Can I do a sign and drive with a bad credit auto loan?

Here at Auto Credit Express, we had a question from a customer the other day regarding a Sign and Drive car loan with bad credit…

What is sign and drive

Sign and drive is actually a lease program that enables the buyer to pay only tax, title and license fees up front, while a regular lease requires an additional first payment and security deposit.

Is sign and drive offered with a subprime loan?

Most bad credit auto loans are for buying, not leasing, a car. In addition, the sign and drive option is usually reserved for the best leasing customers. As a result, most bad credit customers will not qualify for a sign and drive program.

Your alternatives

While sign and drive is not an option, there are alternatives that you can explore in a bad credit auto loan. By visiting our website at www.autocreditexpress.com, you can visit the resource page and research the different types of loans. You can also use the loan calculators to estimate payments and use the Bad Credit FAQ page to answer any questions that you might have.

About Auto Credit Express

Auto Credit Express has helped thousands of people with bad credit obtain financing for a car loan through our network of affiliated dealers throughout the United States and Canada. We are an accredited member of the Better Business Bureau and our online application is SSL Secured to safeguard your privacy. Our goal is to get our customers “on the road” to better credit!

Posted on March 3, 2008 by in New Cars
Reader Comments

4 Responses to Can I do a sign and drive with a bad credit auto loan?

  1. jeffrey brown says:

    I need t purchase a vehicle, but my credit is really bad. I need help in
    dealing with the dealerships. I just found your site and I wonder if you could
    help someone like me.

  2. Steve Cypher says:

    Jeffrey,
    We would be glad to help you. The first thing that you need to do is go to our web site at http://www.autocreditexpress.com/. Once you fill out the application, we will send it to our closest affiliate dealer that specializes in bad credit car loans. The dealer will contact you and get the process started. If you have any questions before you do this, call our toll-free number, 888-535-2277. Our customer service representatives are available between 8:30am and 5:30pm (EDT)to answer any additional questions that you might have.

  3. sylvia traylor says:

    I HAV A CAR LOAN WITH CONSUMER PORTFOLIO AND YES IT’S AROUND 23,000. I GOT IN TO THIS DEAL BECAUSE I WAS HAVING A HARD TIME GETTING A CAR LOAN DUE TO BAD CREDIT. I’VE TRIED SEVERAL DEALERS TO TRY TO GET THE CAR I’VE ALWAYS WANTED, BUT THE ANSWER IS ALWAYS NO. I;M NOW MAKING MORE MONEY, BUT I DONT WANT TO SPEND FIVE YEARS IN A CAR I DIDN’T WANT IN THE FIRST PLACE. IS THERE ANY HELP IN LEASING THE ONE I WANT AND LETTING GO OF THE ONE I BARELY DRIVE.

  4. Steve Cypher says:

    Sylvia,

    If you still have credit issues, chances are you won’t qualify for a lease, since leases, in general, are only offered to the most creditworthy customers. A higher income won’t qualify you for a lease if your credit score is below prime. Here is one suggestion: if you are making more money, increase your monthly payment to the lender and make sure they understand that the difference amount is to be applied to the loan principle. That way, instead of having to wait four years before you escape the “negative equity” trap in your current vehicle, you’ll only have to endure your current vehicle for 2-3 years. By that time, your credit rating will have improved (with on-time payments) and you will qualify for a better interest rate on your next vehicle.

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