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Credit Acceptance is a great option if you have bad credit or no credit history, as it will help you to secure financing for a car. And because it works with auto dealers in all 50 states, it’s suitable for customers nationwide.
You can also set up auto payments through the Credit Acceptance website, making it attractive for those looking for a hassle-free way to manage their vehicle financing.
Credit Acceptance offers a quick online prequalification process that matches consumers to suitable dealerships in just a few minutes. There is also a handy auto loan calculator to help you determine your budget and price range.
The company also reports to three national credit reporting agencies, allowing you the opportunity to establish or improve your credit score with consistent on-time payments, and potentially qualify for more traditional auto loan financing in the future.
Some highlights include:
∙ Financing available for customers with poor or no credit history
∙ Network of dealerships in all 50 states
∙ Can match you with up to three local dealerships during the prequalification process
∙ A streamlined prequalification process
∙ Extensive educational resources
Credit Acceptance offers a secure online prequalification process. The first step is to click on the “get pre-qualified” button on the company website. From there, you’ll need to enter some basic information, including your name, phone number, email address, date of birth, income, and employment information.
You can receive auto financing with Credit Acceptance regardless of your credit score provided you’re at least 18 years of age. Documentation requirements can range from none to proof of income, bank account and residence depending on your individual qualifications.
∙ Requirements for auto financing may include:
∙ Be at least 18 years of age
∙ Proof of residence or citizenship
∙ Pay stubs, bank account info, or other proof of income
Once you fill out the application, you may get pre-qualified and matched with up to three dealers in the Credit Acceptance network (although you are not limited to these three). Then, you’ll complete the loan process with whichever dealership in their network you choose. Once a customer, you can manage your payments via the Credit Acceptance website, through their mobile app (available on Android and iPhone) or through one of several other payment options they provide.
Credit Acceptance is an indirect lender that works with a network of dealerships nationwide, meaning APRs, loan amounts, and loan terms can vary between dealers.
However, it has some standard terms for all of its loans. These terms include:
∙ APRs beginning at 6.99%
∙ Used car loan terms up to 72 months
∙ New car loans up to 84 months
∙ Loan amounts up to $70,000
∙ No minimum credit score required
You’ll have up to 72 months for a used car to repay your loan with Credit Acceptance. The company offers several no-fee payment methods. These include:
Optional online auto payments or auto payments set up over the phone using a debit card, savings account, or checking account
Check or mail order via US Post office
Check or money order payment left in a drop box at Credit Acceptance headquarters
You can also make one-time payments via the website or over the phone. However, one-time payments may incur a fee, which will vary depending on the way you pay.
You can reach Credit Acceptance representatives via phone at 1-800-634-1506 to make a payment or ask questions. Representatives are available Mon-Fri, 8:00 a.m. to 11:00 p.m. ET and Sat-Sun, 8:00 a.m. to 5:00 p.m. ET.
The website also offers an extensive FAQ page where you can type in a query to find related questions and answers. The company puts a lot of effort into financial education, offering free video tutorials, car-buying resources, and loan calculators.
Additionally, you can set up text alerts with Credit Acceptance to receive payment reminders. However, it doesn’t offer email or live chat support.
| Credit Acceptance | Auto Credit Express | My Auto Loan |
Minimum credit score | No minimum credit score | 400 | 575 |
Loan amounts | Up to $70,000 | $5,000-$45,000 | $8,000-$100,000 |
Loan term | 12-84 months | 36-72 months | 24-72 months |
Best for | Those with any credit type, from no/poor credit up to excellent credit | Those looking for same-day funds | Those with good credit looking for lower APRs |
Credit Acceptance is an excellent solution for those with poor credit seeking an auto loan for a new or used vehicle. You can get approved for a loan in as few as 48 hours, and due to the company’s wide network of partners, you’ll receive several dealership options for purchasing your vehicle.
Credit Acceptance offers auto-pay set-up and text reminders so you never have to worry about missing a payment. Additionally, the company reports to national credit reporting agencies, so you can improve your credit score as you pay off your loan.
25505 W 12 Mile Rd, Southfield, MI 48034
This review was compiled using information from the Credit Acceptance website, as well as information from review sites, including Better Business Bureau, TrustPilot and ConsumerAffairs.
