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Prestige Financial auto loans review

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Prestige Financial auto loans

Our verdict

Hit the road with financing from this subprime lender — but be wary of its unsecure website.

Prestige Financial offers loans for new and used cars to people with less-than-stellar credit — you may even be able to get a loan if you've filed for bankruptcy. It also offers a rate-reduction program, but loans are only available through its network of dealers.

It doesn’t offer loans for other types of vehicles and you can't refinance a current loan with Prestige Financial. And while it does offer joint applications, you can't apply with a cosigner and you can't qualify if you're self-employed.

While Prestige Financial may be a beacon of light for those who have been denied funds elsewhere, its website isn't transparent or secure. Be cautious about applying with this lender and don't enter your Social Security number or any other sensitive information on its site. We strongly recommend comparing your other options before applying.

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Interest Rate Type Fixed
Requirements $2,250+ monthly income for an individual, $2,750+ income for a joint application, 18+ years old, US citizen or permanent resident

First, am I eligible?

Only a few requirements are listed on the Prestige Financial website.

  • Minimum income of $2,250 for individual applicants
  • Minimum income of $2,750 for joint applicants
  • Not self employed
  • Over 18 years old
  • US citizen or permanent resident

What types of car loans does Prestige Financial offer?

You’ll only find loans for new and used cars with Prestige Financial. And you’ll only be able to buy from one of its partner dealerships. Prestige Financial also doesn’t provide a way to locate which dealerships it works with on its website.

Pros and cons

Carefully weigh your options before applying with Prestige Financial.

Pros:

  • You can still qualify even with a bankruptcy on file or poor credit
  • Doesn’t require a down payment, but dealership might
  • Rate reduction program that can lower payments by 2% in a year

Cons:

  • Website is not transparent or secured
  • Must use a preferred dealership
  • Self-employment income isn’t accepted
  • Cosigners not allowed

See other car loan options

Compare vetted lenders with secure sites before applying with Prestige Financial.

Name Product Filter Values Minimum credit score APR Loan term Requirements
LightStream Auto Loans
Good to excellent credit
Competitive
2 to 7 years
Must have a good to excellent credit profile, be a US citizen or a permanent resident with a valid green card, have a valid Social Security number, credit card verification requested upon loan approval and have a valid US address.
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
CarGurus
CarGurus
Varies
Varies depending on the lender
3 to 6 years
Varies depending on the lender
CarsDirect auto loans
No minimum credit score
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Carvana
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.
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Prestige Financial reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews
Customer reviews verified as of 19 October 2020

You won’t find any customer reviews on the typical sites — both the Better Business Bureau (BBB) and Trustpilot don’t have a single one. It does, however, receive an A+ rating from the BBB.

How do I apply?

Because the website is not secure, we don’t recommend using the online application. To apply over the phone, call 877-454-9389. Approval time can be as little as one day. If your loan is approved, you’ll receive an email with conditional approval and a list of Prestige Financial preferred dealerships in your area.

What documents do I need to apply?

You’ll need to send the following to Prestige Financial when you apply.

  • Pay stub from the past 30 days
  • Utility bill from the past 30 days
  • Proof of active car insurance
  • Six personal references from people not living in your house
  • A copy of your driver’s license, along with any other drivers who will use the car

You may also need to provide proof of additional income, mortgage modification or authorization to purchase.

How do repayments work?

Repayments can be made online through your Prestige Financial account. By signing up for Rate Reduction Rewards, maintaining active car insurance, signing up for online communications and making timely monthly payments, you can earn a rate reduction. Every three months you meet the requirements, your rate drops 0.5%, up to 2% a year.

While Prestige Financial offers a rate reduction program and accepts applicants who filed for bankruptcy, it also has an unsecure site that isn’t transparent. Take the time to explore our guide to car loans to make sure your information is secure.

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Rhys Finder

Editor

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