A big source of frustration for consumers is searching for title loans Las Cruces and getting listings for title loan companies that are nowhere near the city. When you’re short on time and need quick cash, you don’t want to drive half an hour away or more to get your loan.
That’s not something you need to worry about when you choose Tirado Car Title Loans, because our office is located here in Las Cruces. It’s an easy drive to get here whether you take the freeway or surface streets, and there’s no shortage of convenient parking options within walking distance.
Once you arrive at our office, a representative can talk to you more about your loan and go over the paperwork with you. Don’t forget to tell the representative if you’ve completed our online application and received preapproval for a title loan. After you finish up that paperwork, we’ll use a vehicle value guide and a brief inspection to confirm the current market value of your car, which helps us figure out how much we can lend you. The final step is getting your car title so we can issue the loan. How long is all that going to take? As long as we’re not too busy when you get here, we should be able to get you in and out in less than an hour, and you’ll be leaving with cash in your pocket.
You could divide loans into two main types: secured and unsecured, with the difference being that secured loans have collateral attached to them and unsecured loans do not. A title loan has your car attached as collateral, so it’s a secured loan. However, you keep your car during the repayment period, as the lender only has your title. Laws on title loans vary from state to state, so your experience as a borrower can be much different depending on which state you’re in. The federal government leaves states free to set their own title loan regulations, and the only regulation it sets is one requiring that all borrowers be at least 18 years old.
New Mexico doesn’t set many restrictions on title loans, leaving borrowers and lenders free to negotiate their own terms. The state doesn’t put a cap on title loan interest rates, but it does limit title loan amounts to a maximum of $2,500. There are no specific term requirements for title loans in New Mexico, so most lenders go with 30 days, which is the standard in almost every state. If you don’t have enough money to pay your title loan back on the due date, you can roll over the loan. This means you’re extending it for another term, and you do so by paying at least the interest on it. Your unpaid loan principal carries over into that new term and incurs another interest charge. While you pay a bit more in interest, this is a good option if you’re short on cash.
A default occurs if you fail to make your title loan payment, and this gives the lender the legal authority to repossess your car and sell it to recoup what you owe. The best thing you can do if you’re having payment issues is contact your lender to let them know about it. Keep in mind that the repossession process isn’t just a hassle for you, it’s also inconvenient for the lender, so they try to avoid it whenever possible. If you let your lender know what’s going on, they can come up with a resolution for you, such as rolling over the loan so you can pay less for the month.
We'll be able to get you in and out in less than an hour, and you’ll be leaving with cash in your pocket.