Title Loans in Lexington, Kentucky
Customer Centered ServiceProviding excellent customer service and a positive loan experience is 5 Star Title Loans top goal and we work tirelessly to make this happen for each and every customer.
Loans for Low Credit ScoreWe don’t like turning away customers simply for having a bad credit score. We will work hard to get you a loan regardless of your bad credit.
Easy Application ProcessWe understand the urgency when getting a loan, so we offer simple options for applying. You can choose to apply either by phone or online.
5 Star Car Title Loans in Lexington, KY
Lexington is known for its fast horses and lavish lifestyle! And while living in this cultural and wealthy city is blissful and adventurous, it’s a lot unpredictable too.
Every month there are situations that require immediate funds at hand to get through and in that instant, there’s barely any bank that can give you fast cash. However, people who have a car do have a loan option where they can avail some extra funds in as little as 24 hours.2
With 5 Star Car Title Loans, people can apply and get a cash advance loan without going through the lengthy applications and complications of traditional bank loans.
Here’s how title loans can be of great help during financial hardships.
Car Title Loans In Lexington, Kentucky
Auto title loans are easy and fast ways to get short-term financing by using your car title as collateral.1
These loans use the person’s repaying ability and car equity as major deciding factors and make it possible for people with bad credit scores to apply and get approved for a personal loan.1
Why Are They Famous?
Title loans are simple and flexible personal loans that are famous all over the United States for 2 particular reasons.
Fewer Credit Qualifications
Unlike bank loans, title loans are based on collateral and don’t require you to have perfect credit to be eligible and get qualified for the loan.1
Fast Loan Closing Process
With 5 Star Car Title Loans, people can apply online and get access to the loan amount within one business day.2
Title loans are also famous from other names such as
- Title pawns
- Vehicle Title Loans
- Auto Equity Loans
- Pink Slip Loans
What Documents are Required for a Car Title Loan in Lexington Kentucky?
When it comes to helping people get auto title loans in Lexington, we work hard to make sure that they don’t have to go through a hassle process and submit bundles of documents to just get some extra cash. Here are a few documents you should have:
List of all loan docs needed to qualify for online title loans in Lexington, Kentucky:
Qualifying Car Title
Consumers must have a clean and lien-free vehicle title registered in their name to be eligible for a car title loan in Lexington, Kentucky.
Proof of Identity
Applicants need to present a valid photo Id such as a driver’s license, state ID or passport, etc. as proof of identification.
Proof of Income
Locals can present their bank statements, pay stubs, or other forms of alternate income proof to demonstrate their loan repaying ability.
Proof of Residence in Lexington, Kentucky
To be eligible for a pink slip loan, residents must have documented proof of their address in Lexington. Usually, credit card bills, rental agreements, or income tax receipts can be presented.
Recent Photos of Car Inspection
As this loan is primarily based on your vehicle, many car title loan lenders require a vehicle inspection to determine the eligibility and other factors.
However, with 5 Star Car Title Loans, customers can click photos of their car and get a virtual inspection done saving them from the hassle of an in-person inspection.
Some lenders can also ask for references to confirm your credentials and other information. The references can be both professional or personal and can be from outside of Lexington too.
Getting Car Title Loans In Lexington, Kentucky
Auto title loans are often chosen because of their flexible requirements and fast loan process.1 With 5 Star Car Title Loans, customers can choose to apply online and get approved for their car loans in 3 simple steps.
Steps To Getting An Auto Title Loan In Lexington
Fill In The Online Inquiry Form
The title loan process starts with checking your loan eligibility.
Applicants can call on (888) 309-0994 or go to the dedicated website of 5 Star Car Title Loans to fill in basic details about themselves and their vehicle and check whether they can qualify for a Lexington title loan or not.
Submit All The Requested Documents
Once you get the conditional approval from the team, we will contact and inform you about the minimum loan amount you can access, the annual percentage rate you have to pay, and other necessary details of the personal loan.
If you agree to the terms, then you’ll be prompted to submit the above-mentioned documents to verify your credentials and finalize your loan request.1
Receive A Direct Deposit Into Your Bank Account
After the document verification and final approval, you’ll be required to express a written consent agreeing to the title loan terms.
Once we receive the signed contract, we’ll process your funding request and you can expect to receive money in your account within 24 hours.2
Can I Apply For Auto Title Loans With A Bad Credit Score?
Unlike traditional lending options, these personal loans give more weightage to the collateral used than the credit history of an individual.
Even though there can be a routine credit check to determine the risk of lending, it’s possible for people with bad credit scores to apply and get approved for title pawns.1
As every lender’s credit criteria vary and some might levy high annual percentage rate1 to make up for the added lending risk, it’s recommended to check about the loan provider before applying and seek credit counseling if you can.
How Much Cash You Can Get With Title Loans In Lexington, Kentucky?
With most lenders, the interest payments, repayment conditions, and minimum loan amounts vary based on the 3 following factors:
Ability To Repay The Loan Amount
As a company needs to be assured whether the applicant can afford the auto title loan. They base the eligibility and actual loan amount on the income of the person.
i.e As an applicant with a higher source of income can pay back big amounts, he will be able to access more cash as compared to the one with a low income.
Car’s Market Value
Generally, the actual loan amount is calculated based on the car’s current market value. The market value is a variable factor that can change with time and is based on the following factors:1
- Make, Model, and Style of the Car
- Year of the Car
- Current Condition of the Car
- Car’s Odometer Reading
- Modifications Done to the Vehicle
If you want to get more money from your title loan, make sure the car you are using is of a good make and is well-maintained too.
Equity In The Vehicle
As title loan companies use the car title and equity to secure your loan.1 Having more positive equity in the vehicle can help you to get access to more cash.
Can I Get A Title Loan Without A Traditional Job?
We know that in this internet-oriented world, people make their income from various sources and it’s possible for them to earn money without doing the traditional 9-5 job.
Here are some situations where applicants may get qualified for a title loan in Lexington without even having a job:
- Receiving a pension from a government entity
- Temporarily unemployed because of injury and on worker’s compensation
- Collects passive income from rentals etc.
- Have enough savings in the bank
Are There Any Prepayment Penalties?
No!4 We know that no one wants to have a pending debt to their name and would want to clear it off as soon as they can.
That’s why the 5 Star team has focused on creating a smooth and seamless repayment process where people can create their repayment schedule and pay back the amount in smaller installments.1
On top of assisting them to pay their installments on time and avoid late penalties,4 our team welcomes all the customers who want to pay early and levies no pre-payment penalties on them for doing so.
Where Can I Use the Proceeds of Car Title Loans, Lexington?
Title loans are usually obtained to tackle unexpected expenses or sudden bills or a regular household.
Even though the loan proceeds are intended primarily to cover the monthly bills of a person, they can be used for every household need of a Lexington, KY resident.1 Below is the list of most common uses by the locals.
Most people in Lexington live in rental apartments and if in any case, they are behind on their rents, they can use their car to avoid getting evicted.
If you are looking to go on a sudden trip on the weekend, you can get an auto title loan to have some extra cash by your side and enjoy new experiences without worrying about your pocket.
We all know that medical emergencies are the most stressful of all and do require you to have a lot of extra cash by your side. Thanks to title loans, you can get fast money and ensure that the medical treatments of your loved ones never stop because of money
Funerals are sad and have a toll on both the mental and financial situation of a person. Fortunately, getting a title loan can help you to have the required money to bid the last goodbye properly.
Auto Title Loans Vs Payday Loans?
Even though auto title loans and payday loans are both famous for getting fast and easy cash, certain differences separate them and make one more preferable over the other.
As suggested by the name, a payday loan helps you to get quick cash and the amount is due on the next payday. These loans have a very short repayment period and often the interest rates are comparatively higher than other loans.
Whereas in title loan services, the eligibility depends on multiple factors and people can opt to break down the pending amount into smaller installments and pay back in monthly payments at their own convenience.
Benefits Of Choosing Us As Your Loan Partner
Here are some benefits you’ll enjoy when you opt to choose 5 Star Car Title Loans in Lexington, Kentucky
- Seamless Online Process To Save Time
- Easy Application Process For People With Bad Credit1
- Receive Your Loan Proceeds within 24 Hours2
- Flexible Repayment Options
- No Hidden Fees
Apply For A Car Title Loan In Lexington Today!
With 5-Star Car Title Loans, citizens will be able to apply and get instant cash to cover their sudden and unexpected expenses.1
If you have some big party coming up or want some extra cash to buy a new horse, you can call the 5 Star team to check your loan eligibility and apply for a car title loan now.