New Mexico Title Loans

Cash title loans are used to get quick cash, often in emergency situations. Because the loan is secured using the auto title, money can be paid out almost immediately and interest rates can be lower than with unsecured subprime loans.

An auto title is the certification of who owns a vehicle. This document is issued by the Department of Motor Vehicles and should be kept in a safe place, such as a safety deposit box, because it is very valuable. Also known as a pink slip, this document usually contains information about the owner and the vehicle, including:

  • Name of current owner
  • Address of current owner
  • Make and model of the vehicle
  • The Vehicle Identification Number (VIN#)
  • The date the vehicle was first sold
  • Mileage on date of last sale
  • Whether the car was salvaged

When car ownership is transfered, the previous owner signs over the pink slip to the new owner, and the new owner takes it to the DMV to have a new title issued in his or her name.

Obtaining Cash Title Loans in New Mexico

Auto equity loans allow consumers to use their pink slip to borrow cash. Most lenders require applicants to provide their title as well as other documentation during the application process. When the cash loan is repaid, the title is return to the borrower.

Wilshire Consumer Credit specializes in auto equity loans in New Mexico and several other states. Provided the vehicle title is free of any liens or legal encumbrances, it can be used as collateral for a high-limit cash loan.