How Car Dealers Can Approve Customers with Bad Credit or No Credit
The Lot Blog
Oftentimes, credit-challenged car buyers have a hard time getting approved for financing because of their poor credit history. Given the fact that many car dealers offer vehicle financing that primarily caters to prime and super prime car buyers, there are many consumers that are turned away due to having bad credit or no credit.
According to the Consumer Financial Protection Bureau, 19 percent of Americans have poor credit, meaning approximately one in five consumers are potentially in need of subprime financing. Imagine having to turn away one in every five customers that enter your dealership because they don’t qualify for the financing you offer. That’s not fair to your customers or your business. As a dealer, you should have the ability to approve every person who walks into your dealership regardless of his or her credit history.
So, how can you approve car buyers with bad credit or no credit?
Enroll in a subprime auto finance program.
Credit Acceptance is an indirect subprime finance company with a network of more than 12,000 enrolled car dealers across the nation that have the ability to say “yes” to every customer. By enrolling in our program, car dealers can provide written approval to every customer who walks into their dealership. Car dealers on our program can serve more customers, make more money and sell more cars.
Make your customers aware of their auto financing options.
You want to make sure that every customer knows they are not only welcome, but able to receive credit approval to purchase a vehicle through your dealership, regardless of their credit history. Enrolling in the Credit Acceptance program places you in the position to not only educate credit-challenged car buyers on their auto financing options, but provide them with a solution.
If you are an independent, franchise or Buy Here Pay Here car dealer that is looking to expand your customer base and market, enrolling in the Credit Acceptance program will enable you to do just that. Simply fill out the form on our website to learn more about the advantages of becoming an enrolled dealer on our program.