Driver's Way Blog

Updates and Common Questions We Receive
  • What's Your Down Payment?

    7/17/2012 10:15:11 PM - by Jesie West Lawrence
    Driver's Way does not have a set down payment requirement. We work with about 25 different lenders, so we have a wide variety of financing options for different types of credit history situations. However, each lender has different rules and requirements. The amount of money that these lenders will require down varies depending upon your credit history and the particular vehicle you are looking at.  There is always the chance we may be able to find something that does not require any money down, but some folks have to put a minimum of $1,000 down.

    Although we work with several secondary lenders, we cannot necessarily get everyone financed. The minimum credit score that the lenders we work with will accept is around 500 or so at this time. Most of these lenders look at the Equifax automotive-adjusted credit score. (This is a credit score made specifically for the purpose of car loans, since it lends the most weight to your repayment history with auto loans in particular.) The only way for us to know whether or not we can get you financing is to take a look at your credit.  Here's a link to our online credit application if you would like for us to do so:  Driver's Way Credit Application

    If you have had some credit challenges in the past, we have about 5 or so secondary lenders that we work with. Most of lenders require that the vehicle have less than 60,000 miles on it in order to qualify for 60-month financing, and under 50,000 miles on the odometer to qualify for a 72-month loan.

    If you have a great credit history, we offer very competitive interest rates. However, payments, interest rates, and loan terms on used vehicles are very difficult to tell without seeing the entire situation beforehand.  The year, make, model, and miles of the car you’re looking at play a role, as does of course your personal credit history.  If you have a vehicle to trade in, having negative equity (owing more on your trade-in than it is worth) can increase your interest rate. If you would like to get a solid idea of what the payment would be, the thing to do would either be to go ahead and fill out an application online at Driver's Way Credit Application and get the legwork completed before you arrive, or to come into the store, drive the car to make sure you like it first (and get your trade-in appraised at the same time, if you have one), and then proceed to a credit application if you feel comfortable at that point. 

    Please contact the Business Development (Internet) Department with any questions about financing. The office phone number is (205) 982-8326, and the email address is