Tuesday, October 27, 2009

Buying a Used Car With DriveTime

My niece is in her second year at Austin University, and she is looking at one of those Used Cars lots sale. She needs a car to get around for a part-time job, since it's hard to juggle both school and job waiting for the buses to arrive.

Being a student, she has no established credit history yet, which is a blessing in itself, but as we all know, we are living in a world where credit score is as important as a birth certificate. Unless you can pay for what you want with cash, you are required to have a credit history.

This is where Drive Time comes in, a company that finances their own loans for customers who bought their used car through them. They even offer an innovative ways to improve credit score, and to lower interest rate right there in their office. No outside bank or other financial institutes involved.

My niece said that she has known a few of her friends are going through Drivetime to get their first car, and they are all happy with their decisions. She wanted to be independent and do things for herself without her parents help. I remind her to check the company out with Better Business Bureau before making a major purchase.

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  1. If it is on the up and up, I suppose it might be a good way for kids to purchase their first car. My mom gave my youngest hers when her eyesight failed. My girlfriend and I flew to GA and drove it back to CA...it was ten years old but only had about 12,000 miles on it. Jeremy is still driving it - from his beginning jr college days, all the way through Cal Poly. He called it his "granny mobile." It was better than buying, he said, maybe not what a young college male preferred but the price was right!

  2. Certainly a good idea to buy a used car, but as you said, you should check out the company first. There are lots of cowboys out there, trying to score a buck from unsuspecting buyers.

  3. Sounds like some sensible decision making in progress. My youngest son had his check placed in direct deposit at a credit union and would only take out for expenses. When it reached $500 he left it in there and then took out a $500 loan with auto pay to establish his credit. He established credit because his payments were on time and he got to spend his $500.

  4. oh great, i must check on this too!


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