You work hard, and you do everything right, but your credit score just isn’t where you want it to be. If that sounds like you, you’re not alone. That’s why DriveItAway created a better option to a subprime credit car loan near Philadelphia.
Simply download the app and drive away today with no long-term commitment required.
What is a Subprime Credit Car Loan?
As the name suggests, a subprime car loan is a type of loan used to finance an automotive purchase for buyers with low credit scores or limited credit histories. These kinds of loans typically carry higher interest rates and may also include penalties for paying off the loan early.
What’s Considered Subprime Credit?
FICO credit scores range from 300-850. There’s no official cutoff, but most lenders consider 600 a dividing line between prime and subprime. Most subprime or deep subprime borrowers have a credit score between 300 and 600.
Rent-to-Own Because High-Interest Car Loans Are So Last Year
As you probably already know, part of financing a car from a traditional dealership includes a hard credit check. This is the kind of check that shows up on your credit report and can actually reduce your score. Not only that, but you may be denied a loan or approved for one with a high-interest rate if you have subprime credit.
If you’re like many Philadelphians, then these credit score requirements can be a major barrier to entry when it comes to buying a car—but why should that be the case? With the DriveItAway app, a couple taps on your phone can help you:
- Locate vehicles available for subscription near you
- Build your subscription plan
- Drive your car with no hard credit check necessary
Rent-to-Own vs Buy: What’s the Difference?
When you use DriveItAway, we base eligibility for our program on income. Simply build your monthly subscription plan and start driving (no large upfront costs required!).
Over time, a percentage of your monthly subscription payments can build dollars toward a down payment should you decide to buy the vehicle later on down the line. Many of our drivers build a 20% down payment in as little as six months.
Don’t want to buy? Return the car when you’re ready, with no penalty!
Buy an Electric Vehicle With Subprime Credit near Philly
It’s clear that the already-popular EV market is only going to grow over time. Our accessible program gives drivers with subprime credit the opportunity to drive an EV and even build toward a purchase with little-to-no commitment.
DriveItAway is pay-as-you-go. That means no long-term loan with building interest that makes it tough to pay off quickly. Consider those interest savings along with the comparative cost of charging vs. gassing up. If you’re looking for a cost-effective way to get into the EV game, this could be your chance.
Get a Car Without a Subprime Credit Loan in Philadelphia PA
When it comes down to it, whether you have good credit or are working on improving your credit score, who doesn’t want to try out a car with an unlimited test drive prior to any long-term financial commitment? Drive Now. Decide Later.
Philadelphia, are you ready to find your next car without a subprime credit car loan? Pennsylvanians can use the DriveItAway app to locate the nearest vehicles that are eligible for our subscription-to-ownership program. Download the app and get driving today!