Can You Get A New Mexico Car Title Loan On A Vehicle That’s Not Paid Off?

When it comes to getting a New Mexico car title loan at Texas Car Title and Payday Loan Services, Inc., you won’t qualify if you aren’t finished paying off a car and have the lien-free title. But why is having a clear title one of the main requirements when it comes to taking out a title loan here and how can you receive this document? It actually isn’t difficult once you get started. Keep reading to learn more about getting a lien-free vehicle title and what other loan options you may have.

Can You Get A Title Loan Without A Lien-Free Title?

A title loan is a secured loan that is backed up by the vehicle’s title. If you’re still making payments on the car, the title cannot be used as collateral as you’re not the legal owner of the vehicle at that given moment. In a nutshell, to qualify for approval, your car’s title should not have any liens attached to it. Another thing that you should remember is that the title must be in your name.

This is the only way to ensure that you are the owner of the vehicle. With that being said, it is typically possible to get a title loan with a vehicle that is co-owned with someone else. This means that if there is another name on the document, you still might be able to qualify, but in some cases, you are going to need the other individual’s official permission to use the car’s title as collateral.

What Is The Process Of Receiving A Lien-Free Title?

Let’s imagine that you have just managed to pay off your car. Now what? How exactly you’re going to get the title would depend on whether the state you are in is considered a “holding state” or “non-holding state”. Right here in Texas, for example, it is seen as a “title-holding state”, meaning that the lienholder would be listed as the primary owner on the document until the vehicle is fully paid off.

Once you take care of the loan, the lienholder has to provide a notification of the ownership change to the BMV or DMV. It will generally take anywhere between 2 and 6 weeks for you to receive the new title. Do bear in mind that you might be required to bring in some additional paperwork to your local DMV before being able to get the title yourself.

In some cases, you wouldn’t have to do that as the department would simply send you the new title. Remember that if the lienholder has sent you the title together with the release letter, you would have to take the documents to the DMV yourself and take care of the necessary paperwork. Unless you don’t get a new title that shows the change in ownership, you won’t be able to qualify for a title loan.

What Other Options Are You Left With?

If you’re still months or years away from paying off your vehicle, it doesn’t mean that there is no way for you to get fast cash. When you come to us at Texas Car Title and Payday Loan Services, Inc., you can use your income from your job to go for a payday loan. If you need a higher amount, you can get a signature installment loan when you need quick money for your urgent expenses. Both of these loans are unsecured, so you wouldn’t have to back them up with any form of collateral.

To take out a payday loan here, you would need your ID, proof of income, and a blank check from your checking account. To qualify for an installment loan, we require you to bring in your ID, proof of income, and a checking account statement that’s open in your name. While these loans will get you less money than a title loan, they can still help you handle smaller emergencies that need immediate attention.

Getting Fast Loans With Texas Car Title And Payday Loan Services, Inc.

Again, we at Texas Car Title and Payday Loan Services, Inc. offer competitive title, payday, and installment loans. If you have a lien-free title, you can qualify for up to $15,000 for a New Mexico car title loan in only half an hour. You can also choose to have one of our friendly loan representatives come to a location of your choice instead of coming to the nearest store locations to assess your documents and get your car inspected.

With a payday loan, you could get anything up to $1,200 that you will repay with your next paycheck. With this loan, we do not have to check your credit and we do not ask for any collateral. And with our signature installment loan, you can get anything up to $1,500. You can repay this loan in installments instead of having to repay all at one time. Do keep in mind that we will run a credit check before we can let you know if you qualify for approval.

Take Care Of Your Emergency Today!

As you’ve read, paying off a car is a must if you want to take out a New Mexico car title loan. But the good thing is, we here at Texas Car Title and Payday Loan Services, Inc. offer not only title loans, but also payday loans and installment loans. So, even if you don’t own your car outright and have a lien-free title, you might still be able to get the quick cash you need. Submit the online form right now or give us a quick call to get a step closer to find out if you can qualify for our loans!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.