What Is Subprime Auto Financing?

Woman holding car keys in new car from dealership

Purchasing a vehicle can be an exciting time for anybody. But if you’re a car buyer with bad credit or no credit, getting approved for financing can also be a challenge. That’s where subprime auto financing comes in.

Subprime financing is a form of credit available to consumers who are ineligible for traditional (or prime) financing, typically due to having a low credit score. Subprime financing generally comes with higher interest rates, but gives you the opportunity to purchase a reliable vehicle and improve your credit with on-time payments.

If you are a customer with bad credit or no credit who is looking to get approved to purchase a car, contact a local enrolled dealer in the Credit Acceptance auto finance program to get started on your credit approval.