Since first-time car buyers with no credit can have a difficult time getting approved for auto financing, offering subprime financing through your car dealership is an effective way to approve consumers with limited credit history.
Many consumers with no credit aren’t fully informed on the car buying process or what steps to take to build their credit history, which can help position your car dealership as a valuable resource to educate car buyers on their financial journey.
Here are some ways you can work with first-time car buyers with no credit:
- Enroll in the Credit Acceptance auto finance program.
Car dealerships enrolled in our program can provide written credit approval to every customer who walks into their dealership, enabling them to serve more customers, sell more cars, make more money and help car buyers purchase an affordable and reliable vehicle that meets their needs.
- Educate first-time car buyers on their auto financing options.
Being an enrolled car dealer in the Credit Acceptance program places you in the position to educate car buyers with no credit on their auto financing options and offer them a solution to buy an affordable and reliable car on credit. This includes offering subprime financing and approving customers with co-signers.
- Enter every application into our proprietary Credit Approval Processing System (CAPS®).
Generate an approval on nearly every new or used vehicle for every customer, regardless of bad credit or no credit history. With CAPS, you can easily structure deals that are profitable to you and affordable for your customers.
Credit Acceptance works with more than 12,000 franchise, independent and BHPH car dealers across the nation to help them sell more cars and make more money. Last year, we paid enrolled dealers nearly $4 billion in total funding and more than $185 million in Portfolio Profit.
If your car dealership wants to increase its car sales by offering credit approval for first-time car buyers, simply fill out the form on our website to learn the benefits of becoming an enrolled dealer in our auto finance program!
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