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Credit Acceptance auto loans review

Bad credit is OK — but you won't know your rate until you visit a partner dealership.

  • Best for borrowers with less-than-perfect credit looking for financing through a dealership.
  • Pick something else if you have good credit — you'll likely find lower rates elsewhere.
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Product NameCredit Acceptance auto loans
Minimum credit scoreBad credit OK

Review by

Kellye Guinan was a financer writer for Finder, covering everything from loans from auto to personal to business finance.

Expert review

Credit Acceptance is best for borrowers with bad or no credit who’ve faced rejection in the past. Not only does it consider a variety of credit backgrounds, but it reports to all three major credit bureaus — which means making on-time payments can help improve your score.

However, there’s no information on its website about the potential rates you’ll receive. This means you’ll need to go to the dealership and work with its financing team to get an idea of how much it will cost you. And with a recent lawsuit filed against it by Massachusetts — and potentially other states — for overcharging borrowers, it may be best to compare other car loan options before you apply.

Massachusetts attorney general files lawsuit against Credit Acceptance

Credit Acceptance is currently facing a lawsuit for allegedly defrauding borrowers. Massachusetts Attorney General Maura Healey is seeking $120 million in damages for extending loans to borrowers who would be unable to repay. This left up to 24,000 people with an average debt of $9,000 — after their vehicles had been repossessed. In addition, Credit Acceptance has been accused of violating Massachusetts usury law by failing to disclose finance charges that ultimately brought its APR above 21%.

Credit Acceptance may also be facing additional lawsuits for unfair debt collection practices, but nothing has been filed as of September 2, 2020.

First, am I eligible?

Credit Acceptance doesn’t list any specific eligibility requirements. But it does state that its partner dealerships accept borrowers with bad credit or limited credit history, as well as borrowers who are on a limited income or have open Chapter 7 or Chapter 13 bankruptcy.

What types of car loans does Credit Acceptance offer?

Credit Acceptance funds both new and used car loans. However, loans are set up by the dealership you’re connected with. This means your loan amount, interest rate and loan term are all determined by the dealership — not Credit Acceptance.


  • Partner dealerships in all 50 states
  • Temporary income, bankruptcy and bad credit OK
  • Finances both new and used vehicles
  • Reports to all three major credit bureaus


  • Recent lawsuit filed against it
  • Not transparent about rates and terms, which are set by the dealership
  • Additional fees for many repayment methods
  • Can’t change payment due date
  • Funds must be used at the specific dealership you’re connected with

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Credit Acceptance reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1.2 out of 5 stars, based on 96 customer reviews
BBB customer complaints 604 customer complaints
Trustpilot Score 2.5 out of 5 stars, based on 5 customer reviews
Customer reviews verified as of 19 October 2020

While its Trustpilot profile has next to no reviews as of October 2020, Credit Acceptance’s Better Business Bureau (BBB) profile has almost 100 reviews — and over 600 complaints. Many customers state they had issues with making repayments, closed accounts still being reported on negatively and poor customer service.

How do I apply?

To begin your application online, follow these steps:

  1. Visit the Credit Acceptance website and click Find a dealer near you or Start your credit approval.
  2. Enter your full name, contact information and ZIP code, then read and agree to the privacy disclosure.
  3. Enter your address and select whether you own your home or rent.
  4. Select your primary source of income and your gross monthly income.
  5. Select your bank account type.
  6. Enter your Social Security number and date of birth.
  7. Read the final disclosure and click Finish to submit your application.

Credit Acceptance sends your information to three local dealerships. You’ll then need to get in touch with one to set up a test drive and discuss your financing options.

What documents do I need to apply?

To complete your application, enter your Social Security number and date of birth. And when you visit a dealership, bring the following documents with you:

  • Proof of income
  • Proof of residence
  • Proof of bank account

How do repayments work?

Credit Acceptance offers a few repayment options, but it does charge fees for some common methods:

Payment methodFee
Automatic payment — onlineNo fee
Automatic payment — by phoneNo fee
Check or money order — by mailNo fee
Check or money order — in personNo fee
One-time payment — online$3.95
One-time payment — by phone$3.95 (no representative) or $9.95 (with representative)
Western Union$8.50

Keep a close eye on your due date. Credit Acceptance won’t change it, and you may be charged additional fees if you’re late. If you think you may not be able to make a full repayment, contact Credit Acceptance to discuss your options.

Not sold on Credit Acceptance? Finance your new ride with another lender and get a car loan today.

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