Learn About Bridgecrest Auto Loan Payments

Understanding Bridgecrest Auto Loans: What You Should Know

Bridgecrest Financial is a subprime auto lender that specializes in providing vehicle financing to borrowers with less-than-perfect credit histories. The company, which has been operating since 1997, focuses on customers who may have faced challenges in obtaining traditional auto loans from banks or credit unions. Understanding how Bridgecrest works can help you make informed decisions about your auto financing options.

Learn About Opening a Bank Account Online →

Bridgecrest operates primarily through a network of dealerships across the United States. When you purchase a vehicle through a Bridgecrest partner dealership, the lender handles the financing directly. The company purchases the loan after the sale is complete, meaning you would make payments to Bridgecrest rather than the dealership. This arrangement allows dealerships to work with customers who might otherwise struggle to obtain financing.

The company's loan products are designed for individuals with credit scores typically ranging from 400 to 650, though each situation varies. Bridgecrest looks at factors beyond just credit scores when considering borrowers. Your employment history, income level, debt-to-income ratio, and the vehicle you're purchasing all play roles in their lending decisions. The interest rates offered depend on multiple factors including your credit profile, the loan term you choose, and the vehicle's value.

One important aspect of Bridgecrest loans is that the company uses GPS tracking and starter interrupt devices in many of their contracts. These technological tools allow the lender to monitor vehicle location and, in some cases, disable the vehicle if payments are missed. This is a key distinction from traditional auto loans and represents a significant consideration when taking out a Bridgecrest loan.

Practical takeaway: Before considering a Bridgecrest loan, understand that you're working with a subprime lender that serves borrowers with credit challenges. Research the specific terms of any loan offer, including interest rates, loan length, and whether GPS tracking or starter interrupt devices will be installed in your vehicle.

How Bridgecrest Payment Structures Work

Bridgecrest auto loans typically require weekly or bi-weekly payments rather than the monthly payments common with traditional auto loans. This payment structure differs significantly from what most borrowers expect. For example, if you take out a $10,000 loan at 18% interest over 60 months, your payment amount would be divided into either weekly or bi-weekly installments rather than a single monthly payment.

Free Guide to E-Bike Insurance Coverage Options →

The frequency of payments affects how much interest you pay over the life of the loan. More frequent payments can sometimes result in less total interest paid compared to monthly payment structures, though this depends on the specific interest rate and loan terms. With weekly payments, you might make 52 payments per year, whereas monthly payments would mean 12 payments annually. Some borrowers find that more frequent, smaller payments fit better with their paycheck schedules.

Your payment amount depends on several factors: the loan principal (amount borrowed), the interest rate offered, and the loan term (length of the loan). Bridgecrest typically offers loan terms ranging from 24 to 84 months. A shorter loan term means higher monthly payments but less total interest paid. A longer loan term spreads payments over more time, reducing individual payment amounts but increasing the total interest cost significantly.

For example, a $12,000 loan at 15% interest would cost different amounts depending on the term. Over 48 months, the total interest might be around $3,100, but over 72 months, total interest could approach $4,500. Bridgecrest provides loan estimates that show the total amount you'll pay over the life of the loan, allowing you to compare different term options.

Most Bridgecrest loans are secured loans, meaning the vehicle serves as collateral. This protects the lender but also means the lender has the right to repossess the vehicle if you fall significantly behind on payments. Understanding your payment obligations and ensuring you can meet them consistently is essential before signing any loan agreement.

Practical takeaway: Calculate your weekly or bi-weekly payment amount and verify that your income reliably covers these payments. Compare different loan terms to see how the length of your loan affects total interest paid. Request a detailed loan estimate that shows every payment and the total cost of borrowing before committing.

Payment Methods and Making Payments on Time

Bridgecrest offers several methods for making your loan payments, providing flexibility in how you manage your financial obligations. Understanding these payment options and setting up a system that works with your schedule can help you avoid missed or late payments. The most common payment methods include online payments through Bridgecrest's website or mobile app, automatic bank withdrawals, phone payments, and payments made at physical locations.

AARP Car Insurance Information and Rate Factors Guide →

Many borrowers find that setting up automatic payments is one of the most reliable ways to stay current on their loans. With automatic payments, the loan payment is withdrawn from your bank account on the scheduled date each week or every two weeks. This removes the responsibility of remembering to make a payment and can help you avoid late fees. However, you need to ensure your bank account has sufficient funds on the payment date to prevent overdraft fees.

Making payments online through Bridgecrest's website or mobile app offers convenience and allows you to make payments on your schedule. Some borrowers prefer this method because it gives them control over the exact timing of payments and allows them to verify payment confirmation immediately. The online platform typically shows your current loan balance, payment history, and upcoming payment due dates.

Late payments on Bridgecrest loans carry financial consequences beyond just the missed payment amount. Late fees, typically ranging from $15 to $35 per late payment, may be added to your account. More significantly, missed or late payments can trigger the starter interrupt device, preventing your vehicle from starting. Bridgecrest typically allows a grace period before disabling your vehicle, but this varies by contract and situation.

If you're experiencing financial hardship and cannot make a scheduled payment, contacting Bridgecrest directly is important. While the company's customer service department cannot eliminate payment obligations, they may discuss options for addressing temporary financial challenges. Some borrowers have reported being able to arrange payment deferrals or modified payment schedules during difficult periods, though approval depends on individual circumstances and company policies.

Keeping records of all your payments is advisable. Save payment confirmations, bank statements showing automatic withdrawals, or credit card receipts from payments. These documents can help resolve any disputes about whether payments were made on time and provide proof of your payment history.

Practical takeaway: Choose a payment method that you can consistently use without missing deadlines. Set reminders if paying manually, or set up automatic payments if possible. If financial difficulty arises, contact Bridgecrest promptly rather than simply missing a payment. Keep documentation of every payment you make.

Understanding Interest Rates and Total Loan Costs

Bridgecrest's interest rates reflect the company's business model as a subprime lender. Because the borrowers they serve typically have lower credit scores or limited credit history, the interest rates are significantly higher than what traditional lenders offer to borrowers with good credit. Interest rates on Bridgecrest loans typically range from 12% to 29.9%, though rates vary based on individual credit profiles and market conditions.

Learn About the Cerulean Credit Card for Credit Building →

To understand how interest rates affect your total loan cost, consider these examples. A $10,000 loan at 15% interest over 48 months with monthly payments would cost approximately $2,230 in total interest. The same loan at 25% interest would cost approximately $4,200 in additional interest over the life of the loan. That's nearly double the interest paid. Over a 72-month loan period, the interest cost differences become even more dramatic.

Your interest rate is determined during the loan approval process and depends on your credit score, credit history, income and employment stability, existing debt obligations, and the vehicle being purchased. Bridgecrest may offer you a range of rates depending on the loan term you choose. Longer-term loans sometimes carry slightly different rates than shorter-term loans. The company will provide you with your specific rate before you finalize the loan.

One critical aspect of understanding your loan cost is recognizing that subprime auto loans work differently from other types of loans you might be familiar with. The Annual Percentage Rate (APR) you see in loan documents includes not just the interest rate but also any fees associated with the loan. These fees might include loan origination fees, documentation fees, or other charges. Reading the Truth in Lending Act (TILA) disclosure document provides the complete