Title Loans in New Mexico
New Mexico regulates title loans with a 175% APR cap, providing some consumer protection while allowing the market to operate. Learn about New Mexico title loan laws, requirements, and how to find a legitimate lender.
Find New Mexico LendersTitle Loans in New Mexico: What You Need to Know
New Mexico regulates title loans with a 175% APR cap, providing some consumer protection while allowing the market to operate. The Regulation and Licensing Department oversees lender licensing. Borrowers should still compare offers and understand all terms.
How Title Loans Work in New Mexico
New Mexico title loans use your vehicle as collateral. Lenders must comply with the 175% APR cap. You keep driving your car while making payments. The lender holds your title until the loan is repaid in full.
New Mexico Title Loan Regulations
The New Mexico Regulation and Licensing Department regulates title loans. The state caps APR at 175%, providing more protection than many states while still allowing title lending.
- Lenders must be licensed with the New Mexico Regulation and Licensing Department
- Maximum loan amount: No statutory cap
- Maximum interest rate: 175% APR cap
- Cooling-off period: None
Typical Terms in New Mexico
While terms vary by lender, here's what you can typically expect:
- Loan amounts: $500 to $10,000 depending on vehicle value
- APR1: Maximum 175% APR
- Loan terms: Usually 30 days to 12 months
- Loan-to-value: Typically 25% to 50% of vehicle value
New Mexico Requirements
- Be at least 18 years old
- Have a valid New Mexico driver's license or ID
- Own a vehicle with a clear New Mexico title
- Provide proof of income
- Have proof of New Mexico residency
- Provide vehicle registration and insurance
Regulatory Authority
New Mexico title loans are regulated by the New Mexico Regulation and Licensing Department.
Visit New Website →To verify a lender is licensed, search their database or call (505) 476-4885.
Important Information for New Mexico Borrowers
Before taking out a title loan in New Mexico:
- • New Mexico caps title loan APR at 175%
- • This is still high but lower than many states
- • Verify your lender is properly licensed
- • Compare offers even with rate caps
- • Defaulting can still result in vehicle repossession
Title Loans Available in Major New Mexico Cities
Our network includes lenders serving all major cities and metropolitan areas in New Mexico.
Tips for New Mexico Title Loan Borrowers
Know the Cap
New Mexico's 175% APR cap protects you. Don't accept rates above this limit.
Verify License
Ensure your lender is licensed with the Regulation and Licensing Department.
Compare Options
Even with caps, rates can vary. Get quotes from multiple lenders.
Understand Terms
Review all loan documents carefully, including fees that may be in addition to interest.
Other State Guides
Looking for information about title loans in another state?
Find Licensed New Mexico Lenders
Connect with licensed title loan lenders operating legally in New Mexico.
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