At Payment 1 Financial we can payoff you current title loan and give you a new loan with a much lower rate and a simple payment plan.
Title Loans in New Mexico are way too expensive and very hard to pay off Same is true with Texas Title Loans. Typically most companies are charging $25 per hundred borrowed each month. And that's just the interest for these 30 day loans. So, if you borrow $500 and have your loan for 4 months, paying interest only, you will end up paying back a total of $1000 before you pay off your loan in full.
At Payment 1 Financial we set up your loan on an actual payment plan. If you borrow $500 after making your regular principal and interest payments for four months you will have paid less than $700 to pay your loan off in full. Even less at our locations in Texas.
Why such a difference? Because our interest rate is much lower than that of a typical title loan lender.