Will an Auto Title Loan Affect My Credit Score in Kentucky?

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An auto title loan uses the equity of a vehicle to make funding available. Many people look to these loans because they are fast, simple, and flexible with eligibility. The great news for Kentucky residents who need funding, is that auto title loans are available in Kentucky!

When looking for any kind of funding, a person may be wondering how the process will impact their credit. When it comes to lending through an auto title loan, it can affect credit, but the affect may not always be negative!

Here are some of the different ways that an auto title loan can affect credit in Kentucky. Along with some details about a unique kind of lending, known as ChoiceCash Title Loans serviced by LoanMart.

How Can an Auto Title Loan Lender Affect Credit Score in Kentucky?

Before finding an auto title loan lender to work with in Kentucky, a person should first look around at several lenders within their area. This is highly recommended, because it allows people to find a compatible lender.

Depending on how each auto title loan lender works with their inquiry process, applying may affect credit.

Here is how searching for auto title loans can affect a person’s credit in Kentucky:

  • Hard Credit Checks—Hard credit checks can impact a person’s credit. Some auto title loan lenders will perform a hard credit check before letting an applicant know if they’re eligible. Generally, a hard credit check can drop credit up to five points.
  • The Amount of Hard Credit Checks—Each time a hard credit check is done, credit can be impacted. For this reason, the number of lenders that an individual applies with (who do hard credit checks) can impact how low credit gets.

To avoid a large negative impact on credit, an individual may only want to move forward with one hard credit check —when they are certain they want to apply with a lender in Kentucky.

Why Do Some Auto Title Loan Lenders Choose to Do Credit Checks?

Auto title loan lenders are pretty flexible with eligibility. Even so, some auto title loan lenders will perform hard credit checks for their own safety.

With a credit check, a lender will get a good idea of an applicant’s financial habits, and the amount of existing debt they have. Both of these factors will give the lender a good idea of how the applicant will handle the new loan.

Why Choose a ChoiceCash Title Loan for Funding in Kentucky?

A ChoiceCash Title Loan is a unique kind of auto title loan that comes with convenience, simplicity, and other unique benefits for residents of Kentucky:

  • Competitive Interest Rates
  • A Process that Could be Completed Entirely from Home
  • A Lower Payment Every Month2
  • Exceptional Customer Service
  • Ability to Apply for Additional Funding in the Future1
  • No Hidden Fees

In addition to these benefits, when it comes to credit checks, ChoiceCash Title Loans only require one hard credit check—when an applicant decides they want to move forward with lending.

To get stared with a ChoiceCash Title Loan in Kentucky, head over to the official webpage to fill out an application. Once that information is submitted, a loan agent will contact you to talk about the next steps! Getting started with fast and easy funding is that simple1!

There are many ways that an auto title loan can impact a person’s credit. Whether this affect is negative or positive will largely depend on how the loan is handled and what an applicant’s existing credit situation looks like.

When looking for an auto title loan in Kentucky, one place to start is with a ChoiceCash Title Loan, serviced by LoanMart. These loans offer all the advantages of a standard auto title loan and so much more!

Other types of funding like unsecured payday loans have short terms and sky high interest rates, but ChoiceCash Title Loans keep your financial success in mind by offering convenient terms and competitive interest rates!2

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