DriveTime Auto Loan Review: Your Genius Car Shop!
DriveTime is one of the most trusted and well-known auto dealerships in the U.S. It offers an industry-leading auto loan application with great benefits for used cars, in addition to refinancing services. Continue reading our full DriveTime dealership review to know everything it has to offer.
Pros
Cons
Quick Stats
About DriveTime
DriveTime was founded in 1997 as a rent-a-car business named Ugly Duckling. It has grown over the years to become one of the most trusted auto dealerships in the states and was rebranded as DriveTime in 2002.
In 2013, the company became the majority owner of Carvana, although the two companies still operate separately. Moreover, in 2015, it spun off a new company SilverRock Group, which sells auto insurance, vehicle service contracts, and extended warranties.
DriveTime Dealership Services
Used Car Purchasing
DriveTime offers consumers the ability to purchase used cars either in cash or by applying for an auto loan. DriveTime offers over 11,000 cars to shop from and has over 130 dealerships across the U.S.
Upon searching for a used car, DriveTime will provide you with an intuitive search filter that automatically showcases used vehicles for sale near your location. You can also set filters to match your preferences for:
- Make & Model
- Price
- Year
- Body Type
- MPG
- Mileage
- Color
- Features
- Engine
- Drivetrain
- Fuel Type
- Vehicle History
Trade-in Services
DriveTime is partnered with Kelley Blue Book® to provide you with an instant trade-in cash offer for your car online. To get your trade-in offer, you need only click on "Value Your Car" on their website, and you will be redirected to a short form where you enter information about your car, such as:
- License plate
- VIN number
- Make/Model
Your instant cash offer through Kelly Blue Book® is valid for 7 days, and you will have 1 day after inspection to redeem your instant cash offer. However, if your car's condition changes or you add more than 50 miles from the time of inspection, your offer may be recalculated.
Auto Loan
DriveTime can also finance your auto loan and help you purchase the car you are looking for. Its loan amounts range between $7,000 as the lowest and $35,000 as the maximum. DriveTime requires no minimum credit score for its auto loan eligibility and will personalize your loan terms and down payment to your specific needs and budget.
Its minimum starting annual percentage rate is 7.9%, and its longest loan term lasts up to 84 months.
DriveTime Dealership Benefits and Offerings
Money-back Guarantee
DriveTime offers its customers a five-day money-back guarantee, which allows you to return your vehicle within five days of purchase and get a full refund. However, you will receive less money back if you drive over 300 miles in those five days.
Basic Warranty
All vehicles DriveTime offers are covered with a 30-day, 1,500-mile warranty. If your car issue is covered with the basic warranty, you need only give DriveTime a call, and they will take care of the rest.
DriveCare Program
The DriveCare program is DriveTime's vehicle protection program with extended powertrain coverage. It covers a number of components related to the engine block, transmission, climate control, and drive axles. The DriveCare program offers five-year 50,000-mile warranty coverage.
Powertrain Coverage
DriveTime's powertrain coverage offers three-year 36,000 miles coverage for AC, heating, cooling components, and steering.
GAP Coverage
DriveTime also offers optional GAP coverage on all its vehicles. GAP coverage will waive the entire loan amount that you still owe if your vehicle is deemed a 'total loss' due to an accident or theft.
Customer Support
You can reach DriveTime's team by phone or email at 888-418-1212 and [email protected]. You can also browse their frequently asked questions and blogs section to find answers to any problem or inquiry you may have.
Lastly, you can also find thousands of real customer reviews on its website from TrustPilot, which earned DriveTime a 4/5 stars rating.
Final Thoughts
DriveTime is one of the most trusted auto loan providers in the U.S. It offers great benefits to the used cars it offers consumers, with an easy qualification process, personalized loan terms, warranty, and protection plans and services.