid off, you get the title back.
We understand how frustrating it is when you’re trying to find title loans Albuquerque and all the listings you’re getting are for title loan companies outside the city. When you don’t have much time, the last thing you want to do is drive a half hour or an hour just to get your loan. That won’t be an issue when you come to Hillman Car Title Loans, because we chose a convenient location right here in Albuquerque to make things easy for our customers. It’s an easy drive whether you take the freeway or dodge traffic on surface streets, and there are quite a few parking options nearby.
Once you get here, a Hillman Car Title Loans representative can assist you. They will get you started on your loan paperwork, just make sure you mention if you already completed the online form for a preapproval. After you’ve filled out the necessary paperwork, we’ll look up your car in a vehicle value guide and perform a brief inspection to figure out its current market value. We use that to decide how much we can lend you. The final step is getting your car title, at which point we can issue the loan. The entire process usually takes less than an hour from start to finish, and you leave with cash in your pocket.
There are two categories of loans – secured and unsecured. Title loans fall under the secured category because they have a piece of property attached to them as collateral. The collateral is your car, which means the car you use must have a lien-free title in your name. You keep your car during the repayment period of the loan, though, and the lender only keeps your car title while you pay it back.
The federal government set the age minimum of 18 to borrow a title loan. Other than that, it has left regulations on title loans up to the states, which means how title loan work can vary significantly for each state. New Mexico’s regulations cover title loans Albuquerque.
The state limits title loan amounts to $2,500. No matter how much your car is worth, you can’t borrow any more than that. It doesn’t set a limit on title loan interest rates.
New Mexico also doesn’t have any set minimums or maximums regarding title loan terms, which means those can be as long or short as you and your lender decide. The standard time frame for a title loan term is 30 days, both in New Mexico and most other states. If you don’t have the money to pay your title loan off when it’s due, you can roll it over. This means you pay at least the interest on it and extend your loan for another term. That new term will have the unpaid loan principal and another interest charge. While you spend a little more on interest, this is a convenient option when necessary.
What if you fail to make your title loan payment at all? In that case, you’ve defaulted on the loan. The lender can legally repossess your car. After repossession, the lender can sell your car. Of course, the best way to avoid this is to simply pay off your title loan. If you’re having payment issues, don’t ignore them. Contact your lender to explain your situation. Lenders will often work with you to avoid the hassles of repossession and to ensure a positive customer experience. Your lender may be able to set up an extension on the loan and lower your payment for the time being.