Working with Subprime vs. Traditional Finance Companies
Whether you’re an independent, franchise, or buy here pay here car dealer, there are many prospective car buyers visiting your dealership with intentions of purchasing a reliable vehicle.
Since credit-challenged car buyers are often denied credit approval by traditional finance companies, it’s important that your customers know there is an option to receive subprime auto financing, which is intended to meet the needs of your consumers with bad credit or no credit.
While working with most traditional finance companies allows your dealership to offer financing options to consumers with prime or super prime credit scores, offering a non-prime and/or subprime car financing option enables your dealership to approve customers with less than perfect credit history. Being able to approve more customers to purchase a vehicle can lead to more car sales, cash flow and profit for your dealership.
Benefits of Offering Subprime Financing through Credit Acceptance
Car dealers enrolled in the Credit Acceptance program have the opportunity to say ‘YES’ to every customer regardless of their credit history. Our non-prime and subprime financing options are designed to provide enrolled independent, BHPH, and franchise dealers with:
- Competitive advances on new and used vehicles
- Same-day funding with eContracting
- 100% non-recourse with no look-to-book
- Easy-to-use inventory integration
- Flexible F&I compensation
- Easy integrations: Dealertrack®, RouteOne®, AutoClick, ProMax and more
Our proprietary Credit Approval Processing System (CAPS®) allows dealers enrolled in our program to provide written approval on every used or new vehicle in their inventory in 30 seconds or less. Through our auto finance programs, your dealership can approve consumers with:
- Fixed income
- Unemployment income
- Multiple open autos on bureau
- Multiple repossessions
- Self-employment
- Non-related co-signers
- Bad credit
- No credit (first-time buyer)
- No minimum job or residence time
- Temporary employment
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy (with court/trustee approval)
If your car dealership wants to increase its car sales and cash flow by offering non-prime and subprime car financing for buyers with bad credit or no credit, simply fill out the form on our website to learn the benefits of enrolling in our auto financing program!