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  888 Drop My Rate

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888 Drop My Rate

in Auto Loan Refinancing from Prestige Financial Services Inc.

Out of Business

888 Drop My Rate

in Auto Loan Refinancing from Prestige Financial Services Inc.

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Highlights
Credit Score Range 300 - 700
Loan Amount $5,000 - $50,000
APR  (Fixed APR) Starting at 5%
Loan Term (Months) 24 - 72 months

888 Drop My Rate Review

888 Drop My Rate is an auto loan refinance offering by Prestige Financial Services Inc., based in Salt Lake City, UT. Founded in 1994, Prestige Financial Services Inc. offers auto refinance loans in 50 states (and Washington, DC).

Key Takeaways
  • Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 300 are considered for 888 Drop My Rate.
  • Refinancing for large loan amounts. You can refinance auto loans of up to $50,000 with 888 Drop My Rate.
  • Hard credit pull required. You can't check your rates or see if you prequalify for 888 Drop My Rate without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the auto refinance loan early.
  • No origination fee. 888 Drop My Rate does not charge a loan origination fee.
  • Long loan terms. 888 Drop My Rate offers loan terms of up to 72 months. Most auto refinancing loans have a maximum term of 60 months.
888 Drop My Rate Pros & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • Available in all 50 states.
  • 888 Drop My Rate does not report to credit bureaus.
  • Considers applicants with fair credit.
  • Charges an origination fee of up to 0% of the loan amount.
  • Do not offer pre-approval with soft credit pull.
  • Charges prepayment fees.
  • Charges a late fee.
888 Drop My Rate FAQ

How much can you borrow via 888 Drop My Rate?

Auto refinance loan amounts start at $5,000 and go up to $50,000.

What are the auto loan refinancing rates offered through 888 Drop My Rate?

888 Drop My Rate offers a fixed APR auto loan refinancing product that ranges from 5% APR.

What is the maximum loan term you can get with 888 Drop My Rate?

888 Drop My Rate offers auto refinancing with terms ranging from 24 to 72 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does 888 Drop My Rate charge an origination fee on auto refinance loans?

Yes, 888 Drop My Rate charges a loan origination fee of 0% of the loan amount. 888 Drop My Rate deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does 888 Drop My Rate charge a late fee?

Yes, auto refinance loans via 888 Drop My Rate are subject to late payment penalty fees.

Does 888 Drop My Rate charge prepayment fees?

Yes, 888 Drop My Rate does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early.

What do you need to qualify for 888 Drop My Rate?

The minimum age to be eligible is 18 or the state minimum, whichever is higher.

888 Drop My Rate does not have or does not disclose a minimum annual income eligibility requirement. 888 Drop My Rate only considers borrowers who are employed. Note that borrowers can add a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via 888 Drop My Rate. Their rates fall within the limits of The Military Lending Act.

Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Recent pay stubs
  • Driver's license
  • Proof of identity
  • Proof of citizenship or residence permit

What is the estimated funding time for an auto loan refinance with 888 Drop My Rate?

Auto refinance loan applications are typically approved (or denied) within 1 hour and funded within 7 to 14 days of approval.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Other Services by Prestige Financial Services Inc.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Application Fee $0
Origination Fee (%) 0%
Credit Score Range 300 - 700
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered U.S. Permanent Resident
Joint Loan Applications Accepted
  • Co-borrower
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Identity
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
APR (Fixed APR) Starting at 5%
Loan Term 24 - 72 months
Loan Amount $5,000 - $50,000

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