Up2Drive offers direct installment loans for financing or refinancing the purchase of motor vehicles. The company is a division of BMW Bank of North America, which is a subsidiary of BMW Financial Services NA, LLC. The Corporation was founded in 1993 to provide leasing, wholesale and retail financing services to BMW customers. BMW Financial Services NA, LLC has over $24 billion in assets and an A rating from the BBB.
How Do Up2Drive’s Auto Loans Work?
Up2drive offers three types of loans: new car financing, used car financing and auto refinancing. To be eligible for a new car loan, the purchase must be made at a franchised dealership and mileage cannot exceed 6,000 miles. To be eligible for a used car loan, the purchase must be made at a franchised dealership or an approved independent dealer; mileage cannot exceed 100,000 miles, and the vehicle cannot be older than seven years. up2Drive auto loans will not cover motorcycles, commercial vehicles or recreational vehicles.
What Are the Rates for Up2Drive’s Auto Loans?
Up2Drive rates depend on many factors including a customer’s creditworthiness, the loan term, the loan amount and the type of vehicle.
- For a loan with a term of 36 months, rates start at 3.19% APR.
- For a loan with a term of 60 months, rates start at 3.39% APR.
- For a loan with a term of 72 months, rates start at 3.69% APR.
The starting APRs assume excellent credit history and reflect enrollment in the company's EasyPay feature, which automatically deducts your monthly payment from a linked bank account. If you do not enroll in EasyPay, you will be subject to an APR that’s .50% higher than it would otherwise be.
How Much Money Can I Borrow for Up2Drive Auto Loans?
Up2Drive offers auto loans ranging from $7,500 to $50,000. For a new car, the loan-to-value ratio cannot be greater than 110% of the manufacturer's suggested retail price. For a used car, the loan-to-value ratio cannot be higher than 110% of the Kelley Blue Book retail value.
What Is Up2Drive’s Application Process Like?
With Up2Drive, you can apply online using the company's secure website. When submitting your application, you’ll be required to provide personal contact information in addition to detailing your monthly income. If approved, you'll receive a drive check, which can be used like a personal check for purchasing or refinancing your vehicle.
How Are Up2Drive’s Auto Loans Better than Other Auto Loans?
- Up2Drive offers low rates.
- Once you’re approved, Up2Drive will give you a drive check, which can be used as a personal check to pay for a car at a franchised dealership.
- Franchised dealerships are located throughout the country.
- The parent company BMW Financial Services NA, LLC has an A rating from the BBB.