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DriveTime

Valued Member

DriveTime

I was approved for a DriveTime loan. I don't know for how much or the APR bc I applied online in the middle of the night and a lady called me back this morning (I was still sleep) and left a message: "good news you've been approved". What are their interest rates like? The website gives no informationa and you can't even see photos of the vehicles.

 

I was also approved with roadloans, but I'm not sure if I want to use the voucher bc they APR is soooo high 17.99% (my credit sucks TU 590---before my dispute which is still pending from all 3 CBs). They refered me to carmax and I found a car that I really like.

 

Anyways, the original question was what was your experieince like with drivetime??? I'm going to call the lady back so I can compare the two loans.

 

 

Message 1 of 7
6 REPLIES
Regular Contributor

Re: DriveTime

DriveTime's rates will be comparable to Road Loans. There rates are usually in the high teens as well. I don't have any direct experience with Drive, but the two people I know have had very negative experiences dealing with the finance company. Also, at our local dealers, the inventory wasn't that impressive. Carmax had a much better selection.
Message Edited by MizzB on 05-20-2009 12:55 PM
*********************************************************************************
Current Score (04/20/18): EQ:640; TU: 647; EX: 637 (FICO)
Starting Score (01/20/17): EQ:511 (FICO); TU: 521 (FAKO)
CapOne QS1 MC: $7k | OpenSky Visa: $500 | Green Dot MC $300 | Green Dot MC2: $300 | AMEX Premier Rewards Gold: NPSL | Amex Gold Delta Skymiles: $1k | DiscoverIT Chrome: $1.2K
Message 2 of 7
Established Member

Re: DriveTime

Do NOT go to drivetime.  I worked at a large rental car agency, the majority of the business at the branch came from drivetime.  Lemons.
9-18-12 EQ FICO: 674
3-21-11 TU FICO: 712
12-15-09 TU FICO: 630
12-15-09 EQ FICO: 639
9-28-09 EQ FICO: 635
7-17-09 EQ FICO: 640
6-20-09 EQ FICO: 600
5-28-09 EQ FICO: 593
5-19-09 TU FICO: 653
4-09 TU FICO: 577
2-09 EQ FICO: 576
10-08 EQ FICO: 547
8-08 TU FICO: 538
Message 3 of 7
Established Member

Re: DriveTime

Run, do not walk, away from these people. Unless you have no other option, Drivetime is the last one you want to do bussiness with. I've had experience with them and know first hand.

Message Edited by ridgerider on 05-22-2009 05:03 PM
Message 4 of 7
Valued Member

Re: DriveTime

Ok thanks a lot people. I'm still wondering if I should pursue roadloans. I'm a CU member but don't expect to get a better interest rate from them either bc of recent inquires and low credit score. Should I just accept the 17.99% from roadloans and refinance in a couple months after I boost my score?
Message 5 of 7
Senior Contributor

Re: DriveTime


jazz_collegegrad08 wrote:
Ok thanks a lot people. I'm still wondering if I should pursue roadloans. I'm a CU member but don't expect to get a better interest rate from them either bc of recent inquires and low credit score. Should I just accept the 17.99% from roadloans and refinance in a couple months after I boost my score?

 

If you can qualify with the CU, it will be a better rate than Roadloans.  The question of whether you qualify is another discussion.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 6 of 7
Regular Contributor

Re: DriveTime

I would suggest trying the Credit Union before proceeding on with RoadLoans. I would go with RoadLoans as a last resort.
*********************************************************************************
Current Score (04/20/18): EQ:640; TU: 647; EX: 637 (FICO)
Starting Score (01/20/17): EQ:511 (FICO); TU: 521 (FAKO)
CapOne QS1 MC: $7k | OpenSky Visa: $500 | Green Dot MC $300 | Green Dot MC2: $300 | AMEX Premier Rewards Gold: NPSL | Amex Gold Delta Skymiles: $1k | DiscoverIT Chrome: $1.2K
Message 7 of 7