Best Title Loan Companies in
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It may surprise you that New Mexico is the nation’s fifth-largest state by area. Within the “Land of Enchantment,” you’ll find vast stretches of desert, unique Navajo tribe cultures, and delicious cuisines.
New Mexico also has a relatively low cost of living compared to other states. According to the Missouri Economic Research and Information Center, New Mexico has a cost of living index of 90.8, well below the national average of 100.
This lower cost of living explains why the average weekly wage in Albuquerque, New Mexico’s largest city, is also lower than the national average. According to the Bureau of Labor Statistics, the average weekly wage in various Albuquerque counties were as follows:
- Bernalillo county had the highest weekly wages, at $1,013 on average.
- Valencia county had the lowest weekly wages, at $723 on average.
- The average weekly wage in Albuquerque is $991. The average weekly wage in the country is $1,289.
- We can also compare this to the BLS report for Santa Fe, which notes an average wage of $24.43 per hour or $977.20 per week. In New Mexico, wages are generally lower across the board.
Sometimes, a sudden expense may put extra strain on your finances, especially if you’re still waiting on your next paycheck. In this case, many New Mexico residents have turned to title loans as a way to get some quick cash.
However, with so many title loan providers in New Mexico to choose from, which company should you work with? In this post, we’ll list our top 10 best title loan companies in New Mexico.
Are Title Loans Legal in New Mexico?
Yes, title loans are legal in New Mexico. The New Mexico Small Loan Act of 1955 contains important regulations for title loans. Here are some of the key points to take note of:
- The maximum loan amount for a title loan is $5,000.
- The maximum interest rate lenders are allowed to charge on a title loan is 175% APR.
- In addition, lenders are allowed to charge a late fee of up to 5% of the principal if a payment is 10 days late.
Pay close attention to the second point. Whereas lenders in other states have been able to charge upwards of 300% APR and higher, this is illegal in New Mexico. Always be sure to review your loan terms carefully to make sure they are within the limits of the law.
Hopefully, the third point never applies to you. Always be sure that you can pay back your title loan plus interest on-time and in-full before taking one out. If you don’t, you run the risk of having your vehicle repossessed.
How Do Title Loans Work in New Mexico?
In New Mexico, getting a title loan is easy. You’ll have to follow this general five-step process:
- Prepare your documents. Make sure you have a clean copy of your ID and car title. Many companies in New Mexico will also request a pay stub for proof of income as well as a recent utility bill for proof of residency.
- Fill out an application, in person or online. To truly kick off the process, you then have to fill out a title loan application. Most companies nowadays offer online applications, but you can do them in-store as well. The application involves basic questions about yourself and your car.
- Receive and review your loan terms. More often than not, you should be approved relatively quickly. Read your loan contract carefully.
- Accept or decline the offer. If you’re confident you can repay the loan, go ahead and accept the offer. Otherwise, you can decline and start over this process with another company.
- Get your funds. If you visit a local office, you should get your funds immediately. If you completed the process online, you should get your funds within one business day.
Best Instant Title Loans in New Mexico
Out of all the title loan companies in New Mexico, Max Cash Title Loans and LoanMart are two of the most reliable. Let’s take a closer look into each of these companies and their competitive advantages.
Max Cash Title Loans
Max Cash Title Loans is one of the nation’s biggest and most successful title loan companies. Over the years, they have helped over 1 million clients secure title loans. They also have the widest coverage of states among large title loan providers, with no restrictions for clients in New Mexico.
Max Cash is able to succeed due to their wide network of partner lenders. Instead of acting as a direct lender, Max Cash provides a platform where they match you with a title loan provider. Thus, filling out a single Max Cash application can put you in front of hundreds of lenders all at once.
It’s no surprise that this approach maximizes your chances of finding a title loan. You might also have some negotiating power if you receive competing offers from different lenders. Best of all, Max Cash is entirely free to use, so there’s no reason to start with any other company.
Here is a full list of Max Cash’s pros:
- It’s Free
- Quick and Easy Online Application
- Biggest Network of Title Loan Lenders
- Transparent About Rates and Services
- Fair Evaluation of Car Value
- Ability To Compare Interest Rates and Loan Amounts
- Protects Your Personal Information
- Top-Tier Customer Service
- Bank Account Not Required
Our Ultimate Max Cash Title Loans review contains a more detailed analysis of their services.
LoanMart is another highly popular title loan company in the US. Since 2002, they have provided title loans to over 250,000 people.
Among direct lenders, LoanMart is a top-tier choice. They are directly responsible for funding your loan, which is different from Max Cash’s approach. Because LoanMart eliminates the process of matching you with a lender, you can often get your cash much faster.
To speed up the process even more, LoanMart allows you to pick up your funds at any of the hundreds of MoneyGram locations around New Mexico. They also offer a “Three Day Peace of Mind” guarantee, which allows you to cancel your title loan within 72 hours of signing the contract. Simply return the full principal amount if you decide to change your mind.
Here is a full list of LoanMart’s pros:
- Three Day Peace of Mind Guarantee
- Excellent Customer Service Support
- Dedicated to Financial Education
- Protects Your Personal Information
- Competitive Rates
- Secure Funds Quickly
- Multiple Loan Options
Top 8 Local New Mexico Title Loan Companies
Max Cash and LoanMart do their business primarily online for your convenience. However, you might prefer to pick a local office where you have the option to get a title loan in a physical location. Here are 8 more top local New Mexico title loan companies to consider.
Cash Store offers title loans, payday loans, and installment loans to New Mexico residents. They have multiple locations in the state, with their Bernalillo location averaging a 4.7 out of 5 rating among 54 Google reviews.
Cash Store’s priority is to help you get a competitive title loan as quickly as possible, and so they have one of the highest loan approval rates out there. Once you complete your online application, head to a nearby store to get your cash in just 20 minutes! Note that you do need to bring in a recent checking account statement to qualify.
- Address: 510 Hwy 528, Ste G, Bernalillo, NM 87004
- Phone: (505) 867-6206
LendNation is a national title loan provider with a handful of locations in New Mexico. You can get pre-approved for a loan today by completing their quick and secure application process.
LendNation makes it easy to get your cash by offering many different options to receive it. One special feature is their Instant Debit Card Funding, which is available if you visit one of their locations. They will offer you a debit card with all your funds, which can be a lot more convenient than receiving it all in cash.
- Address: 6424 4th St NW, Albuquerque, NM 87107
- Phone: (505) 342-0100
Loanmax is another popular national title loan company that offers highly-rated services in New Mexico. Their Las Cruces location has an average rating of 4.9 out of 5 among 341 Google reviews.
On their website, Loanmax has a dedicated consumer brochure outlining information about title loans, and how to get the most out of one. It’s good that they publish this information to the public, showing that they are transparent about their services. In addition, they have a sample schedule of charges that acknowledges New Mexico’s max interest rate of 175% APR.
- Address: 2309 E Lohman Ave, Las Cruces, NM 88001
- Phone: (575) 647-2750
New Mexico Title Loans
New Mexico Title Loans is a local loan agency with 17 locations across the state. Their Farmington location is one of the highest-rated offices in the state, with an average 4.9 out of 5 rating among 542 Google reviews.
New Mexico Title Loans rejects the common myth that having a poor credit score will result in a higher interest rate title loan. They also have a loan rate schedule which shows that they do operate within the bounds of New Mexico law--they will not offer title loans with an APR exceeding 175%.
- Address: 2404 W Main St, Farmington, NM 87401
- Phone: (505) 324-6315
TFC Title Loans
Since 1994, TFC Title Loans has been one of the most prominent companies in the title loan business. Though they don’t have a location in New Mexico, you could still complete their process online or visit their location in Phoenix, AZ.
TFC Title Loans is often praised for their affordable rates and attention to customer service. In addition, they still offer title loans even if you haven’t fully paid off your car. As long as you have sufficient equity in your vehicle, you can still qualify for a title loan.
- Address: 2338 W Royal Palm Rd, Phoenix, AZ 85021 (closest location)
- Phone: (844) 242-3543
Title Cash is a local title loan company with about a dozen locations in New Mexico. Their Bernalillo location has a perfect 5 out of 5 rating among 10 Google reviews.
At Title Cash, you could get a decent amount of cash even if you have an older vehicle. They also won’t disqualify you if you’re self-employed, as long as you provide another way to prove you can repay the loan. As an added bonus, they are currently offering a $25 off coupon on your first payment.
- Address: 115 US-550, Bernalillo, NM 87004
- Phone: (505) 867-5105
Titlelo is a large title loan company with coverage that spans 21 states. Headquartered in Fort Lauderdale, they also offer competitive title loans to residents of New Mexico.
While they don’t have any physical New Mexico locations, you can complete their process quickly online. Once you have provided your application, they’ll set up a meeting with one of their local partners at a location most convenient to you. Titlelo works hard to come up with a reasonable interest rate so that payments don’t feel too heavy.
- Address: 3000 NE 30th Pl Ste 104, Fort Lauderdale, FL 33306 (headquarters)
- Phone: (855) 341-4500
- Email: firstname.lastname@example.org
TitleMax is another very popular title loan service with locations all over the nation. Most of their New Mexico locations have outstanding reviews. For example, their Santa Teresa location has a perfect 5 out of 5 rating among 661 Google reviews.
TitleMax has perfected their process to be as quick and easy for you as possible. By completing their application online or in-store, you’ll likely be approved instantly and have your cash in no time. While TitleMax does run your credit, they won’t use that to disqualify you for a loan.
- Address: 5690 Santa Teresita Dr Suite 1A, Santa Teresa, NM 88008
- Phone: (575) 589-0026
What Do You Need For a Title Loan in New Mexico?
To get a title loan in New Mexico, you’ll typically need the following documents:
- Government-issued ID
- Car title
- Proof of residency (for example, a utility bill)
Because title loan laws vary across states, you need to prove that you’re a New Mexico resident. Additionally, companies will usually ask for proof of income (a recent pay stub), along with your car insurance information.
Depending on the lender, you’ll probably also need to drive your car to the designated meet spot for inspection. Some companies may allow pictures of your car, but this is unlikely.
Do I Need Good Credit to Get a Title Loan?
No, you don’t need to have good credit to get a title loan. Certain loan types, such as title loans and payday loans, usually don’t even involve a credit check. This makes them an ideal option for those with low credit scores.
While a low credit score won’t affect your chances of getting a title loan, it does impact your ability to secure lower interest rate loans in the future. For example, if you plan on taking out a mortgage or auto loan in New Mexico, you could potentially save thousands of dollars by simply increasing your score by 50 points.
Because of this, we highly recommend all our readers to look towards credit repair services as soon as possible. Our Ultimate Review Guide for Credit Saint discusses their services and how they can help you improve your score over the long run.
Another benefit to improving your score is that you won’t have to resort to title loans again in the future. Instead, you can apply for a personal installment loan, which has much lower interest rates than title loans do.
What Is The Downside to a Title Loan?
As we’ve touched on in this article, the main downside to a title loan is that they’re expensive. This can trap you in debt, as noted by the Federal Trade Commission. While they’re not as bad in New Mexico as they are in some other states, the 175% APR maximum is still really high for a loan.
However, if you’re sure you can fully repay the loan, there are multiple upsides to title loans as well. For one, they don’t require a credit check. Secondly, they are one of the quickest ways to get a loan without immediately giving up collateral--you can keep your car for the duration of the loan, even though you have pawned the title.
When Should I Consider Getting a Title Loan in New Mexico?
Considering that the main downside to a title loan is how expensive they can get, title loans only make sense in certain circumstances. In short, only get a title loan if you’re facing a true financial emergency.
Examples of such emergencies include rent payments, car repair bills, house repair bills, credit card bills, or tuition payments. Discretionary expenses, such as buying a new car or holiday gifts, do not warrant applying for a title loan.
Conclusion and Next Steps
New Mexico residents have many great options when it comes to finding a reputable title loan company. This article highlighted 10 companies in New Mexico with excellent track records of providing competitive rates on their loans.
If you’re unsure where to begin, Max Cash Title Loans is the way to go. With one of the largest partner lender networks in the industry, Max Cash is sure to provide you with a good rate on your title loan with excellent customer service.
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About the Author
Chris Morgan is a credit expert and founder of Credit Help Info. He has been featured in Addition Financial, GOBankingRates, MSN Money, Yahoo Finance, and many other publications. He has read hundreds of books and resources on finance and the credit industry. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into manageable information that’s easy to understand.