Thanks for taking the time to share your experience with DriveTime. You make some valid points and yes, DriveTime does often charge higher rates for their auto loans, but you have to take into consideration the risk that they take. I think you know this, but just reiterating that point.
One thing I would disagree with you on is the value to your credit. I speak as a Finance Manager at a car dealership...Credit score is not everything and credit depth is very important for future loans.
One of the best ways to rebuild credit and/or build credit depth is with a well paid auto loan. So ultimately you may not see the huge jump in score you may have hoped for, but rest assured the monthly on time payment history is helping your credit.
Auto loans and their affect on a consumers credit score will vary and one of the largest factors is your other accounts. If there are 15 other negative accounts and one well paid car loan, there is a lot of negative for the one positive account to overcome with regards to score.
Not to say this is your situation, just pointing out some of the other factors that may be keeping your score down.
Thanks again for sharing your experience with DriveTime...
Justin
It helped my credit by: Anonymous
I may be the exception but paying with automatic bill pay helped my credit tremendously. Most of my debt has accrued through student loans and hospital bills but I did have an oops moment where I was laid off and my car got repossessed before I received my first unemployment check which sucked. So I had some stains on my credit report that actually had been on there for so long that it would not have made a difference if I paid my debt off or not, they will remain there for the entire 7 year period because I was young and stupid. Now that I'm older and have a fantastic job, I've been able to pick up after myself and every month I have paid my Drivetime bill, my credit score jumps up one point. It's been 10 months and a 10 point jump from where I was. For a once ridiculously immature idiot like me, that's a hell of a lot and makes a big difference. Anything that can help me is a welcomed relief as opposed to living with a bad score. I am now out of the poor credit score range and gradually moving into the yellow and I couldn't be happier :) also, I have to say that you have to watch out for what type of car you purchase. Stay with a good brand like Toyota. That's what I did and I've had very few problems. I always use 100% synthetic oil during the oil changes and get them on time! It makes a big difference in the life of your car and how it will treat you in the long run. Be smart about your purchase and do your homework about the history of the car. Car Fax is a great tool to use for a car you're seriously interested in, granted you pay $45 for a report.
don't do itNEW by: Anonymous
Drive time sucks and is a complete ripoff
True information is sharedNEW by: Norwood
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