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Title Loans in New Hampshire: Everything You Need to Know
Looking into car title loans in New Hampshire?
Whether you need it for school fees, business expenses, a hospital emergency, or whatever urgent reason, we're here to help you out!
From the required papers you'll be needing, getting your title loans pre-approved, and right until you get your much-needed cash, we're here to walk you through all the steps!
We will also be answering a few questions you might be wondering about when it comes to title loans in New Hampshire.
Let's start with what title loans are and how they work…
What Are Car Title Loans?
A car title loan (also known as an auto title loan) is a short-term loan, where you give your lender the title of your car in exchange for instant cash.
All title loan companies hold your car title as collateral, NOT THE CAR ITSELF,while the car title loan is ongoing.
So yes, you still get to drive your car, since all you surrender is the vehicle title!
Auto title loans in New Hampshire are short-term loans, meaning they usually have to be paid back within 30 days.
Qualifications to Apply for Auto Title Loans (New Hampshire)
You are qualified to apply for title loans in New Hampshire if you are:
- A US resident of New Hampshire
- At least 18 years of age
- In possession of a vehicle with a clean title
How to Apply for Car Title Loans in New Hampshire
Let us walk you through the loan process for New Hampshire title loans in 4 super simple steps!
Step 1: Prepare the Required Documents Beforehand
It's always better to come prepared!
These are the usual papers New Hampshire title loans will ask you to submit:
Basic Title Loan Requirements
- A government-issued ID with a photo
- Proof of residency in New Hampshire. You can submit any of yourutility bills or lease contract for this.
- Proof of income. This comes in many forms. Your pay slip, bank statements, proof of inheritance, proof of social security benefits, proof of income from a business owned by you, and many more can qualify for this requirement.
- Character references from 2 to 3 people not related to you. Not all car title loan lenders in New Hampshire will require this, but it's best to already have them on hand just in case.
Make sure your personal information in all your documents is consistent to avoid delays and even disapproval.
Vehicle Title Loan Requirements
- Clean and free car title. This means that the vehicle has to be paid in full and solely under your name.
- Current vehicle registration documents
- Car insurance documents
- Photos of your vehicle (front, back, and the two sides). You don't absolutely need this. In some cases, your lender can take the photos for you. But again, already having them on hand speeds up the loan process!
Step 2: Get Pre-approved for Your Loans
This online application step is OPTIONAL.
You can also choose to gather your documents and go straight to your New Hampshire title loans lender to start the loan process instead.
Most lenders in New Hampshire let you apply online to speed up the loan process.
Online title loans pre-approval lets you double-check everything ahead of time so you can come to their office prepared.
To do this, just go to the website of your online car title loans lender, and you'll be able to see the online application form on the first page.
Fill the short inquiry form out with your basic information and wait for a company representative to contact you on the SAME DAY.
Step 3: Get Your Car Title Loans in New Hampshire Approved!
With your complete documents in hand, drive your vehicle to your lender for the next step in your loan approval process.
For your vehicle, New Hampshire title loan lenders will perform:
- Additional vehicle condition assessment
- GPS installation
After that, your title loan lender might also perform a credit check.
If everything looks good to them, then you get approved and get your money fast!
This is also where your lenders let you know:
- The total loan amounts you can borrow
- Interest rates
- Repayment terms
This is also the part where you negotiate.
If there's anything in the contract you're not happy with, let your lender know and ask for more convenient terms.
Don't hesitate to ask for what you need!
Even if your lender can not fulfill all of your requests, they might be able to reach you halfway.
Step 4: Get Your Money Fast
Once you've agreed to everything, it's time tosign your contract!
Make sure you READ THE FINE PRINT FIRST and CHECK FOR HIDDEN FEES before signing anything.
Once you sign, your lender will hand over your money in cash in exchange for your car title. If you prefer not receiving it in cash, the most common cash options for transfer are:
- Bank transfer
- Wire transfer
Why You Should Get Car Title Loans (New Hampshire)
Here are the reasons why getting an auto title loan in New Hampshire is worth it:
#1 Bad Credit Score Wouldn't Matter as Much
Some car title loan services will still perform a credit check.
But unlike a traditional bank loan in New Hampshire, various title loan services will still let you take out a loan despite having bad credit.
But of course, having a bad credit score has a few drawbacks like less negotiating power and higher interest rates.
#2 Instant Approval
New Hampshire car title loans are the best for cash emergencies and financial difficulties.
You get your loan approval the same day you apply, provided all your documents are complete.
You also get your funds paid quickly since you get the money right after signing the title loan contract.
#3 Hassle-Free Process
One of the reasons why car title loans in New Hampshire are so fast is because there is very minimal paperwork to file.
Most of the required documents can be found lying in your house or otherwise very easy to acquire!
#4 Easily Accessible
Some car title lenders in New Hampshire don't just let you apply online for pre-approval, but can actually complete the entire application process online (or through the phone!).
You don't even have to go to your lender's office in New Hampshire!
After you've submitted all the documents and completed the application process, you can even choose a convenient location near their office to get your cash.
You could also opt to have the money transferred to your bank account.
Cons of Getting Car Title Loans New Hampshire
These are some drawbacks that might make you reconsider taking out car title loans:
#1 High-Interest Rates
Many companies offering a title loan in New Hampshire will boast of having affordable title loans. These particular lenders may have more competitive rates than others.
But really, car title loans interest rates are just high in general.
Title loan lenders charge as much as 300% annually, and when broken down, the title loan interest rates are up to 25% per month in New Hampshire.
#2 Risk of Getting Stuck in a Cycle of Debt
When you can't pay the money you owe on time, your title loans lender will give you another 2 weeks to 1 month to repay your loans, but charge you a fee.
This fee is called a rollover. Every time you rollover, a new fee is added, while you still owe money for the principal loan amount plus interest and other fees.
#3 Possibility of Losing Your Car
There is a small chance of this happening.
But it is still possible to lose your car if you are unable to pay your title loan in New Hampshire in the end.
TAKE NOTE: Even the lenders of your title loan in New Hampshire would rather you pay back the money they loaned you than take your car.
So if you find yourself in a situation where it seems like you won't be able to pay back the cash you own before the due date, get in touch with a representative from your title loans lender.
They might be able towork out a payment plan solution that will work with your situation and help you pay your loans back.
Title Loans New Hampshire FAQs
Still have questions? Let's answer all of them!
How Do Car Title Loan Lenders in New Hampshire Determine the Value of My Vehicle?
Everything from the make, model, year, and mileage is factored in the computation.
After estimating the value of your vehicle, the total loan amount is usually 25% up to 50% of your car's current estimated value.
Will Not Being Able to Pay My Car Title Loans in New Hampshire Affect My Credit History?
Just as a bad credit score won't make you unqualified to get an auto title loan, being unable to pay back your cash loan WILL NOT reflect in your credit history.
Car title loans exist OUTSIDE your credit score. They are unaffected by it and cannot affect it either.
Are Car Title Loans in New Hampshire Limited to Just Cars?
The name of the offered cash loan may be called "car title loans," but some title loan lenders in New Hampshire accept more than cars.
You can also put the title of your RV, motorcycle, and in some cases, even your boat as collateral (but we suggest you give your lender representative a call first to make sure they accept boats).
While we're on the topic of other modes of transport being put up for title loans...
If you have another mode of transport sitting in your garage anyway gathering dust, don't risk your favorite car for a title loan!
If you have a secondary car, we highly encourage you to use that instead to apply for an auto title loan.
Doing this will also give you some peace of mind that if the worst happens and you find yourself unable to pay back your loans, you will not lose your primary means of transport.
Are Car Title Loans in New Hampshire Safe?
Car title loans are PERFECTLY SAFE and LEGAL in New Hampshire.
Can I Get a Title Loan If I'm Currently Unemployed?
If you've noticed in our list of necessary documents to submit, the proof of income requirement does not just come as your pay slip.
It could also be proof of your business income, social security benefits, proof of inheritance or property owned, etc.
Car title loans don't look at your current financial situation to decide whether to approve your loan or not.
Instead, they look at your vehicle's current market value and your ability to pay the title loan back to determine your eligibility.
In your urgent need of instant cash, a car title loan is a QUICK and EASY solution.
There's very little paperwork involved, the requirements are basic, and you can get your cash in the same business day.
The best part is that you still get to drive your car throughout the duration of the loan!
Just be wary of the risks, remember to read the fine print, and don't be afraid to negotiate for what you want!
What are you waiting for? Start researching for lenders offering car title loans and get in touch with one today!