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).

How much can you borrow via Drive Time Auto Loans?

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

What APR does Drive Time Auto Loans offer on its auto loans?

Drive Time Auto Loans offers a variable APR auto 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 charges a prepayment fee if you pay your auto loan early. This fee could reduce or eliminate the savings from paying the auto 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 an auto loan via Drive Time Auto Loans?

Drive Time Auto Loans will typically approve (or deny) an auto loan application within 1 hour and fund the 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.