Prestige Financial auto loans review: People with bad credit and bankruptcies may qualify

Young couple holding keys to their new car that they bought with Prestige Financial financingImage: Young couple holding keys to their new car that they bought with Prestige Financial financing

In a Nutshell

Prestige Financial offers loans for vehicles purchased from its preferred franchise dealerships. People with bad credit or past bankruptcies might be able to qualify for financing, but the company doesn’t disclose certain details about its loans online.
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  • Considers people with bad credit or a bankruptcy
  • Offers the ability to apply for preapproval
  • May reduce your interest rate through its Rate Reduction Rewards program


  • Loans available for new or near-new cars only
  • Not all potential applicants will be eligible for preapproval
  • You must buy your vehicle from a preferred dealer

What you need to know about Prestige Financial auto loans

Headquartered in Draper, Utah, Prestige Financial Services, Inc. partners with certain franchise car dealerships across the country to offer auto financing.

Limited loan options

Prestige Financial only offers loans for new and near-new cars. So if you’re interested in refinancing your car loan, buying out your lease or buying a car from a private seller, this finance company won’t be a fit.

Considers people with less-than-perfect credit

Getting an auto loan with bad credit can be tough. But Prestige Financial considers people with low FICO® scores or a recent bankruptcy. So those who are going through a Chapter 7 bankruptcy or who have finalized a repayment plan under a Chapter 13 bankruptcy can potentially qualify for a loan.

While you don’t necessarily need good credit, Prestige lists several requirements if you want to apply for preapproval. You must have a minimum income of $2,250 if you’re applying as an individual or $2,750 if you’re applying with a joint applicant. And if you’re self-employed, you’re out of luck — Prestige won’t consider income from self-employment. Also, keep in mind that you can’t add a co-signer to your preapproval application — you can apply only with a spouse or someone else you have joint credit with. 

Interest rates may be high, even with rate discounts

People who get a loan through Prestige may qualify for an interest rate reduction of 0.5% every three months, up to a maximum reduction of 2% annually. But to get these interest rate discounts, you must register for the Rate Reduction Rewards program, choose to receive electronic communications, enroll in automatic payments, make on-time payments each month and maintain qualifying vehicle insurance.

But if your loan annual percentage rate, or APR, drops to 14%, you’ll no longer qualify for future rate reductions. 

You won’t find out much about Prestige Financial loans until you apply

Prestige doesn’t offer much information about its auto loans on its website, including minimum or maximum loan amounts, loan rates or loan terms. You won’t get a sense of estimated loan terms, rates or monthly payment until you’re preapproved. And while you’re required to buy your vehicle from a partner dealer, Prestige doesn’t list its partners, and you won’t know where you can shop until after preapproval.

And remember that preapproval isn’t a guarantee of loan approval, and your estimated loan rate and term may change once you finalize your loan application.

The good news is that Prestige Financial makes it easy to apply online or via phone. Within one business day of applying, you’ll find out the status of your application. You’ll also receive a certificate of preapproval via email that you can take to a partner automobile dealership so you can begin shopping right away.

A closer look at Prestige Financial auto loans

If you’re considering an auto loan from Prestige, here are a few other details to know.

  • You may not need to put money down. While some auto loan lenders require you to make a down payment, Prestige Financial isn’t one of them. But the partner dealership may require a down payment — and you won’t find out until you visit the dealer.
  • A lot of documentation is required if you’re preapproved. You’ll need to submit a lot of paperwork in the preapproval application process, including a recent pay stub, utility bill and six personal references who don’t live with you.

Is a Prestige Financial auto loan the right fit for you?

Prestige may be a good option if you’re having trouble qualifying for an auto loan because of bad credit or financial difficulties, such as a bankruptcy. If you’re only able to get approved for a high loan rate, Prestige’s rate reduction program could help you reduce the amount of interest you pay over the life your loan.

But if you can qualify for better rates elsewhere or want more flexibility in where you can shop for a car, Prestige may not be right for you. And if you want a less-expensive, older used car, you’ll need to consider a different lender.

How to apply for a loan from Prestige auto loans

You can apply for preapproval from Prestige online or over the phone. You’ll need to provide a valid driver’s license, proof of income and active vehicle insurance, and a recent utility bill. And if you’ve recently filed for bankruptcy, you’ll need to provide your attorney’s name as well as proof of an approved Chapter 13 payment plan or your Chapter 7 case information so that Prestige can view court filing documents online.

Before you apply for an auto loan with Prestige, it’s a good idea to check your credit and compare other loan offers. Understanding your credit can help set expectations. In general, lower credit scores will result in higher interest rates. And shopping around can help you find the best loan rate and terms for your needs. Read our article on how to get a car loan to learn more about the process.

Not sure if Prestige Financial is right for you? Consider these alternatives.

If you aren’t sure whether an auto loan from Prestige Financial Services is right for you, here are a couple of other options to consider.

  • Auto Credit Express auto loan: Auto Credit Express may be ideal if you want the ability to apply with a co-signer.
  • Tresl auto loan: This lender could be good for someone who wants to refinance their car or buy out a lease.

About the author: Christy Rakoczy Bieber is a full-time personal finance and legal writer. She is a graduate of UCLA School of Law and the University of Rochester. Christy was previously a college teacher with experience writing textbo… Read more.