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Drive Financial

The last post in this topic was posted 2649 days ago. 

 

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Hello,

I am new here so I hope I am posting in the right forum. In 2 days I will be purchasing a car from CarMax. I was approved for a load through, Drive Financial. I was approved with a rate of 24.99%. I know this is REALLY REALLY high, but my credit is poor right now, and I am doing what I can to fix it, but as we all know it takes time. Now I see NUMEROUS amounts of horrible feedback from this company, and to be honest they are the only one that will finance me at the time. Is there anyone that has had a good experience with them? any advice? Also Can someone help me understand the process that we go through when we get a loan through a dealership. When we leave with the car is the loan actually approved? Or are the numbers we get a "estimate" of what we will be paying? What is the likelihood of them asking me to bring the car back. What makes them even get to that point? Sorry lots questions here, I guess I am looking for some answers to calm my nerves alittle. Thanks for the feedback in advance.

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How bad is your credit? That's the highest interest rate I've seen for a car loan. There must be better options.

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Drive is a subsidiary of Santander. My experience with Santander was horrific, but others seem to have had okay luck. Their interest rates are astronomical. Maybe you should bounce over to the Auto Financing thread and do some reading - maybe even run an app by Marv for some feedback.

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Drive is a subsidiary of Santander. My experience with Santander was horrific, but others seem to have had okay luck. Their interest rates are astronomical. Maybe you should bounce over to the Auto Financing thread and do some reading - maybe even run an app by Marv for some feedback.

Great suggestion!

 

I see nothing but heartache about Santander on this board.

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How bad is your credit? That's the highest interest rate I've seen for a car loan. There must be better options.

 

I am low 500's

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Yeah, Santrader bought Drive 2006/2007 era.

 

I recently purchased a car from them. Santrader turned me down. My credit card offered a 1% lower rate than the dealer. I ended up negotiating with a bank that they went through for a rate 5% lower than my credit card.

 

Here's my .02 when it comes to any online review. Take it with a pound of salt. Think about this. Would you be more likely to write a review if you had problems or if you didn't have problems with a product/service? 99% of people would write reviews because they had problems. Even then, those problems are usually self-inflicted (especially when it comes to anything revolving around the finance world.

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Judging by what I have read over the years about Drive Financial, if you do finance your car with them there are 2 things that should be of paramount importance:

 

1. Always make your payments BEFORE the due date. They have a tendency to call you when you are 1 day past due.

2. Refinance at the earliest opportunity.

 

Good luck. :grin:

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I had an auto loan with Drive/Santander years ago. I didn't have any issues with them with the exception of VERY high interest rates.

 

As long as you make your payments on time, you should be OK. HOWEVER, if you become late on a payment - expect problems.

 

I refied into a prime auto loan as soon as I could, and I would recommend you do the same.

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Judging by what I have read over the years about Drive Financial, if you do finance your car with them there are 2 things that should be of paramount importance:

 

1. Always make your payments BEFORE the due date. They have a tendency to call you when you are 1 day past due.

2. Refinance at the earliest opportunity.

 

Good luck. :grin:

Thank you. Yeah I did see ALOT of people saying the same thing you did just pay before and maybe even get on auto pay if needed. tysm for the reply! :)

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Yeah, Santrader bought Drive 2006/2007 era.

 

I recently purchased a car from them. Santrader turned me down. My credit card offered a 1% lower rate than the dealer. I ended up negotiating with a bank that they went through for a rate 5% lower than my credit card.

 

Here's my .02 when it comes to any online review. Take it with a pound of salt. Think about this. Would you be more likely to write a review if you had problems or if you didn't have problems with a product/service? 99% of people would write reviews because they had problems. Even then, those problems are usually self-inflicted (especially when it comes to anything revolving around the finance world.

 

You know. My sister said the same thing. Just make sure you READ everything you sign, and pay on time and you should be good. I will also refinance ASAP. Thanks for the reply :)

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I might suggest buying a piece of crap off of CL for a few months while you do some credit repair. $40 worth of postage should get you out of 25% car loan range. Also we're getting to winter so anything you buy now will take a beating in the next 6 months anyways.

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Is there no way you can survive without a car for a while? Is there not a way for you to bike, walk or use public transit?

I realize these are not very "American" things to do and that people are generally appalled by the idea of using public transit, but frankly, compared to paying 25% per annum for an auto loan it sounds like a genius move.

You should really focus on cleaning up your credit and make sure you're a member of one of the CU's that people here use. Start saving money into the savings account monthly for the down payment, and then call and get pre-qualified. I'd imagine the difference will be night and day. You'll probably end up paying a single digit interest rate savings thousands and thousands in interest all just by waiting a few months and doing some planning.

Patience and dedication go a long long way with credit repair :)

Edited by mrBlixx

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