Here in the Granite State, our people are as resilient, steadfast, and robust as the granite formations stretched across our state’s landscape. The high knack for self-reliance in the people here has helped us overcome countless hardships — both the foreseen and unforeseen.
When unforeseen economic events strike, one of the quickest and easiest ways to get back on your own two feet is with a title loan.
What is a title loan?
A title loan is a type of loan where you use the title of your car as collateral. It's like borrowing money by putting your car on the line.
If you're in New Hampshire, you can use the title of your car to get a loan from a lender. They will hold onto the title until you repay the loan. If you can't repay the loan, the lender may take ownership of your car.
New Hampshire title loan requirements
Here are each of the requirements for getting a title loan in New Hampshire:
- A New Hampshire driver’s license or state-issued ID
- A lien-free vehicle title
- Proof of income
- Proof of residency in New Hampshire
- A running vehicle
Please note that you must be at least 18 years old to apply. Active-duty service members of the US Military cannot apply for title loans.
The title loan process
If you have never applied for a title loan before, no worries! Here are the typical steps for securing a title loan completely online or in-store.
When you head to the application page and start entering information, you will need to start with basic info like your name, age, address, and loan amount. Make sure to check out the list of requirements above to ensure you qualify.
After you submit your application, lenders will need to verify the value and condition of the car. They will typically ask for things like your ID, proof of residence, income, and title. Don’t get impatient during this process; it will only help ensure you get the best possible loan offer!
After receiving your information, you are ready to go to the inspection stage. At this point, lenders will ask to see the vehicle in-person or via the internet. This will help them adequately assess the value of the vehicle.
After the verification and inspection phase, lenders will be ready to give you a concrete answer. Typically, they will follow up with an online contract at this point. Carefully review the interest rate, the payment terms, the loan amount, and other fine print details.
Once both parties have signed the contract, now is the time you have been waiting for. Typically, payment is processed on the same day if you complete all application and verification procedures by 2 PM EST.
Here are common ways to receive your cash:
- Directly at the lender location
- At a partner retail store
- ACH direct deposit
Once you get your money, it’s now time to start focusing on your income again so that you can repay the loan. Make sure you have your budget planned to repay the loan before signing the contract! Typically, you must repay the loan within 30 days or risk going into default.
How title loans are regulated in New Hampshire
Title loans in New Hampshire are currently regulated under New Hampshire Revised Statutes Annotated § 399-A:1 et seq.
In New Hampshire, lenders cannot loan more than $10,000 for a title loan and interest rates are not to exceed 25% a month.
The length of the original loan period cannot be longer than one month. If the borrower needs extensions, the lender has the right to declare you in default or grant up to nine additional payment periods.
However, be wary that the lender can declare the borrower in default instead of renewing the contract.
Be sure to repay the loan promptly, as New Hampshire law allows for prompt repossession if the borrower is determined to be in default. If in default, lenders can repossess your vehicle.
Compared to other states with looser procedures for repossession, New Hampshire law is less forgiving.
Cost considerations and title loan alternatives
The cost of a title loan in New Hampshire is dependent on your loan amount and your APR. Here are a few examples to help illustrate the true cost of a title loan.
- Example 1: You borrow $300 at an APR of 300% and pay it back in 30 days.
If you took out a $300 loan and paid it back in 30 days, you would pay a total of $375 back to your lender in 1 payment. In this example, you’re paying $75 in finance charges to borrow $300.
- Example 2: You borrow $300 at an APR of 300% and pay it back in 6 months.
If you borrowed $300 and paid it back in 6 months, you would pay a total of $609.88 back to your lender in 6 payments of $101.65. In this example, you’re paying $309.88 in finance charges to borrow $300.
Personal installment loans: A better and more affordable way to borrow money with bad credit
If you don’t want to get a lien placed on your vehicle’s title, you might instead be keeping your options open. Personal installment loans are another great way to get quick cash without risking your vehicle. They include benefits like longer payment terms and lower interest rates.
However, you can only borrow up to $3,000 with an installment loan. In addition, you must submit to a credit check. At the end of the day, at least you get the piece of mind that there is no chance of losing your vehicle!
Frequently asked questions
Here are some of the most commonly asked questions that we get regarding New Hampshire title loans.
Can I qualify for a title loan with bad credit?
Yes! One of the top reasons that people take out title loans is that they are much more readily available for those who have bad credit than many other types of secured loans.
Can I get a title loan completely online with no credit check and no inspection?
Yes! You can get a title loans completely online without have to check your credit. However, lenders typically require an inspection to check the value of your car before approving your loan.
Will I receive the funds from my title loan instantly?
There is little sense in getting a loan if the lender doesn’t disburse funds promptly! If the borrower applies before 2 PM EST and completes all necessary inspections, they will receive their funds on the same day.
Do you offer car title loans near me?
Yes! We offer title loans nearby through direct title loan lenders in many cities in New Hampshire, including: