Does DriveTime have high interest rates? (2024)

Does DriveTime have high interest rates?

DriveTime offers interest rates as low as 5.9%, on approved credit. Maximum interest rates are typically determined by each state's usury limit laws (maximum allowable interest rate by law). One thing that is different with DriveTime is that you work directly with the Sales Advisor to build your loan.

How much interest does DriveTime charge?

People with good credit, bad credit, and no credit can all be approved, with interest rates starting at 7.9%. Read on for pros and cons of buying a car with DriveTime's in-house financing.

Why is my down payment so high on DriveTime?

Higher priced vehicles will generally require a higher down payment and less expensive vehicles will require a lower down payment. Schedule a visit with your local DriveTime dealership for more specific information - https://www.drivetime.com/dealership/find.

Can you negotiate price at DriveTime?

DriveTime is a “No-Haggle Dealership,” where there is no negotiation and the price you see is the price you get.

Is DriveTime down payments real?

DriveTime payment

All financing for a DriveTime purchase is done in-house, and the company is open to accepting any credit score, including no credit at all. DriveTime down payments will vary based on the price of the vehicle and the customer's financial situation.

What are the benefits of buying from DriveTime?

Offering a 5-day return guarantee, including a 30-day limited warranty, providing free AutoCheck history reports and putting all of our vehicles through multi-point inspections are just a few reasons why we are America's most trusted used car dealer helping people with credit issues. Where is DriveTime headquartered?

Does DriveTime put trackers on cars?

Inilex Inc. recently signed a deal with DriveTime Automotive Group Inc. of Phoenix to install the technology on the dealer's cars to help it track vehicles on its lots, as well as those sold to customers deemed high-risk because of low credit scores.

What is proof of income for DriveTime?

Get behind the wheel faster by bringing in your valid driver's license, proof of residence (typically a utility bill), proof of income (typically a pay stub) and proof of insurance.

What car payment is too high?

Financial experts recommend spending no more than 10% of your monthly take-home pay on your car payment and no more than 15% to 20% on total car costs such as gas, insurance and maintenance as well as the payment. If that leaves you feeling you can afford only a beat-up jalopy, don't despair.

How can I lower my car loan rate?

Are CarMax and DriveTime the same?

Large used-car retailers like CarMax and DriveTime function like independent dealerships, but they're different for a number of reasons. For example, CarMax calls for inspections of all of its cars for sale, and each comes with a free vehicle history report and safety recall report. DriveTime's program is similar.

Is Carvana and DriveTime the same?

In 2013, DriveTime became the majority owner of Carvana; the two companies are operated completely separately. Carvana was founded in 2012 and launched nationwide in November 2013. The Phoenix-based company is an online used car retailer.

Is DriveTime like Carvana?

One key area where DriveTime is different from Carvana is that DriveTime is a used car retailer, while Carvana is a direct-to-consumer car retailer that sells both new and used cars. In essence, DriveTime only sells used vehicles, while Carvana offers a broader range of both new and used cars.

Is DriveTime a predatory lender?

CFPB took action against a “buy-here, pay-here” car dealer. DriveTime must pay $8,000,000 as a civil money penalty, end its unfair debt collection tactics, fix its credit reporting practices, and arrange for harmed consumers to obtain free credit reports.

Does DriveTime hit credit?

Used Car Auto Loans at DriveTime. Your terms with no hit to your credit! in two clicks. We respect and value your privacy.

How does DriveTime layaway work?

A layaway program is a payment program offered by DriveTime. It allows you to have the car of your choice by putting it on hold and placing a deposit on the vehicle, but you cannot drive until you have the necessary funds to complete the purchase.

What GPS tracker does DriveTime use?

PHOENIX — Drive Time announced it has selected Inilex to be the supplier of GPS-based vehicle tracking and recovery solutions for its 89 dealership locations.

What credit bureau does DriveTime use?

Yes, DriveTime via Bridgecrest Credit Company (formerly known as DT Acceptance Corp) will report all activity to the three major credit bureaus: Experian, Equifax, and Transunion. They will report on-time payments as well as late payments.

How does Bridgecrest repossession work?

Repossession: Bridgecrest hires repossession agents who can legally take back your car. They can't use force or break into locked areas. Notice and Sale: After taking your car, Bridgecrest must tell you. You get a chance to pay what you owe and get the car back.

Does DriveTime verify employment?

Verify DriveTime Employees

The process is simple and automated and most employees are verified in under 24 hours. You only pay for successful verification and can save on average 50% compared to competitors.

How do you know if your car has a tracker from the dealership?

First, check with the salesperson or manager who sold you the car. They may be able to tell you if a tracker was installed during the sale. If not, they should be able to give you the contact information for the person who installed any tracking devices on the car. Next, take a look around the exterior of your car.

How do banks verify income for auto loan?

If you're applying at a financial institution where your income is regularly deposited, they will most likely have what they need, as well. But it's best to assume that you'll need to back up what you listed for income on your application. Very simply, a tax return or paystub will do the trick.

Does Carvana ask for proof of income?

You may be asked to submit proof of income and/or proof of employment during the purchase process. If you're self-employed, we require documentation to verify your income.

What is proof of your income?

If you're applying for a mortgage or rental agreement, you'll likely need to provide proof of income. Some common documents to have on hand: paystubs, tax returns, W-2 and bank statements, among others.

What car can I afford with a 40k salary?

on the price of a car. is not to exceed 35% of your gross income. That means if you make $40,000 a year, the cars price should not exceed $14,000. If you make $80,000, the cars price should be below $28,000. And at 150 k salary, that means your max car price should be 50 2500.