$3000 Car Title Loan New Mexico Albuquerque, Rio Rancho, Santa Fe, Santa Rosa
This applicant lives in Albuquerque, New Mexico and wants a car title loan quickly. He is willing to travel to Rio Rancho, Santa Fe, and Santa Rosa to get the cash that he needs to complete his car purchase. He owns a 2006 Mustang and needs to borrow $3000. His car is in good shape and he thinks it’s worth between $6000 and $7000 dollars if he sold it privately. Whether or not a car title lender will agree with him is another story. Below is the loan request for the loan.
$3000 Dollar Car Title Loan in New Mexico – Albuquerque, Rio Rancho, Santa Fe, Santa Rosa
What the make and model of the vehicle you have? – I have a 2006 Ford, Mustang.
What shape do you consider your vehicle to be in? Good, Bad, Fair, Excellent? – I would say the car is in good shape. One small dent on the back/right quarter panel. The interior is in great shape except for one small cigarette burn on the center console. Engine is in perfect running order, and the muffler is brand new. New brakes, new tires, original rims. I would say it’s worth between $6000 – and $7000 dollars in today’s current auto market.
How many miles on your vehicle? – There is 134,000 miles on the odometer.
Where do you live in United States? – I live in Albuquerque New Mexico, but willing to travel to Santa Fe, Santa Rosa, or Rio Rancho to collect my money and make the deal.
How much money do you want to borrower using your vehicle for security? – I need to borrow $3000 fast and I will do anything you ask to get this car title loan approved and funded by the end of the working day tomorrow. Please help me get this money. I will pay it back with interest and on time.
You can see that this borrower is sounding desperate to get this loan fast. He needs to get this money fast, and unfortunately the application form used for this applicant and web site did not include the question of WHY this borrower wants a loan so quickly.
Basically this applicant is offering the only security that he has to help him obtain a loan at a reasonable amount of interest. He is in a hurry, however we do not know why and we do not know anything about his employment or other debts that he may or may not have. He is offering his car as security for the loan.
Appraisers will need to establish the present market value of the car before a loan can even be considered and that is assuming that all of the other questions have been answered. The lender if he does approve this loan will not approve it for the total value of the car. This is just standard operating procedure. Most lenders want the client to also have equity in the car in addition to the loan that they have.
In addition the applicant is going to need to show evidence of insurance for the car. No lender will ever approve a title car loan on a car that is not insured. Without insurance, the client could have an accident the day after the loan is approved. If the car is written off, both the client and the lender could be out of a good deal of money. All cars should also have liability insurance coverage as well as comprehensive coverage in these title car loan situations. Lenders will vary their requirements as well, so it is a good idea to confirm what car insurance coverage is actually required.
The client has asked for the title car loan to be approved tomorrow and he is willing to drive to nearby cities if this is needed in an effort to speed up the process. Unfortunately, his one day approval request may not be doable, since the car needs to be seen by an appraiser and the appraiser needs to establish a price. Depending on the actual condition of the car, the appraiser may request that a mechanic actually look at the car to check the condition of the engine, the transmission, the brakes and all safety related items, before he finalizes the value of the car. This can take several days to complete all of this activity which will prevent the title car loan from being processed as quickly as the client would like.
As mentioned earlier, there may other solutions to this client’s financial issues. Further discussion is required to establish his credit rating, his employment status and his current debt situation. Once this further information is provided it is quite possible that the client may actually qualify for a personal loan and not need to apply for a title car loan. All avenues should be explored in the interest of meeting the client’s requirements and subject to everything being confirmed he could actually be approved for a personal loan by the end of the day instead of taking the title car loan approach.
We look forward to further discussion with the client on these matters.