DriveTime Auto Loans: An Accessible Option

DriveTime offers a lifeline for those who can’t get traditional auto loans—but it’s far from ideal. 

For drivers with poor or no credit, DriveTime offers a simplified, one-stop path to financing a car through their Buy Here, Pay Here (BHPH) model. They provide both the vehicle and the loan in-house via Bridgecrest, their affiliated lender  . With over 140 dealerships and state-wide coverage, DriveTime gives access where traditional lenders often hesitate  . But this accessibility comes with trade-offs: high interest rates, strict terms, and potential vehicle concerns.

🚗 Why Some Buyers Choose DriveTime

• Guaranteed approval (often)
  DriveTime specializes in serving buyers that banks turn away, making credit an afterthought  
• In-house financing via Bridgecrest
  They underwrite loans themselves—even vehicle inspections and financing happen all under one roof  
• Soft credit pull up front
  You can get personalized terms and estimated monthly payments without impacting your credit score  
• Flexible down payments
  Down payments are based on your situation—not fixed, giving room for those with limited cash up front  
• Simple, no-haggle buying experience
  Fixed prices and clear entitlement help keep things straightforward—no dealer pressure needed  

💡 What to Know Before You Buy

1. Prequalify online
   Get an estimate of terms, down-payment, and monthly payment with a soft pull—no impact on your credit .
2. Visit the dealership
   Bring ID, income proof, residence info, and see which vehicle works for your budget.
3. Complete inspection & financing
   Vehicles undergo a reconditioning phase and come with basic inspections, warranties, and service contracts  .
4. Review and sign your loan
   Expect no-haggle pricing but watch for high APR and document fees in the final contract.
5. 5-day/300-mile return policy
   Carvana bumps it to 7 days/400 miles, but DriveTime gives you a brief window to rethink.
6. Get covered—but read small print
   Warranties typically span 30 days/1,500 miles, while optional service plans may be costly  
7. Budget for ongoing costs
   Be sure your budget includes maintenance, insurance, and higher payments due to subprime rates.

📝 How to Apply for a DriveTime Auto Loan

1. Start with Online Prequalification (Soft Credit Check)
   Head to DriveTime’s official website and fill out a short form with your basic info—like name, address, income, and employment. This step gives you a personalized estimate of your down payment and monthly payment without affecting your credit score.
2. Visit a DriveTime Dealership
   Bring your driver’s license, proof of income (like a pay stub or bank statement), and proof of residence. A sales associate will walk you through available vehicles based on your prequalified terms.
3. Choose Your Vehicle and Get an Inspection
   Pick a used, reconditioned car that fits your budget. All vehicles go through a basic inspection and come with a limited 30-day/1,500-mile warranty.
4. Move Forward with the Full Credit Application (Hard Pull)
   Once you’ve selected a vehicle, you’ll need to complete a full credit application. This step includes a hard credit inquiry and determines your final interest rate and loan terms.
5. Review and Sign Your Loan Agreement
   Carefully go over the loan terms, including APR, loan duration, fees, and optional protection plans. Make sure you understand everything before signing the agreement.
6. Make Your Down Payment and Take the Car Home
   After signing, you’ll pay the agreed-upon down payment. If everything checks out, you can drive away the same day.
7. Use the 5-Day Return Policy if Needed
   If you change your mind or something doesn’t feel right, DriveTime allows returns within 5 days or 300 miles—whichever comes first.
8. Manage Payments Through Bridgecrest
   DriveTime loans are serviced by Bridgecrest. You can set up weekly, biweekly, or monthly payments online, by phone, or in person.
9. Consider Refinancing in the Future
   If your credit improves over time, look into refinancing your loan through a bank, credit union, or online lender to lower your rate.

When you click, you will be redirected