Frequently Asked Questions
We know buying a vehicle or motorcycle can be tough. Here at We Drive we strive to make the process simple and easy. Below are a few things we get asked often but if you don't see your question feel free to contact us directly.
Questions about Car Buying
How old of a vehicle can I finance?
Our partner credit union, We Florida Financial,will finance vehicles of any age. You’ll get lower rates for vehicles that are 5 model years old or newer. You’ll get the lowest rates for brand new vehicles or for used cars that are two model years old and have less than 36,000 miles.
How much do I need for a down payment?
Depending on your credit history and some other factors, you may not have to put any money down. Many people are not required to put any money down on their car or truck purchase. Contact We Drive for details.
What is negative equity?
Negative Equity occurs when you owe more on your vehicle than it is worth. It is also referred to as being “upside down”. If another dealer has told you that you are upside down with your current vehicle, contact We Drive for some good, honest advice.
What is MSRP?
This is the Manufacturer’s Suggested Retail Price, also known as the “sticker price”. This price is what the car costs with no discounts.When you purchase your vehicle through We Drive, you will not pay sticker price.
What is the difference between buying new versus used?
New vehicles are fresh from the factory. New cars and trucks come with a full manufacturer’s warranty, and have not been abused or neglected by a previous owner. Used autos sell for less than new autos. The first owner pays for the depreciation that typically occurs during the first few years.
Can used cars be leased?
Most leases are for new vehicles. However, We Drive can help you arrange a lease on select used vehicles.
Can used cars be financed?
Yes, used cars and trucks can be financed. The lowest loan rates and the longest loan terms are available for late model used vehicles with low mileage. Contact We Drive for details.
Questions about Auto Financing
What loan terms do you offer?
We Florida Financial, our partner credit union, offers financing up to 84 months. The term of the loan is based on the model year of the vehicle, the amount being financed, your credit history and other factors.
What is your lowest interest rate?
Our lowest rate is 2.99%, call We Drive for details. Don’t get fooled by dealer’s low interest loan offers. Usually you give up a rebate when you finance for a special dealer rate, that raises the overall cost of purchasing your vehicle.
Do you lease vehicles?
We can help you lease a vehicle through our network dealers.
Can I purchase a car with bad/poor credit?
We have access to many lenders that can assist people who have had credit problems.We Florida Financial, our partner credit union, offers auto loans to many members that have had credit problems after they have been members in good standing for six months.
What is the length of an auto loan?
Our partner credit union, We Florida Financial, can finance vehicles up to 84 months depending on the vehicle’s year, the amount being financed, and your credit history. Contact We Drive for details.
What does it mean to be “upside down” on a loan?
This occurs when you owe more on your vehicle than what it’s worth. Many car dealers will try to add this amount to your next car purchase. In many cases We Drive does not do this because it will make your new vehicle very difficult to pay off.If a car and truck dealer has told you that you are “upside down”, contact We Drive for some good, honest advice.
Can I pay off my loan early?
We Florida Financial, our partner lender, does not have pre-payment penalties on the car and truck loans offered at We Drive.
How is auto loan interest calculated?
Car loans use the principle of amortization, similar to the way a home loan is paid down. This means that at the outset of your loan, a greater amount of your payment goes toward paying the interest on your loan, and less goes toward paying down your principal. As the loan term progresses, though, the balance shifts.
Questions about Motorcycles
How little can I finance?
We have no set minimum motorcycle loan amount.
Can I purchase a motorcycle with bad/poor credit?
Sometimes we are able to help people with previous credit problems finance the bike of their dreams. Loan approval is based on many factors, contact We Drive for details.
How much do I need to put down?
There is no set down payment required to get a motorcycle loan, many people finance motorcycles with no money down. The amount you may have to put down can vary based on your credit and employment history. Contact We Drive for details.
What is the length of a motorcycle loan?
We Florida Financial, our partner credit union, will finance motorcycles up to 72 months. The term of your loan can be affected by your credit, the amount being financed, and the year of your bike to name a few. Contact We Drive to get pre-approved before you shop for your bike.
Do I have to be a credit union member to use We Drive?
We Drive is open to the public. If you are not a credit union member you are welcome!
Why get a loan through a credit union vs. the dealership?
Credit union car and truck loans at We Drive are sourced directly from the credit union. Car dealer loans get marked up by dealers for their profit. When you purchase your vehicle through We Drive you get interest rates directly from the lender, without markups from the dealer.
Does We Drive sell its own inventory of vehicles?
When you purchase a vehicle through We Drive, you will experience a better car buying experience. We Drive has many dealer partners as well as supply our own vehicle inventory.