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Title Loans in Kentucky: All Your Questions Answered

Borrowing money using your car as collateral is a big decision.

That's why we created this Q&A to give you everything you need to know about car title loans in Kentucky. Any question you can think of, we'll answer it.

Plus, we've also prepared a STEP-BY-STEP GUIDE to the process of applying for a title loan near the end once you're ready. So, read on!

First, Can A Title Loan Help You?

People who need emergency funding start with what they have. If you've reached a point that you're considering getting a car title loan, you've probably exhausted all your options.

Don't lose hope. There's still a way to get the money you need.

You would benefit from title loans if:

  • You have an unexpectedly large bill
  • You need to pay that bill sooner rather than later
  • You have a vehicle

The two biggest selling points title loans have? The quick (sometimes SAME-DAY) approval and the fact that you get to keep driving your vehicle.

Any Alternatives to Title Loans?

There are a few as we list below but they've all got their own drawbacks.

It's still worth giving them a quick read even if your mind is already set on title loans just so you're 100% sure about your decision.

Payday Loans

Getting a payday loan is a quick alternative to getting extra money. They can give you anywhere from a couple hundred dollars to a thousand dollars but most find this inadequate for their emergency needs.

Personal Loans

Now, personal loans can give you up to a few grand (at least).

You get to choose from various sources including banks, credit unions, or online investors. There are also 2 types: secured loan types, meaning collateral is needed, or unsecured, with no collateral needed.

A big drawback? Credit score and history can make or break your loan approval.

Cash Advance on Credit Cards

Obviously, this implies you already own a credit card in the first place. And again, credit history can be a dealbreaker.

Pawn Shop Loans

Essentially any valuable you own can be used as collateral. There's probably a pawn shop somewhere in the state of Kentucky that will take your piece but their prices can be very arbitrary.

Kentucky Local Non-Profit Credit Counseling Service

You can always go to federally-certified credit counseling agencies in Kentucky. They can give you free debt assistance, information on mortgage programs, and other forms of financial support.

But there's no guarantee you'll walk out there with the money you need.

What are the Downsides of Title Loans?

We won't mince words.

These are the two biggest drawbacks of title loans: high-interest rates and the possibility of your losing your vehicle. And this is true whether you get the title loan in Kentucky or not.

Drawback #1: High-Interest Rates

The annual percentage rate or APR of car title loans usually goes over 300%.

If you compare this to those of other types of loans, it's undoubtedly much higher. That's the tradeoff of the quick approval and minimal credit check.

This also makes it one of the most important factors you should know about your lender beforehand. It's what you'll use to help you decide which lending organization has the most beneficial loan terms.

We'll discuss APRs more in our FAQs section. Check out FAQ #2.

Drawback #2: Repossession

If you repeatedly fail to stick to the agreed-upon repayment plan, you might not get your car back.

This is the unfortunate but inevitable last resort. You've got to be prepared for that at least in the back of your minds before signing on to car title loans.

But before reaching that point, you'd be given the chance to roll over your remaining balance into a new credit with another interest.

How Much Can You Get?

Like most things in life, the loan amount is multifactorial. To name a few, the loan depends on the value of your vehicle, your needs, and your ability to repay the loan.

Likewise, different loan companies offer different ranges of loan amounts, as well as interest rates.

But in general, the loan amount is usually equivalent to 25-50% of the total value of your car.

What Do You Need to Apply?

Some title loan companies only require a clear vehicle title in your name as collateral.

Seems too good to be true? It isn't really because these companies want to attract even people with bad credit, no bank accounts, or even those without jobs.

But what kinds of vehicles exactly? Well, you can get an auto title loan using a truck or even a motorcycle. Basically any automobile.

What's important is that it is FULLY PAID FOR and is UNDER YOUR NAME. 

Eventually, you'd need to submit documents to get car title loans in the stateof Kentucky. These are the things you need to prepare or at least know where to look for:

  • A clear vehicle title with only your name on it
  • Photos of the car
  • Proof of income and employment
  • Government-issued ID
  • Proof of Kentucky residence
  • Bank account information*
  • Proof of valid vehicle insurance and registration

The ones we've marked with asterisks are not always required. Again, it depends on the lender you'll end up choosing.

Nevertheless, you should know some lenders inspect the car at first to get an estimate of its value. Photos and documents won't cut it for these Kentucky guys.

So, How Do You Choose a Lender?

The first thing you'll see when Googling title loans in Kentucky is a list of title loan lenders. It can get overwhelming even at this point.

 Consider the Following When Deciding:

  • Requirements
  • Lower interest rate but higher cash-out
  • Payment options (cashier’s check, cash, money orders, and debit cards)
  • Repayment term
  • Safety of your information

 Worried about Being Rejected?

Not all lenders do a credit check but some do. The same goes for the bank account requirement. These are part of the things you should think about early on.

Now if you're wondering if they'll accept your car, here's some good news. Most loan companies in Kentucky offer loans on any car, regardless of its mileage, condition, or year of purchase.

How Do You Get a Title Loan in Kentucky?

Great! You've chosen a lender and you're pretty sure you're ready to actually apply.

The process of getting title loans is mostly similar for a resident or nonresident of Kentucky.

You just have to make sure the lending company you choose is based near your area. Why? Because sometimes your application can get rejected because you live quite far from their locality.

Alright, let's get to the actual process, or as we like to call it, the 3 P's of applying for car title loans.

Step 1: Pass the Application Form.

Of course, we're assuming you have chosen a reputable loan lender already. But if you haven't, review our discussion in the earlier section.

Loan application is usually free. Some can even be filled out online. This is the quickest part of the application process, taking only minutes at times.

Step 2: Prepare the Necessary Documents.

While waiting for your title loan application to get approved, you can already prepare the necessary documents you'll need.

The point of this step is to prove you are who you say you are, that you do own a car, that your car ownership is clear, and whether you live in Kentucky or not.

As we discussed earlier, documents that are must-haves for auto title loans include:

  • A clear vehicle title with only your name on it
  • Photos of the car
  • Proof of valid vehicle insurance and registration
  • Government-issued photo ID

Proof of income and employment, proof of Kentucky residence, and bank account information are inconsistent requirements. This is also the step where you verify the terms with your lender.

Once your online title application is approved and your documents are complete, you can go to the title loan place for submission and verification.

Step 3: Pick Up Your Cash.

If all goes well, you can get your cash loans on the same day in a store or with a direct deposit. That's it!


FAQ #1: Can You Have Two Auto Title Loans at the Same Time?

No, the law prohibits having two or more title loans. Only one lien can be placed on a vehicle’s title. No car title can have two lienholders under any circumstances.

FAQ #2: What is APR?

APR, or "annual percentage rate (APR)” is, simply put, the annual interest borrowers have to pay.

We won't bother with the formula but basically, it's the percentage representing how much the lenders are spending on you over the term of your loan.

It's based on the loan amount, interest rate, fees, and length of your loan.

Single-payment car title loans have an average APR of 300% which greatly resembles payday loans.

Installment title loans have an average APR of 259%. Thus, they are comparable to personal installment loans.

FAQ #3: What are the Repayment Terms?

There's really only two pay back the money you owe: single-payment and installment.

  • Single-payment title loans are paid back in a lump sum within a certain number of days. In other words, you need to come up with the loan amount they gave you plus interest within a specified time period.
  • Installment Title Loans offer more flexible payments within 3-6 months.

In general, terms vary anywhere from 14 days to 60 days but most are between 15 to 30 days.

The repayment period is something you should be aware of early in the process of getting title loans in Kentucky.

Final Advice

If there's one thing you should take home from this article, it's the importance of finding a lending company that’s trusted and reputable.

Do this even before beginning the loan application process. Remember, it's not just about the money they can give you but their state of affairs as well.

Also, don't forget to consider your ability to repay the money. Your plan should be feasible, or if you prefer, realistic. That way can pay back your loan on time and avoid additional fees and debt.

We wish you all the luck and hope you find the car title loan in Kentucky that works for you!

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