Title Loans in New Hampshire: A Step-By-Step Guide
Are you in the middle of an unforeseen financial crisis? Do you need to bring a family member to the hospital, or do you need to pay bills due this week?
Maybe, you are in dire need of getting a hold of cash instantly for your emergency funding. Yet, you are out of options.
Nothing is more straightforward than applying in the comfort of your home for title loans in New Hampshire.
This article will guide you through a step-by-step loan process in car title loans.
What Are Title Loans?
The basic principle of title loan services is your asset will be their collateral in exchange for a specific loan cash amount.
Your asset, in this case, a car title, will be used by lenders as security to assure that even if you do not pay your loan cash amount, they have an asset to acquire or sell.
All types of credit scores are welcome to apply, from bad credit, poor credit, fair credit, and good credit.
However, fair and good credits can already apply and are ensured of loan approval in traditional bank loans or a credit union.
Moreover, those with bad and poor credits can apply for title loans. With few basic requirements, and a quick online car title loans application process, collateralization through title loans has never been easier for you.
You can have an online application for an auto title loan in New Hampshire within 15 to 30 minutes.
Also, you can get your cash (minimum of $100) within the business day, depending on your chosen cash options (bank transfer, money transfer, pick-up).
How Do Title Loans in New Hampshire Work?
A title loan in New Hampshire is limited to an original maximum term of one month. It can be renewed for nine more periods, as stated in the New Hampshire Revised Statutes Section 399 - A19 Title Loan Renewals.
However, an additional 10% from the primary principal balance will be added to the renewed loan in each renewal. Each loan term will be paid through a single-payment plan.
Besides this, the good thing with a New Hampshire title loan is that your Annual Percentage Rate (APR) will not just be calculated by lenders based on whim.
Your APR calculation will be based on the Truth in Lending Act Regulation Z, 12 C.F.R, Section 1026.14 and 12 C.F.R Section 1026.22 of the New Hampshire Revised Statutes Section 399 - A1 Title Loan Renewals.
Who Can Qualify for Car Title Loans in New Hampshire
You must submit specific requirements to apply for New Hampshire auto title loans. A lack of one or more of the requirements may forfeit your application.
Here are your needed documents for your new financial journey:
- Your car for verification and evaluation
- Your clear vehicle title with your name as the sole owner
- Your car insurance and registration documents
- Your car's photos for documentation (all angles)
- Your Government-issued identification cards
- Your proof of residency in New Hampshire (US resident)
- Your proof of income (this will depend on lenders)
- Your bank account information for loan deposits (still will depend on lenders)
TIP: Prepare your documents before applying and arrange them accordingly in a folder or other file holder.
What Are the Steps in Applying for a Car Title Loan in New Hampshire
Applying for a car title loan in New Hampshire is easy. You can just do it online, via phone, or if you are more comfortable discussing loans in person, you can go to the physical offices.
Nevertheless, here are the steps you must follow to achieve that easy peasy loan process:
Step 1: Apply for a Car Title Loan Online, via Phone Call, or In-Person
For your auto title loan, you can reach out to your lenders by visiting their website, calling their phone number, or setting an appointment at their office.
You can send them a short inquiry form on their website or a text message on their phone number on a business day.
When you are already in contact with them, you can converse about your desired loan cash amount, the dynamics of your auto title loan, the state of your collateral, and the documents available for your loan.
Lenders will explain to you how your car title loan will work and what are your next steps. Then, you can apply online, via phone call, or in-person and get pre-approved.
Online applications and phone-call applications take a minimum of 15 minutes. It can also be similar to on-site applications in New Hampshire but expect long lines of applicants for title loans.
A pre-approval means you can submit your documents, and they will evaluate the status of your vehicle to give you a loan cash amount based on the Truth in Lending Act.
Step 2: Submit Your Complete Physical Documents
If you get pre-approved, you can already submit the documents required by your lenders for auto title loans.
To make sure that these documents are authentic, you will be asked to sign a paper that will express written consent that your submitted requirements are not misleading and incorrect.
All lenders in New Hampshire will request a document verification process that will express written consent.
Upon submission, lenders will also look at your qualifying vehicle. They will assess the following factors that will determine your loan amount:
- The vehicle year
- The make of the car or the brand
- The car's model (sedan, SUV, hatchback, sports car, etc.)
- The mileage or the miles your car traveled
- The interior and exterior details
- The car's overall condition
Tip: Submit original documents and do not try to present false information. You can also have a photocopy reproduced just in case your lenders ask for one.
Step 3: Get Your Cash From Preferred Options
When the pre-approval and approval stages are over, lenders will present the loan terms and agreements or the contract.
After careful reading, time for clarifications, and signing of documents, you can get your cash.
However, you can get it only within official business days and business hours. Nonetheless, you can get it the same day with your application.
You can get it personally in their office or a deposit in your bank account and preferred money transfer stores on the same day.
What Are the Benefits of Applying for Car Title Loans in New Hampshire?
Car title loans in New Hampshire offer benefits that can make you experience applying for a smooth-sailing loan with less stress and faster cash retrieval (same day!) for emergency funding.
More than those, you can also have these benefits:
1) Fast and Simple Application and Approval Processes
Title loans in New Hampshire give simple processes in applications. You can be comfortably sitting in your home while applying.
All you have to do is choose from these options and get a pre-approval:
- To visit their official website
- To call their mobile or telephone numbers
- To visit their office in New Hampshire
Of course, you also need to comply with their key requirements like being of legal age, owning a car, and being a resident of New Hampshire with a reasonably stable income.
2) Flexible Requirements
Nothing is more important than having emergency funding that allows your bad credit score to apply and get approved.
In New Hampshire title loans, you need not worry because the primary thing you need to have is a car.
Every New Hampshire resident of legal age can apply and get approved for a cash loan as long as you can present a car and a car title.
However, despite the flexible requirements when applying for a title loan, always remember to present and give the proper details required for the lending company to accept you. Any false information and you will be rejected immediately!
3) Keep Using Collateral Car
Like mortgages, you can still use your car despite having it as collateral. You are only at risk of repossession if you do not repay on the loan term due date.
However, some lenders will be extra cautious and put a Global Positioning System (GPS) on your vehicle or ask for your keys to be duplicated.
These measures will assure them that they will know where you are and get your vehicle from you if you flee.
They have the right to obtain and sell your vehicle in cash to meet the expense of your loan amount.
4) Flexible Repayment Terms and Options
Title loans in New Hampshire will give you options for your loan repayment plan, depending on where you are most comfortable.
Lenders' convenient terms include paying through a bank deposit if a bank is more accessible to you. It can also be through a money transfer if that is what you will prefer.
Also, some lenders accept payments in cash in their offices.
What Should I Beware of When Applying for Car Title Loans in New Hampshire
Despite having really good benefits, looking at a loan from another perspective is always essential, especially if it involves money, loan, and financial risks.
Here are some things you should be mindful of when applying for car title loans in New Hampshire:
1) Relatively High Title Loan Interest Rates
The cons of accepting bad credit in a title loan are higher interest rates. It is not new in title loans because it has been going on for a while.
However, in New Hampshire, lenders cannot charge interests beyond 25%.
You can ensure regulated car title loan interest rates in New Hampshire as everything will be based on the Truth in Lending Act Regulation Z, 12 C.F.R, Section 1026.14 and 12 C.F.R Section 1026.22 of the New Hampshire Revised Statutes Section 399 - A1 Title Loan Renewals.
If lenders violate the provisions of that act, they will face the consequences like paying fees or staying behind bars.
2) Risk of Repossession
The primary risk that comes with having your car title as collateral is the risk of repossession.
Paying for your loan promptly, including the interest rate, is needed for you to secure your vehicle.
Although you can still use it while repaying, once you go beyond the loan agreement of your repayment, expect your vehicle to be taken by lenders with the possibility of selling it.
3) Hidden Fees
Legally speaking, there are no hidden fees because lenders must state all the fees in the contract.
However, some lenders unconsciously (and consciously) skip explaining this to you.
This is where your responsibility as a borrower comes in. You need to read and understand everything in the contract.
Doing so will make you aware of the terms and agreement, and you might see irregularities. You can then raise concerns with your lender.
If you do not read every sentence, you may encounter hidden fees that might add to the high-interest rate. This may be too much for your budget to handle.
How Can I Repay My Car Title Loans in New Hampshire?
In New Hampshire, the law in the New Hampshire Revised Statutes Section 399 - A19 Title Loan Renewals states that you must repay your loan in a single-payment plan within 30 days.
However, with similar dynamics, you can extend the loan term up to nine months.
Nevertheless, you can pay through a bank deposit, a money transfer, or cash. The payment setup will depend on your loan agreement with the lender.
Usually, lenders in New Hampshire have flexible payment options.
Why Should I Choose a Car Title Loan in New Hampshire Over a Traditional Bank Loan?
A traditional bank loan has been tested and proven, which is why people are lining up for it. Yet, that is the downside.
You get to line up for a long time without the assurance of getting approved.
Here, we have a list of why you should choose car title loans over a traditional bank loan in New Hampshire.
Bad Credit, No Problem
In car title loans, you do not need to worry about a bad credit score or a credit check, even a business owned that is bankrupt.
This is because a title loan is a secured loan, meaning that your car is collateral enough for lenders to secure your loan.
Your bad credit score may determine how much loan they will give you, but it will not greatly impact whether you get approved or disapproved for a loan.
This is contrary to bank loans. In bank loans, your credit score matters over anything because of their strict credit check rules.
They have strict rules because a bank loan is an unsecured loan. This means that you do not need to present collateral for them to approve you for a loan. They will depend on your credit history and check and other records to assess your capability to repay.
You just need to make sure that you have all the basic requirements, especially a car with a title named after you.
Receive Your Money Wherever You Like
In bank loans, your choices of receiving and repaying your loan amounts will be limited through a bank deposit.
However, it is an entirely different case for title loans. You can choose convenient methods in title loans aside from a bank deposit. You can opt for money transfers or in-person pick-up.
The flexibility in terms of getting your cash and repaying your loan in title loans gives you an easier and more comfortable loan experience.
This is probably the highlight of title loans. As opposed to long lines of applications in bank loans, title loans offer online, text message, and phone call applications.
Depending on your lenders, you can do it within 15 minutes or less. After applying through these channels, you can get a pre-approval before entering a virtual office in New Hampshire.
Aside from saving your precious time for other errands, it also saves you the hassle of lining up without approval.
Frequently Asked Questions (FAQs)
Venturing into a world of finances will surely make you ask questions.
Do not worry because we have here frequently asked questions with their answers about the car title loans process and services.
Are Title Loans in New Hampshire Legal?
Yes. Title loans in New Hampshire are legal. According to the New Hampshire Revised Statutes Section 399 - A23 Penalty, lenders, in general, should obtain a license before operating.
Individuals with business-owned and managed lending services must comply with this licensing law. Here are the following lenders who will need to do so:
- Mortgage loan originators
- Mortgage lenders
- Mortgage servicers
- Mortgage brokers
- Small loan lenders
- Various title loan services and lenders
- Payday loan lenders
To legally operate in New Hampshire, these lenders must register in the national licensing system and facility, Nationwide Multistate Licensing System and Registry.
Failure to do so may lead lenders to charges and even to go into jail. Also, lenders without licenses cannot collect or charge money to their borrowers.
Is My Personal Information Safe With New Hampshire Online Title Loans?
Although lenders may differ in specific terms, they all assure that your information will only be used for processing your loan account.
Another usage of your personal information with third-party partners will depend on your consent.
That is why it is always important to responsibly read, understand, and sign all contract documents, terms and agreements, and privacy policies.
Can Title Loans Help My Credit Score?
Yes and no. A short-term loan like a title loan can help your credit scores if lenders report your progress with the credit bureaus.
Since this is a secured loan, this will not be included in your debts. So, every time you pay, your credit score increases slightly.
However, if most lenders opt not to, then there will be no significant changes in your credit scores.
Another thing to consider is that it will negatively affect your credit score if you do not pay your title loans on time. Be careful when choosing the option to apply for one!
Do Title Loans in New Hampshire Have High-Interest Rates?
Yes. Title loans in this state have high-interest rates. However, car title loan interest rates are regulated by law in New Hampshire.
The law states that lenders cannot impose interest rates beyond 25% in any loan process.
Also, lenders' imposition of interest rates will depend on the Truth in Lending Act Regulation Z, 12 C.F.R, Section 1026.14 and 12 C.F.R Section 1026.22 of the New Hampshire Revised Statutes Section 399 - A1 Title Loan Renewals.
Going against this New Hampshire law for car title loan services can cause financial damages to lenders as they will be charged a significant amount of money.
What Cities in New Hampshire Offer Car Title Loans?
In New Hampshire, you can get title loans in one of these cities:
- Bedford, Concord, Derry, Dover, Durham, Exeter, Goffstown
- Hampton, Hooksett, Hudson, Keene, Laconia, Manchester
- Milford, Nashua, Portsmouth, Rochester, Salem, Windham
When you require money but you have bad credit, or you cannot guarantee a personal loan in banks, you do not need to look further.
A New Hampshire title loan today (and other title loans services) will solve your worries away with loaning funds paid quickly through a bank, money transfer, or pick-ups.
With their quick loan process, instant approval, and competitive rates, you need to make sure that you are a US resident (New Hampshire), of legal age, and have a car, then you are good to go.
Nevertheless, we will help you. Just call us, and we will help you get the best deal for an online car title loan in New Hampshire.