up2drive auto finance review
up2drive is a division of the BMW Group which is a major name in the auto industry. Up2Drive offers finance and insurance for all cars, motorcycles and light trucks. They offer loans for new as well as used cars.
Click here to get an instant car loan quote
Private party purchase cars
For private party purchases, the used cars they finance can be only upto five years old with a mileage of not over 70,000 miles. They do not finance vehicle leases or end-of-term leases. If you're looking for finance to buy out your lease, we suggest you try some other lender.
When financing private party vehicle loans, up2drive does not finance the purchase of the following types of vehicles:
- Commercial vehicles and/or vehicles for business use.
- Motorcycles.
- Recreational vehicles
- Motor homes
- Camper vans, conversion vans.
- ATVs, dirt bikes, DesertLites, boats, amphibious vehicles
- Taxis
- Limousines
- Tow trucks
- Freight liners
- Tractor trailers
- Dump trucks
- Armored vehicles
- Kit cars that do not have a VIN or a title issued.
- Salvaged, rebuilt or branded title vehicles.
One of the best part about the Up2Drive web site is that you get an indicative quote for your loan as soon as you enter in the amount, choose your credit rating and the state you're a resident of. This takes seconds, literally. They don't make you fill out a mile long form for this, unlike many other auto loan companies. Of course, indicative quotes are exactly that - indicative and if you're applying for a loan, the form is relatively longer here but that's how all loan applications work.
Now, a word about APR (Annual percentage rate). APR usually varies with several factors including your creditworthiness, vehicle age and make/model, theloan amount and period of repayment. Their APR (Annual percentage rate) can go as low as 7.99 % if you have excellent credit. They offer a .50 % discount on the APR if you let them auto-debit your account every month using a system called 'EasyPay' which a lot of lenders seem to favor these days. It saves them banking cheques and they pass on part of the cost savings to their customers. It also saves you the trouble of making out a check in their favor every month.
Selling your vehicle
Buyers of cars often need to trade in their cars and then buy another. up2drive also helps you sell your car. Similar limitations apply to vehicles being sold. They do not facilitate sale of cars older than five years and exclude some types of vehicles. Mileage cannot exceed 70,000. up2drive is also not a seller of vehicles technically. They only seem to assist in selling your car. You can enter very basic information about your vehicle and create a printable 'for sale' sign that displays the monthly installment for your car. up2drive can then finance someone who wants to buy your car, so you get paid the entire amount. This is sujbect to the buyer being eligible for the purchase of a vehicle.
Vehicles financed by up2drive
up2drive has these vehicles listed in their forms. This covers the list of brands which they do finance.
- Acura
- Alfa Romeo
- Aprillia
- Aston Martin
- Audi
- Bentley
- BMW
- Buell
- Buick
- Cadillac
- Chevrolet
- CHEVROLET TRUCK
- Chrysler
- Daewoo
- Dodge
- DODGE TRUCK
- Ducati
- Eagle
- Ferrari
- Ford
- FORD TRUCK
- Geo
- GMC
- GMC LIGHT DUTY
- HARLEY-DAVIDSON
- Honda
- Hummer
- Hyundai
- Infiniti
- Isuzu
- Jaguar
- Jeep
- Kawasaki
- Kia
- KTM
- Land Rover
- Laverda
- Lexus
- Lincoln
- Lotus
- Maserati
- Mazda
- MERCEDES-BENZ
- Mercury
- MINI
- Mitsubishi
- Moto Guzzi
- Navistar
- Nissan
- Oldsmobile
- Peugeot
- Plymouth
- Polaris
- Pontiac
- Porsche
- Rolls-Royce
- SAAB
- Saturn
- Subaru
- Suzuki
- Toyota
- Triumph
- Volkswagen
- Volvo
- Winnebago
- Yamaha
This seems quite an exhaustive list and would cover pretty much ever car you would want to buy. up2drive is part of the BMW group. You can get an indicative quote from them in seconds literally and the initial form is more like a calculator. It's a good idea always to compare rates from various lenders before you commit to an auto loan. So if you're looking for an auto loan, it doesn't cost anything to get a quote. Visit Up2Drive now.
The above review refers to a product or service only available within the United States.
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Totally Screwed Me Over
I live in a title-holding state, which means that without the original title in my hands, I can't sell my vehicle. Up2Drive refinanced my truck in early June 2008. Now it is late June 2009 and I have finally received my title paperwork from the company after multiple requests, a lot of misinformation on their end, and even a Better Business Bureau inquiry they failed to respond to. To top it off, after a whole year, they mail me the paperwork for a title transfer rather than the title itself. This means I have to go sit in line and pay the state fees because they didn't just mail it to the state department themselves. This truck was listed for sale before I refinanced it and I've turned away many potential buyers over the last year because of Up2Drive's total incompetence. STAY AWAY!
up2drive not up to loaning to people with perfect credit
I applied for the minimum loan amount($7500)they would offer for a used car. I have 800 credit and a low six figure income, my co signer is a family member with 850+ credit, a quarter of a million dollar annual income and assets worth well into the millions. Neither one of us has ever missed a payment on anything, let along filed for bankruptcy. The loan was merely for me to build more credit by buying a car (which I would purchase mostly in cash) so I'd have more of a credit background in order to purchase a house soon. Application....denied. I'd say not to apply to this place unless you have perfect credit...but I have perfect credit, no debt loading and a wealthy co signer with no debt and great credit. Don't bother with this company. I don't know what you'd need to have to get them to lend money.
I'd say you are not telling
I'd say you are not telling the truth. In one sentence you say you have a 800 credit score, yet later you say you need to buy a used car in order to build credit. You wouldn't even need to use a co-signer with an 800 credit score!