Is this real? This is a real approval! We used DriveTime’s proprietary credit scoring model and the information you provided to calculate your down payment. It’s how we’ve approved over 3 million people so far, and it’s how we help good people like you buy their own vehicle.

How do payments work at DriveTime?

DriveTime does not offer the opportunity to make payments on the down payment. The DriveTime reservation program allows you to hold the car of your choice for up to seven days, but you cannot drive the vehicle off the lot until the down payment is fully paid. Reservation payments are also 100% refundable.

What credit score does DriveTime require?

Good Credit Score: 680 – 719. Average Credit Score: 620 – 679. Poor Credit Score: 580 – 619. Bad Credit Score: 500 – 579.

Do you need to know how car payments work?

If you are considering buying a car it is important to understand how car loans work. Lower monthly payments usually sound like a good idea. Sure, you have more cash flow available, but paying less per month it is not always financially beneficial.

Do you have to pay outstanding car debt before buying a new car?

You might want to consider first paying your outstanding debt on your car before you choose to buy or lease a new car. It’s always a good idea to get a copy of your credit report before you make a major purchase or financing decision.

How does your car payment affect your finances?

It is important to understand what determines your monthly payment and what it means for your finances. The three factors that affect your car payment are: The higher your loan amount, the higher your monthly payment. If you make a substantial down payment, this will lower your loan amount and your monthly payments.

Can a trade in be a down payment for a new car?

Doing a trade in can sometimes serve as the “down payment” for your new car. This will not work, however, if you still owe money on your car. If you owe more on your car than your car is worth, it is called negative equity. Take a look at this page to l earn more about negative equity and how it can influence the financing of your new car.