Q: What is a title loan?
A: A title loan is a loan that is based on the equity of your vehicle as collateral. During the loan payment period you still remain in possession of the vehicle.
Q: Why get a title loan?
A: A title loan allows you to get money based on the value of your vehicle while still being able to drive it.
Q: After I have paid off the title loan, how do I get my title back?
A: After you have paid off your loan, the title will be returned to you.
Q: When I apply for a title loan, does the title have to be in my name?
A: The automobile has to have your name on the title in order to use it as collateral for the title loan. If your name is listed along with another person's name, that person must also be present.
Q: How long is the application process for a title loan from Matrix Title Loans?
A: Our application is very simple and easy. The entire process normally takes less than an hour.
Q: How does a title loan work?
A: Car title loan amounts are based on the value of your car. Your name must be on the title in order to qualify for a title loan, and the vehicle must meet our appraisal standards.
Q: What is required for a title loan from Matrix Title Loans?
A: Current registration, proof of full-coverage insurance, proof of income, clear and valid New Mexico title, valid driver's license, spare key for ignition and door and 5 personal references.
Q:Is there a prepayment penalty if I pay my title loan off early?
A: At Matrix Title Loans, we wouldn't dare charge you for paying a loan off early!
Q: Does my car need to be completely paid off to get a title loan?
A: Not necessarily. In a lot of cases, we can pay off your current lender and also get you the extra money you need.
Q: How much money am I able to borrow against my vehicle title with a title loan?
A: The financing depends on the collateral you have. It usually depends on the wholesale value of your car. Matrix Title Loans issues loans at a minimum of $3,000.
Q: Do I have to have a checking or savings account for a title loan from Matrix Title Loans?
Q: When I get a title loan, am I still able to have full use of my car?
A: Yes! Unlike a car pawn loan, you are still able to drive your car as your loan is being paid off. A simple GPS device is installed in every vehicle, but it does not affect the way your vehicle runs and operates.
Title loans are a great way to get cash fast!
Call us today!
3700 E. Main St. Farmington, NM 87402 505-327-4893 Fax 505-324-8363