Start your financing online without hurting your credit score.
DriveTime helps U.S. buyers with low scores or no credit history at all.
What you see is what you pay—no games, no pressure at the dealership.
Enjoy added peace of mind with DriveTime’s limited warranty and 5-day return policy.
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Quick Online Approval Process+
Start your application with just a few clicks. DriveTime uses a soft credit check—meaning no impact on your score—and provides a real financing decision within minutes.
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Browse Cars Already Matched to You+
Once approved, DriveTime shows you a personalized list of used cars from their nationwide stock — all based on your real budget and eligibility.
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Finalize at a Local DriveTime Dealership+
Once you choose your car online, visit a DriveTime location near you for a test drive. A team member will walk you through the paperwork and hand over the keys—no pressure, just a smooth finish.
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Trade In to Lower Your Down Payment+
DriveTime can quickly appraise your trade-in and apply its value directly toward your new car. It’s a smart way to reduce your upfront cost and simplify your deal.
Explore DriveTime’s high-approval auto loans, ideal for buyers with credit challenges—but know the trade-offs before signing.
Introduction: A Second Chance to Own a Car
For many Americans with low or no credit history, getting a car loan seems nearly impossible. That’s where DriveTime steps in—offering auto loans with high approval rates, even for those with recent bankruptcies or subprime credit scores. But while the path to car ownership is accessible, the cost can be steep.
Pros of DriveTime Auto Financing
- High Approval Rates: Even with a 520–580 credit score
- No Hard Pull Pre‑Approval: Apply online without affecting your credit
- Flexible Down Payments: Options starting as low as $500
- In-House Inventory: No third-party lenders; car and loan under one roof
- Extended Warranty Options: Up to 5 years of coverage available
Example: Realistic Loan Simulation
Used 2019 Nissan Altima SV
- Price: $17,995
- Down Payment: $1,000
- Loan Term: 60 months
- APR: 18.99%
- Monthly Payment: ~$459
- Total Paid: ~$27,540
Compare that to a traditional lender at 9.5% APR, where the same car might cost ~$22,500 total. The convenience has a cost.
DriveTime vs. Traditional Lenders vs. Buy Here Pay Here
| Feature | DriveTime | Capital One | Local BHPH Lot |
|---|---|---|---|
| Approval w/ Low Score | ✅ | ⚠️ Requires 600+ | ✅ |
| APR Range | 14.99% – 24.99% | 7.5% – 16.99% | 20% – 29.99% |
| Vehicle Selection | ✅ 1,500+ options | ❌ Third-party only | ⚠️ Limited |
| Reports to Bureaus | ✅ All 3 | ✅ | ⚠️ Sometimes |
| Warranty Included | ✅ Optional Plans | ❌ Separate | ❌ Often None |
Requirements for Approval
- Valid U.S. ID or driver’s license
- Minimum income of ~$1,500/month
- Recent pay stub, bank statement, or benefits proof
- Down payment (varies per model and location)
- Active phone number and residence info
Tips to Lower Your DriveTime Loan APR
- Bring a Co‑Buyer: Someone with higher credit can reduce your rate
- Increase Your Down Payment: More upfront = lower total cost
- Choose Newer Models: Cars under 5 years old get better terms
- Prequalify Online: Avoid surprises at the dealership
Customer Feedback (from Reddit & Forums)
“They approved me fast, but the payments are crazy. $480 a month for a 10-year-old car.”
“I paid on time for 2 years and they didn’t lower my rate once.”
“Last resort financing. Helpful if you’re stuck, but you overpay.”
Who Should (and Shouldn’t) Use DriveTime
Good Fit:
- Recently bankrupt or rebuilding credit
- No access to co-signers
- Need car ASAP for work or family
Not Ideal:
- Buyers with access to credit unions or banks
- Long-term financing seekers (over 60 months)
- Anyone wanting a car that retains value
Final Word
DriveTime fills a real need for car buyers who’ve been turned away elsewhere. But it’s crucial to understand the trade-offs: higher APR, fast depreciation, and limited vehicle equity. Always compare against other subprime lenders or credit union options.
➡️ Want to explore safer alternatives or compare prequalification offers? See Page 2 for smarter ways to finance a car with fair or bad credit.
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