New Mexico Auto Loans

New Mexico ranks 30th among the fifty states in rankings for the cost of auto insurance. Since these rates reflect auto theft and collision rates, New Mexico can be considered a good place to make an auto loan and hold loan rates down accordingly.

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Auto Lenders & Loan Types in New Mexico (NM)

Good credit will provide you with the opportunity to get the best possible auto loan. In New Mexico, you can choose to buy a car through a dealer-connected loan program because there may be additional discounts associated with the dealer loan program. You can then turn around and refinance your loan at a favorable rate with another lender. Here are a few auto lenders available in New Mexico:

• Wells Fargo provides loans for new or used cars, but only through franchised new auto dealers.
• GMAC Auto Loans offers loans on new cars and leases through GM product dealers.
• E-Loan will work with you on new and used car loans, refinancing and lease buyouts.
• Bank of America offers all four typical auto loans: new cars, used cars, refinancing existing auto loans and auto leases.
• The Bank of Albuquerque provides loans for new and used cars and will refinance your existing loan.

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Financing Car Loans in New Mexico (NM)

Some people have less than perfect credit. An honest salesman at an auto agency will tell you that people with good credit have become the exception rather than the rule.

Some loan companies will work with you until they find you a loan. However, you can expect to pay higher premiums than someone with good credit. E-Loans in particular will continue to shop your loan until they have five options for you to choose from. Knowing your credit rating will help you determine what type of loan is right for you.

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New Mexico State Auto Loan Information

If you have questions about auto loan regulations, insurance or registration requirements in New Mexico, contact the appropriate agency below.

New Mexico Regulation & Licensing Department
Financing Institutions Division
2550 Cerrillos Road
Santa Fe, New Mexico 87504

State of New Mexico
Motor Vehicle Division
P.O. Box 1028, Joseph Montoya Bldg.
Santa Fe, NM 87504

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