How to Get Approved with DriveTime: Real Requirements, Credit Tips, and Buyer Success Stories

Get approved with DriveTime fast. Learn requirements, tips, and real success stories to secure in-house auto financing.

About DriveTime

Founded in 2002 and headquartered in Tempe, Arizona, DriveTime Automotive Group is the largest privately held used car retailer in the U.S. that provides in-house financing through its sister company, Bridgecrest Credit Company. DriveTime operates over 145 dealerships in 26 states and specializes in helping buyers with poor, limited, or no credit history secure reliable vehicles without relying on traditional bank approval.

According to DriveTime’s own data (drivetime.com), more than 4 million customers have been financed through its programs. Unlike most auto lenders, DriveTime manages the entire process—from vehicle selection and credit review to loan servicing—making it a one-stop shop for used car financing.

Why Choose DriveTime for Auto Financing

• Fast, credit-friendly approvals (many completed the same day)
• Down payments starting at around $995 (autocreditexpress.com)
• Loan terms up to 72 months with clear, fixed payments
• Reports to all three credit bureaus (Experian, Equifax, TransUnion)
• Inventory of 11,000+ vehicles available nationwide
• Bridgecrest online portal for loan management and payment tracking

DriveTime’s financing structure is often called Buy Here Pay Here (BHPH), meaning the dealership both sells the car and provides the financing. This allows DriveTime to approve buyers with credit challenges that most banks reject.

Typical Requirements for Approval

DriveTime doesn’t set a strict credit score minimum, but general requirements include:

• Minimum credit score: none officially required; approvals have been reported as low as 400–450 FICO
  
• Down payment: from $995 to $2,500, depending on the vehicle price and credit profile
  
• Proof of income: recent pay stubs or bank statements showing at least $1,500–$2,000 monthly income
  
• Proof of residence: utility bill or lease agreement
  
• Valid U.S. driver’s license
  

Unlike traditional lenders, DriveTime uses a custom internal scoring model that weighs your employment stability, income level, and ability to pay, often more heavily than your credit score.

How to Improve Your Chances of Approval

1. Apply for prequalification online. DriveTime performs a soft credit pull, so your score won’t be affected.
   
2. Bring a verifiable income source. W-2 employment or 1099 self-employment statements both work.
   
3. Prepare a realistic down payment. Even $1,000 upfront can improve approval odds and lower your monthly rate.
   
4. Keep your DTI ratio (debt-to-income) below 50%. Pay off small debts before applying.
   
5. Add a co-buyer. Joint applications can significantly improve approval terms.
   

Step-by-Step: How the DriveTime Process Works

1. Prequalify online in under two minutes.
   
2. View personalized vehicle options that fit your budget and approval range.
   
3. Visit a local dealership to verify documents and choose your car.
   
4. Sign your loan agreement with Bridgecrest. Review your APR, total cost, and term.
   
5. Drive away the same day. Payments can be made online or via the Bridgecrest app.
   

Real-World Examples

• Customer A (Florida): Approved with a credit score of 480 and $1,200 down payment. Financed a 2018 Chevrolet Malibu for $17,800 at 18.5% APR, 60 months. After one year of on-time payments, their credit improved to 610.

• Customer B (Texas): Self-employed rideshare driver with no traditional W-2 income. Approved after providing 90 days of bank statements and a $2,000 down payment. Purchased a 2017 Toyota Camry for $15,500 at 17.2% APR.

• Customer C (Arizona): Refinanced through a credit union after 18 months, dropping from 19.9% APR to 9.5% APR due to consistent payment history.

Frequently Asked Questions (FAQ)

Can I finance with bad credit or bankruptcy?
Yes. DriveTime and Bridgecrest specialize in customers with poor credit or recent bankruptcy, provided they can show steady income.

Is there a minimum credit score?
No specific minimum, but approvals are more likely with verifiable income and a reasonable down payment.

Are DriveTime loans reported to credit bureaus?
Yes—every monthly payment is reported to all three major credit bureaus, which helps build or rebuild your credit history.

Does DriveTime charge prepayment penalties?
No. You can pay off your loan early without extra fees.

Can I trade in my current vehicle?
Yes. DriveTime accepts trade-ins, which can reduce your required down payment.

Insider Tips to Lower Your Rate

• Refinance after 12–18 months. Once your credit improves, refinance with a bank or credit union to cut your APR by up to half.
• Set up automatic payments. Avoid late fees and maintain a positive payment history.
• Choose a lower-mileage car. Vehicles under 80,000 miles often qualify for slightly lower interest rates.
• Compare total cost, not just payment. Focus on reducing overall interest paid.
• Ask your dealer for the Bridgecrest customer app—it helps manage due dates, balances, and payment reminders.

Alternatives to Consider

If DriveTime’s rates are too high or you want to compare, try:

• Carvana – offers online prequalification and financing for all credit levels.
  
• Credit Acceptance Corporation – another leading subprime lender with nationwide dealer partnerships.
  
• Capital One Auto Navigator – soft-credit prequalification with rates as low as 6.49% APR for fair credit.
  
• Local credit unions – many accept refinancing applications after six months of payment history.
  

Final Thoughts

DriveTime remains a powerful option for Americans seeking second-chance financing. Its in-house model makes car ownership possible even for borrowers recovering from financial setbacks. By understanding your approval requirements, preparing the right documents, and maintaining on-time payments, you can use DriveTime as a stepping stone toward better credit and long-term financial stability.

Compare, prequalify, and take your first step toward car ownership with DriveTime—where every driver deserves a fresh start.

When you click, you will be redirected.