New Mexico has no law written for title loans. A loan secured by your car is treated as an ordinary licensed consumer loan, so the state's consumer-loan rate cap applies.
Title loan rules in New Mexico at a glance
| Title-loan law | None. Car-secured loans follow the consumer-loan rules |
|---|---|
| Rate cap | A vehicle-secured loan from a licensed lender is capped at 36% APR all-in (NMSA § 58-15-17(J)); rises above 36% only if the prime rate exceeds 10% for three consecutive months (§ 58-15-17(L)) |
| Fees the law allows | Up to 5% of principal, once per 12 months; none on loans of $500 or less (NMSA § 58-15-17(J)(4)) |
| Loan term | At least 4 months |
| Rollovers and renewals | Each rollover, renewal or refinance counts as a new loan (NMSA § 58-15-17(P)) |
| Repossession | Allowed after default |
| Owe the balance after the car is sold? | Yes, the lender may collect what the sale did not cover. Check the statute for any minimum balance |
| Lender license | Required (New Mexico Regulation & Licensing Department, Financial Institutions Division (FID)) |
| Statute | NMSA 1978 § 58-15-3; § 58-15-17(J) (New Mexico Small Loan Act of 1955) |
Source: NMSA 1978 § 58-15-3; § 58-15-17(J) (New Mexico Small Loan Act of 1955) (read the law). We last checked it against the statute on August 6, 2026. See title loan laws in every state.
What a title loan costs in New Mexico
Under New Mexico's rate rules, borrowing $1,000 for 12 months costs $205.55 in interest or fees, so you repay $1,205.55 (36% APR). Your offer may differ.
| Loan | Term | Interest and fees | Total repaid | APR |
|---|---|---|---|---|
| $1,000 | 12 months | $205.55 | $1,205.55 | 36% |
| $2,500 | 12 months | $513.86 | $3,013.86 | 36% |
| $5,000 | 12 months | $1,027.73 | $6,027.73 | 36% |
The examples above already include the fee New Mexico allows: Up to 5% of principal, once per 12 months; none on loans of $500 or less (NMSA § 58-15-17(J)(4)). The lender's written disclosure must show the APR with it.
What happens if you can't repay
If you fall behind, the lender can repossess your car. Read the default and notice terms in your contract before you sign. If the car is sold for less than you owe, the lender may be able to collect the difference. Some states allow this only when the unpaid balance is above a set amount, so check the statute or ask the lender.
If you think you will miss a payment, call the lender before the due date and ask what options it offers.
How to check a lender in New Mexico
Title lenders in New Mexico must be licensed (New Mexico Regulation & Licensing Department, Financial Institutions Division (FID)). Search for the lender on the official license lookup before you sign. Lenditup does not check lender licenses for you (see how we verify).
Looking for a loan in New Mexico?
Because New Mexico prices car-secured loans like other consumer loans, fewer lenders offer them. You can still send a title loan request, or compare a personal installment loan, which doesn't put your car at risk.
Lenditup is not a lender. Sending a request does not mean you will be approved; each lender sets its own rates and terms within New Mexico law.
Title loan questions for New Mexico
01What is the most a title lender can charge in New Mexico?
02How long is a title loan in New Mexico?
03Can I roll over a title loan in New Mexico?
04What happens if I can't repay a title loan in New Mexico?
05How do I check that a title lender is licensed in New Mexico?
06Is Lenditup a title lender in New Mexico?
Title loan laws in other states
- Alabama
- Alaska
- Arizona
- California
- Colorado
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Mexico
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Compare every state side by side on the state title loan law table, or read how title loans work and what lenders ask for.