In emergency situations cash title loans, also known as a pink slip loans in New Mexico, can sometimes be the best way to get quick cash. Because the debt is secured using your auto title, you can get cash in hand in 48 hours or less. These secured debt instruments also have the added advantage of lower interest rates as compared to unsecured subprime loans. |
What Are the Requirements for Cash Title Loans?
These secured loans allow consumers to use their pink slip as collateral to borrow cash. All that is usually required for approval is proof or certification of ownership of a vehicle that is paid up or nearly paid up. Provided your car title is free of any liens or legal encumbrances, you can use it as collateral for a high-limit cash title loan.
New Mexico, Oregon, California, Arizona and other states' Department of Motor Vehicles (DMV) issue a pink slip which usually contains the following information about the current owner and the vehicle:
* Name of the owner * Address of the owner * Vehicle make and model * The identification number of the vehicle or the VIN Number (VIN#) * The date it was first sold * The mileage as recorded on the date of the last sale * Whether the car was salvaged or damaged in an accident
When you transfer ownership of your car, you will sign over the pink slip to the new owner. The vehicle is then taken to the DMV by the new owner, where a new title is issued in his or her name. When a lenders approves your application, they will require that you hand over your pink slip as well as other documentation during the application process.
The pink slip will be returned to you, when you repay the debt. New Mexico, California, Oregon, and Arizona lenders all have different ways of structuring the fees and agreements, so make sure you read the legal disclosures section to understand the terms thoroughly.
Lenders will generally offer you from 25 to 50 percent of the wholesale value of your car, depending on its condition, make, model, popularity and mileage, all of which determine how the resale value. In order to get the maximum amount on your car, you also need to find out your auto equity or the amount you are entitled to borrow against the pink slip.
You can do this with online resources such as the Kelly Blue Book that helps you calculate the prices of used cars. You can reclaim your auto title if you follow the time and manner of the repayment schedule in the agreement and repay your on time.
New Mexico, California, Oregon, and Arizona consumer groups are advocating that the laws be changed to benefit consumers with a history of bad credit by making it easier to repay the debt. That way if you have a history of bad credit, you can apply for a title loan and make payments on time to create a positive payment record and help you reestablish your credit.
Whether you need the cash for medical emergencies, mortgage payments, home, roof or car repairs, household or student expenses, a car title loan can come in handy when you need to get through a rough financial patch.
All you need is a clear car title to use as collateral to apply for title loans. New Mexico lender offers highly competitive rates and can get cash to you in a matter of hours. Get cash to fund any emergency when you visit www.123fundme.com.
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