Car Title Loans in New Mexico2026 Guide
New Mexico recently capped title loan rates at 36% APR.
Legal Status & Regulations
Governing Law
NM Stat. § 58-15-1
Last Reviewed: April 2026
Law Summary
New Mexico recently passed legislation capping interest rates on small loans, including title loans, at 36% APR. Governed by the Small Loan Act (NM Stat. § 58-15-1), lenders must be licensed and follow strict rules regarding loan terms, renewals, and repossession procedures to protect consumers from predatory practices. New Mexico law also requires that lenders provide a notice of default and a right to cure before repossession. If a vehicle is repossessed, the lender must follow strict procedures for the sale and provide a detailed accounting to the borrower. Any surplus from the sale must be returned to the borrower after the debt and reasonable repossession costs are satisfied.
Real Rate Example in New Mexico
A $1,500 loan in New Mexico at a typical market rate of 36% APR APR over 30 days would result in approximately $150 in interest and fees. Always compare multiple offers to find the most competitive rate.
What Documents You Need
- A clear vehicle title in your name
- A valid government-issued ID (Driver's License)
- Proof of residency (Utility bill, etc.)
- Proof of income or ability to repay
- The vehicle itself for a quick inspection
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Max Loan Amount
$5,000
Max APR / Rate
36% APR
Loan Term Range
Varies
Governing Body
NM Financial Institutions Division