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  Drive Time Auto Loans

Drive Time Auto Loans

in Auto Loans from Drive Time

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Drive Time Auto Loans

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in Auto Loans from Drive Time

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Highlights
Credit Score Range 600 - 840
Loan Amount $7,000 - $35,000
APR  (Variable APR) N/A
Loan Term (Months) N/A

Drive Time Auto Loans Review

Drive Time Auto Loans is offered by Drive Time, a bank founded in 2002 and based in Tempe, AZ. Drive Time Auto Loans is available in 50 states (and Washington, DC).

Drive Time auto loans FAQ

How much can you borrow via Drive Time auto loans?

Drive Time auto loans loan amounts start at $7,000 and go up to $35,000.

What APR does Drive Time auto loans offer on its car loans?

Drive Time auto loans offers a variable APR car loan product but they do not disclose their rates.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

Does Drive Time auto loans charge an origination fee?

Yes, Drive Time auto loans may charge a loan origination fee.

Does Drive Time auto loans charge a late fee?

Yes, Drive Time auto loans charges borrowers with a late payment penatly fee of up to $5, which is triggered if you're 15 days late.

Does Drive Time auto loans charge prepayment fees?

Yes, Drive Time auto loans does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my Drive Time auto loans loan?

Yes, you can. However, Drive Time auto loans charges a prepayment fee if you pay your car loan early. This fee could reduce or eliminate the savings from paying the car loan early.

What do you need to qualify for Drive Time Auto Loans?

Applicants with a credit score of at least 600 and up to 840 may be eligible for Drive Time Auto Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Drive Time Auto Loans does not have or does not disclose a minimum annual income eligibility requirement. Drive Time Auto Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Drive Time Auto Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Drive Time Auto Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Recent pay stubs
  • Proof of income
  • Proof of insurance
  • Driver's license
  • Government issued photo ID
  • Proof of identity
  • Proof of residence
  • U.S. tax identification number

What is the estimated funding time for a car loan via Drive Time auto loans?

Drive Time auto loans will typically approve (or deny) a car loan application within 1 hour and fund the car loan within business day of approval.

Does Drive Time Auto Loans report your account activity to credit bureaus?

Yes, Drive Time Auto Loans reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 8:00am - 5:00pm
  • Tuesday 8:00am - 5:00pm
  • Wednesday 8:00am - 5:00pm
  • Thursday 8:00am - 5:00pm
  • Friday 8:00am - 5:00pm
  • Saturday Closed

About Drive Time Auto Loans

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Late Fee Amount Starting at $5
Late Fee Grace Period 15 days
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Maximum Mileage 150,000
Maximum Vehicle Age 13
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Insurance
  • Proof of Residence
  • Recent Pay Stubs
  • Social Security Number
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
Credit Score Range 600 - 840
Approval Speed 1 hour
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Customizable Payment Dates
Funding Time Range Starting at 1 day
Payment Options
  • Automatic Payments
  • Bank Transfer
  • Check by mail
Loan Amount $7,000 - $35,000

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