In New Mexico, car loans have been more difficult to get. At Auto Loans New Mexico, we’ve got you covered. You can apply for your New Mexico car loan in just 3-4 minutes. This is how it works.
- To start, you want to submit a secure online application.
- We try to match you with the right auto loan company in New Mexico, given your location, income, and down payment.
- When pre-qualified, a special finance manager will contact you.
- Complete your car loan documentation and pick out your car from a nearby dealership.
Simply click here to submit your secure application.
New Mexico Car Loan Statistics
In the state of New Mexico, the average yearly income is $36,379, while the average credit rating is 663. The better your FICO scores, the cheaper your loan rates. Everyday we help people with credit scores of less than 620. Getting approved is possible, and we can help.
Minimum Criteria For New Mexico Auto Loans
Most New Mexico auto loan lenders require that you earn a minimum of $1500 income a month. Additionally, your total monthly debt, including your auto loan, must not surpass half of your earnings. In New Mexico, this rounds out to $1,516, on average. Salary or fico scores too low? You may still be eligible by going the extra mile in at least one of the following ways:
- Provide a Co-signer
- Furnish a Vehicle in Trade
- Offer a Larger Down Payment
- Go with Car Dealers That Finance Bad Credit
You should invest only 18 to 20% of your monthly income for monthly payments, gas, and routine maintenance. For your average New Mexico motorist, this equates to $546 to $606 monthly. Forking out in excess of this will endanger your credit score and finances. Additionally, it’s best to choose a cheap car that delivers decent fuel economy. Typically, obtaining a used car in New Mexico is a good option. Used cars are less costly to finance, and they lose value much less rapidly than new vehicles. Click here for cheap used cars in New Mexico.