DriveTime Auto Loans: A Supportive Route

DriveTime Auto Loans are a viable path when credit history closes doors elsewhere—but they come with major trade-offs .

When credit challenges make traditional auto loans hard to qualify for, DriveTime offers a way forward through its Buy Here, Pay Here (BHPH) approach. They combine car sales and auto loans under one roof, handling everything through their in-house lender, Bridgecrest . With 140+ dealerships across the U.S., DriveTime gives access to vehicles—even when others might say “no”—but it comes with trade-offs like higher rates and stricter terms.

What Makes DriveTime a Choice for Many

• Approval chances—even with poor credit
  DriveTime works with people who’ve been denied elsewhere, making credit history less of a barrier.
• Everything in one place
  Tests, inspections, warranties, and financing happen during your dealership visit—through Bridgecrest—smoothing out the process.
• Transparent prequalification (soft credit pull)
  You get an estimate of your down payment and monthly payment without affecting your credit—no surprises during application.
• Flexible down payments
  The down payment is adjusted based on your affordability, not a rigid set amount, making vehicle access easier.
• Fixed prices—no haggling
  Every vehicle comes at a set price with no negotiation, helping reduce stress and uncertainty.

Things to Think About

• High interest rates
  DriveTime specializes in subprime lending—expect APRs between 14% and 20%+, much higher than credit-union or bank rates .
• Vehicle reliability varies
  Cars are reconditioned but not brand-new. Warranties are limited—repairs might pop up more often .
• Mixed user reviews
  While some appreciate accessibility, others report issues—billing confusion, high rate awareness, even repossession threats .
• Bills can be strict
  Contracts often come with tight repayment rules and penalties for late payments or missing an installment .

What to Do Before Signing

1. Check your budget first
   Use tools like a budget calculator to ensure you can meet weekly or monthly payments—don’t just budget for the car.
2. Compare prequalified offers
   Even if credit is tight, explore credit unions or smaller lenders to see if better rates are available—even with a soft pull.
3. Set aside extra cash
   Because vehicles are used, you should plan for unexpected repairs or downtime—push for test drives longer than five days.
4. Understand the contract fully
   Before signing, go through the APR, finance charges, payment schedule, and what happens if you miss a payment or want to return the car.

How to Apply for a DriveTime Auto Loan

1. Pre-Qualify Online (Soft Pull)
   Visit drivechats.com, input your basic info (name, income), and get an idea of what you can afford—no credit score impact.
2. Visit a DriveTime Dealership
   Bring driver’s license, proof of income (pay stub or bank statement), and proof of residency. Staff will match you with affordable options.
3. Choose & Inspect a Car
   Pick from their in-stock, reconditioned vehicles. They run basic safety and mechanical checks and provide a 30-day/1,500-mile limited warranty.
4. Apply for Financing (Hard Pull)
   When you’re ready, the dealer submits your official application to Bridgecrest. A hard credit check then locks in your rate.
5. Review, Sign & Pay Down
   Study the financing agreement, confirm all fees, sign the loan document, and make your required down payment. Then drive it home.
6. Use the 5-Day/300-Mile Return Policy
   You have a short grace period to return the car if issues arise—but not all dealerships honor it equally.
7. Manage Your Loan Weekly or Monthly
   Payments go through Bridgecrest—via their app, phone, or in person. Stay current to avoid penalties or repossession.
8. Refinance Later
   Once your credit improves, exploring refinancing with a credit union or online lender can help reduce your interest rate.

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