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Requirements for Express Car Title Loans in Albuquerque NM
You must provide collateral in the form of a paid off vehicle or one that’s nearly paid off with significant equity. The car has to be in your name and you need a physical pink slip to hand over to your lender.
The vehicle needs to be worth more than $6,000 to qualify for most title loans in Albuquerque. Lenders will typically have a minimum loan amount of $2,500. You can often borrow 40-55% of a vehicle’s value so you will have trouble qualify for a loan with any car or truck under that amount. Determine your vehicle’s title loan value by looking up comparable sales in New Mexico based on the year, make, and model of your car.
Documentation proving you’re a resident of New Mexico and valid registration info. Any drivers license or state ID will be fine and we need updated records from MVD in Albuquerque.
Income Verification. We must ensure you can repay the loan! Just because you qualify for an auto title loan based on the vehicle’s collateral doesn’t mean you can repay the loan! We need to know how much you make each month so we can set a reasonable monthly payment and payoff amount. Send in bank statements or some documentation from your employer to verify this info.