We will present you an approval sheet giving the loan details on the vehicle you have selected. Frequently asked questions:
How much is the minimum down payment?
Down payments typically range from $500 to 35% of the sales price. Some of our lowest risk customers qualify for $0 down payments.
What will the interest rate be?
Interest rates vary according to the risk rating that Credit Acceptance assigns to each customer. Rates can be as low as 4.9% up to the State Maximum for the year model being sold.
If I have a recent bankruptcy or a poor credit history will I be denied a loan?
No, absolutely not. A bad credit report, history or score will not affect your ability to get approved with us. You're approved!
If I have one or more car loans open, will I still be approved?
Yes, we do not look at the number of auto loans open.
We will prepare all the paperwork and collect a few items from you to close the loan: (Be sure to bring these items so you can take delivery of your new vehicle on the spot!)
Drivers license
Proof of employment or income
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2 pay stubs within the last 30 days, or
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2 months bank statements showing deposits (For those self-employed) or
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Cancelled checks, or ??? What do you have?
Proof of residence (Less than 30 days old)
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A utility bill in your name or
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A phone bill in your name. (cell or landline)
Any papers relating to bankruptcy if applicable
5 References
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Address, city, state, zip, phone number
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Can be friends, work associates, etc.
The down payment money you are working with.
Current insurance information – if you have insurance.
