A used-car company that is also the bank.
DriveTime started in Phoenix in 2002, built on a plain observation: most used-car lots sell the car and hand the loan to someone else, so nobody is responsible for both. We buy the vehicles at auction, inspect them in our own centers and finance them ourselves.
Because we hold the loan, we can approve people a bank will not: steady income and a down payment matter more than a score. Because we sold the car, we have to stand behind it, which is where the 5-Day Return Guarantee and the 30-day warranty come from.
Today there are 146 dealerships in 27 states and about ten thousand vehicles in stock on any given day. Most customers get approved on their phone in two minutes and spend about an hour at the dealership.
- 2002
- Founded, Phoenix
- 146
- Dealerships in 27 states
- 9,824
- Vehicles in stock today
- $500
- Minimum down payment
- 5 days
- Return Guarantee
- 4.3
- Google rating, 61,000 reviews
Why people who got turned down buy here.
We own the cars and we hold the loans. That changes what we can say yes to, and it means we have to stand behind the car after you drive off.
Approval on income
We look at what you earn and what you can put down, not only the score. 70% of approvals are under 620.
5-Day Return Guarantee
Drive it for five days or 300 miles. Bring it back for any reason and swap it or get your down payment back.
Inspected and warranted
A multi-point inspection and a 30-day / 1,500-mile limited warranty on every vehicle. DriveCare extended coverage available.
Report to the bureaus
On-time payments are reported to all three credit bureaus every month. Most customers see their score rise within a year.