Fast loans with a flat 60.83% APR for Arizona car owners.
When you need money fast, payday loans are off the table in Arizona — they’re illegal. Presto, an Arizona-based title lender, could help if you’re out of options. It offers installment loans backed by your car’s title starting at $1,000 in as fast as 30 minutes with no limits on your vehicle’s year or model. But you risk losing your car if you can’t pay it back.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
What is a Presto auto title loan?
A Presto auto title loan is a short-term installment loan backed by your vehicle’s title. You can still drive your car around while you’re paying it back over several months.
Loans start at $1,000 and terms can last as long as 1.2 years. Every title loan comes with an APR of 60.83%, regardless of your credit rating. You can get started on your application online, over the phone or in person. However, you’ll have to drive over with documents and references to complete the application and get your funds, which takes about 30 minutes.
What are the benefits of Presto auto title loans?
With its competitive rates and minimal fees, here are a few perks of borrowing with Presto:
No checking account required. This lender is one of your few options if you don’t have a bank account in Arizona.
Competitive rates for a title loan. It’s common for title loans to come with triple-digit APRs, but Presto charges 60.83% APR to all borrowers.
Coapplicants accepted. You can apply for a Presto auto title loan with a coapplicant to improve your chances of approval and share the burden of paying back the loan.
Can help rebuild your credit. Presto reports your repayments to all three credit bureaus, giving you a chance to build your credit score.
No prepayment penalty. You can save on interest by paying back your loan before it’s due.
What to watch out for
Weigh these potential drawbacks to decide if a Presto auto title loan is right for you:
You must be employed. While Presto is willing to work with borrowers who receive government benefits, you must have a job to be eligible for a loan.
Closed Sundays. You’ll have to apply for a loan on Saturday if you can’t make it on a weekday.
Not available to servicemembers. The Military Lending Act prohibits this lender from working with active servicemembers, reservists or their dependents.
Fee for online repayments. You have to pay a $4.95 fee if you choose to pay your loan through its website.
Website isn’t secure. Presto doesn’t encrypt any information you enter on its online application.
It’s still expensive. Don’t be fooled by the low rates on this loan — paying it back over several months can make it more costly than you’d expect.
While Presto advertises that its rates are half the legal limit for this type of financing, it might not mean that you’ll save. That’s because installment loans allow more time for interest to add up.
Let’s take a look at how a 30-day title loan and a 12-month Presto installment loan compare:
30-day title loan
12-month Presto installment loan
Interest and fees
Total loan cost
Your monthly repayment might be more affordable with Presto, but you’d pay over four times the interest that comes with a 100% APR 30-day loan. To avoid the high cost, take advantage of Presto’s lack of prepayment penalties and pay it back as fast as you can afford.
Is it safe to apply with Presto?
Generally, yes, though try to avoid applying online. None of its web pages are encrypted, meaning that it’s easy for someone to access information you submit through the online application. And while it doesn’t ask for your Social Security number online, you do have to provide where you live and work as well as your date of birth.
But despite its insecure website, it appears to be legit. It’s a member of the Arizona Title Loan Association, which sets best practice standards for the industry. It’s also been accredited with the Better Business Bureau (BBB) since 1985, which gives it an A+ rating based on factors like transparency and time in business.
Presto reviews and complaints
BBB customer reviews
1.83 out of 5 stars, based on 6 customer reviews
BBB customer complaints
Customer reviews verified as of
16 October 2020
There isn’t much online about Presto, common for a local lender. Many customers highlighted Presto’s helpful customer service team in their reviews, and several were pleased that they were able to improve their credit score by paying back their loan on time. A few were upset that they hadn’t been approved because of the quality of their vehicle or credit rating.
Am I eligible?
To qualify for a Presto title loan, you must:
Be employed. You need to have a job, even if you receive income by other means.
Be an Arizona resident. Presto doesn’t work with out-of-state borrowers.
Have an Arizona title on your vehicle. If you bought your vehicle elsewhere, you must get an Arizona title from the DMV to qualify for this loan.
Have a valid state ID. Lenders commonly ask to see your driver’s license to verify your identity and residency.
Not be a servicemember. Presto doesn’t lend to anyone on active duty, in the reserves or their dependents.
Be older than 18. This is the minimum legal age to take out a loan in Arizona.
Unlike some title lenders, Presto runs a credit check when you apply, and a poor credit rating could affect your application. And while it doesn’t have limits on your vehicle’s age, model or mileage, it must pass an inspection before you can get your loan.
How do I apply?
You can apply for a Presto title loan online, over the phone or in person. Here’s how to get started online:
Go to the Presto website.
Scroll down and click Apply Online Now!
Enter information about yourself, your car, your job and your coapplicant if you’re applying with someone else.
Read the Equal Credit Opportunity Act notice and check the box verifying that you understand. Click Submit.
A Presto representative will get in touch with a decision. If you’re approved, they’ll set up an appointment for you to bring your vehicle in for inspection along with documents needed to complete your application. Once you sign your loan documents, you’ll receive your funds in as little as 30 minutes.
What documents do I need?
Bring the following with you to the Presto location to complete the application process:
Your car. You’ll need to bring your car for inspection.
An Arizona title. If you’re using your title to back another loan, bring a statement from your lender.
Proof of income. Presto accepts pay stubs, tax returns, W2 forms or bank statements.
Proof of insurance. You’re required to have comprehensive and collision car insurance on loans over $2,000.
Proof of residence. Presto accepts a lease, mortgage or utility bill as proof that you’re an Arizona resident.
Four personal references. You need the names and contact information of four people who don’t live with you that can vouch for your identity and character.
I got the Presto auto title loan. Now what?
You’re on the hook for repayments according to the terms of your loan. Reach out and ask a representative what your repayment options are — you don’t necessarily need to have a bank account to get or pay back your loan.
While you can make repayments online, you might want to avoid it if possible. That’s because Presto processes its online repayments through a service that charges a $4.95 fee.
If you have any questions or concerns, reach out to customer service as soon as possible by calling 602-277-2000.
Presto auto title loans might be one of the fastest financing options out there for Arizona residents who can’t qualify for a personal loan or don’t have a bank account. While its rates are competitive for a title loan, it’s still expensive. Plus, its website isn’t secure, meaning you might not want to apply online.
You can find a list of Presto locations on its site by clicking Locations in the main navigation bar.
The best time to apply is during Presto’s business hours. Presto is open on weekdays from 8:30 a.m. to 6:30 p.m. and Saturdays from 9 a.m. to 5 p.m. It’s closed on Sundays.
No, Presto only accepts direct transfers from your bank account or debit card repayments online.
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