An auto title loan is a loan that uses a car’s qualifying title as collateral and turns it into cash1. The loan lender will hold on to the car’s title until the loan is paid off including the principal loan amount and the interest.
What if I Can’t Afford My Payments?
New Mexico does not require lenders to notify their borrowers of a possible repossession. Some states require a default notice form but New Mexico does not. As soon as someone defaults on a title loan, a title loan lender in New Mexico can legally have the car repossessed.
LoanMart may not automatically repossess the car if you have defaulted on a title loan. When you realize that you cannot make your scheduled monthly payment on time, please contact us immediately. At LoanMart, our goal is not for our customers to go further into debt. If you notify us ahead of time, we can discuss making acceptable payment arrangements for you and possibly extend the payment due date. That way you can keep your car and stay on top of your convenient monthly installments.
What is the Inquiry Process with LoanMart?
Inquiring about a title loan through LoanMart is simple to do. We have streamlined our process to make it quick and easy.
Here’s what you need to do:
- Contact us
- Call: 1-877-787-4923
- Click: https://www.800loanmart.com/apply-landing/.
- Submit your documents
- Government issued photo ID
- Car title in your name
- Proof of income
- Proof of residence
- Several photos of the car
- Get your money1
- Cash-to be picked up at your nearest participating store
- Check-to be mailed to your home address that we have on file
- Direct deposit-to be deposited into your personal checking account, we will need your personal bank account number and your bank’s routing number