An Auto Loan Even With Bad Credit
Purchasing a vehicle, whether it’s new or used, is something that not a lot of people can afford to do, which is why a lot of people are turning to auto financing to help them purchase a vehicle. When it comes to auto financing, though, there are actually a lot of options for you to choose from, which makes finding the right one a bit overwhelming.
Finding the right lender for your auto loan needs will be dependent on several factors. A big factor, of course, is the lender that you will be dealing and negotiating with. One such lender that you might likely encounter in your research is Prestige Financial Services, which offer the Prestige AutoFinance for vehicle loans.
The company specializes in providing auto loans to people who have poor credit and they have been doing this for more than 20 years.
Through its partnerships with different dealerships across the country, the company is able to provide individuals with the right financing they need in order to purchase the vehicle that they want.
But is the Prestige Financing Services the right lender for you? Is it a good idea to go with their program? This article will provide answers to that question to help you decide.
The Features of Auto Finance
Before we review further, let’s first discuss the features of this financing option, other than providing loans to people with fair to poor credit score, to see if it’s something worth trying out for yourself.
One of the main features that Prestige Financial Services has for their auto loan option is that they are providing one dedicated manager to each customer they have.
This means that you will have your own account manager to handle all of your concerns, which is a good feature because you won’t need to be talking to too many people.
Another feature of the program is that they provide personalized financing experience. This means that you will not only get a dedicated account manager, but you can also personalize how you interact with the manager, as well as get the kind of loan that will fit your need and requirement.
The company believes that each individual is different, which is why their dedicated account managers will take the time to get to know you and your financial situation to help you get the right financing that will fit your need.
You can also choose to enroll in Prestige Financial Services’ AutoPay program, where you can just authorize the company to make monthly withdrawals on your account at the time and date that you prefer they do it. This will help you avoid late payment fees since you will always be paying on time.
Lastly, the Prestige AutoFinance also has a Rate Reduction Reward, where you will have a chance to lessen your annual percentage rate (APR) by up to 2% per year. You will just need to meet certain eligibility requirements to and enroll for the program.
If you qualify, you will see your APR be reduced, depending on what rate reduction you qualified for.
These are some of the main features it offers, but are these features enough to convince you that they should be the lender you deal with for your auto financing needs? Let’s see first what their customers are saying about them.
What the Customers Are Saying About the Company
Looking at the reviews, you might think that Prestige AutoFinance is a terrible company to work with, considering there are actually a lot of complaints coming from different customers. However, after reading all of the complaints, you can see that these problems and issues they experienced can actually be avoided.
One of the common complains I see about Prestige Financial Services is that their people are rude and would like to harass their clients. But if you look closely, the rude people are basically the company’s collections officer.
This means, most of the people who experienced this rude behavior and harassing behavior are those who are likely late with their payments.
Another common complaint I see is the high-interest rates and fees they are paying Prestige, which somehow doubles or even triples the original value of the vehicle they purchased. From the looks of it, though, the high-interest rates and fees are reflective of the borrowers’ credit score.
This is actually something that a lot of lenders who cater to people with bad credit score do. They allow people with poor credit, but they will be charging high fees and interest rates for it.
Some complaints, though, seemed valid, like how the company keeps on adding whatever kind of fees to your monthly payments. I understand there will be fees for late payments, but some customers say the fees and interest rates being added are not included in the terms or were not discussed during the negotiation period.
Of course, not everyone has a bad experience with the company, as there are some who had good experience with the company.
Those who had a good experience with the company are happy about getting a cars loan approval, even if they have a bad credit score. Others are saying problems won’t be arising if you pay your monthly dues on time or inform the company ahead of time that you will be late, as they’re flexible enough to work with you.
Is Auto Finance Recommended?
Based on the features that Auto Finance has and the experience of their customers, this financing option is something that you can check out, especially if you have a poor credit score.
It’s hard to ignore all of the complaints that people have with the company, which makes it hard to really recommend them as your best choice for cars financing option. But a lot of the complaints stem from the fact that payments were delayed.
This is why it’s still something that is worth checking out, especially if you don’t have a lot of options for financing due to bad credit and you badly need a vehicle.
When you deal and negotiate with them, it’s important that you read the terms and conditions of the loan properly, to avoid any unwanted problems and issues that might arise, especially if you’ll have problems with the payments.
In this way, you can discuss with them things that you don’t really understand in the contract or negotiate about certain terms that you don’t find fair.
But if you are not sure that you will be able to pay consistently your debt on time, then I advise looking for a different lender, since the rudeness and harassment they will likely do to you for being late or missing a payment won’t be a pleasant experience.
Prestige AutoFinance is a company that offers auto loan to people who don’t really have a good credit score. As appealing as this might sound, it’s important to remember that the interest rates and fees you will be getting are higher, as compared to if you have a good credit score.
So it’s either you take a chance on this types of loans or improve your credit score first before getting an auto loan to get a lower interest rate.