Title Loans offer a fast efficient way to get cash when you need it, but not all lenders are the same. Many charge higher interest rates than Presto, which can make it difficult to pay off your loan. Borrowers can find themselves with hefty payments and might end up paying far more than they anticipated.
At Presto Title Loans, we believe in transparency, offering the lowest rates in the industry and borrower-friendly repayment terms. In this guide, we’ll uncover some industry surprises that many lenders don’t take the time to disclose and show you why Presto is a better choice when facing a challenging financial situation.
The Biggest Myths About Title Loans
Myth #1: All Title Loans Have the Same Interest Rates
The Facts: Interest rates vary widely, and some lenders charge double or even triple what others do. Without doing your research, you could be stuck with a high-cost loan that perhaps you could have avoided.
How Presto Is Different: We offer low-interest rate Title Loans — some of the lowest in the industry, in fact — saving you hundreds or even thousands of dollars over the life of your loan.
Myth #2: Your Loan Payments Always Reduce Your Debt
The Truth: Some lenders may structure loans with interest-only payments, meaning your principal balance doesn’t decrease. This keeps you paying for longer and racking up expensive interest charges.
How Presto Is Different: Our loans are fully amortized, meaning every payment you make goes toward reducing both the principal and interest. This helps you pay off your loan much faster.
Myth #3: You’ll Be Penalized for Paying Off Your Loan Early
The Truth: Some Title Loan companies may charge a prepayment penalty, costing you unnecessary money when you are ready to pay off your loan.
How Presto Is Different: We never charge a prepayment penalty. If you can pay off your loan early, you should be able to do so without incurring any extra charges or fees.
The Fine Print That May Cost You More
Some borrowers may not realize how much money they’re being charged for their loan because they haven’t taken the time to analyze it’s overall cost by studying the terms of their loan agreement. Here are some of the bigger things to look for:
- Hidden fees. Application fees, processing fees, and prepayment penalties are things to be aware of. These can add up quickly, making your loan more expensive over time.
- Balloon payments. Some lenders offer “low monthly payments” but require a lump sum at the end of the loan term. Borrowers who can’t afford the final payment can get forced into another costly loan cycle.
- Rolling over loans. Some lenders allow borrowers to increase their loan balance repeatedly, which can substantially increase the cost of the loan. This may keep a borrower in debt for an extended period of time.
At Presto Title Loans, there are no hidden fees or balloon payments, and our discounted interest rates guarantee that your loan will be paid off faster — saving you buckets of money.
Tips for Avoiding These Traps
- Ask for the full loan details upfront. A reputable lender should thoroughly disclose the facts and truth about your Title Loan, being transparent about rates, terms, and the total cost of your loan, and provide you with an easy-to-understand explanation of your repayment terms and associated costs.
- Ask for a loan calculator. Presto Title Loans provides a calculator so you can see exactly what you’ll pay over the term of the loan.
- Choose a lender with no hidden fees. Presto offers simple, easy-to-understand terms with no surprises.
How Do Title Loans Work in Arizona with Presto?
At Presto Title Loans, we stand out from the competition by offering affordable Title Loans that don’t saddle borrowers with unnecessary debt. Here’s what makes us different:
- Lowest Title Loan interest rates in Arizona. Our rates are often up to half of what competitors charge
- Lower Monthly payments. Lower rates mean a lower monthly payment, so it is easier to manage your finances.
- Fully amortized loans. Every payment reduces both principal and interest, so you can pay off your loan faster.
- No prepayment penalties. Pay off your loan early without any extra fees.
- Simple, transparent terms. No hidden fees, no surprise charges — just straightforward, easy-to-understand borrowing.
How to Get a Fair, Affordable Title Loan
Applying for a Title Loan with no hidden fees shouldn’t be complicated. Presto Title Loans makes it easy:
- Compare rates. Use Presto’s loan calculator to see how much you can save.
- Apply online, in-store, or by phone. Choose the method that works best for you.
- Get approved and drive away with cash. Keep your car while getting the money you need.
- Instant funding. We fund your loan proceeds instantly to your bank account, or you can pick up your check at any of our store locations.
- Make smart payments and pay off early. Take advantage of our flexible, borrower-friendly repayment options. Pay a little extra with your regular payment each month and pay off your loan faster and save money.
The Bottom Line
Borrowers deserve clear terms, the best rates available, and a repayment schedule to fit their budget — and not hidden fees or unaffordable payments.
At Presto Title Loans, we offer low rates, fully amortized payments, and zero prepayment penalties so you can pay off your loan faster and save money.
Looking for a Title Loan with no surprises? Apply with Presto today and experience the difference.