Globe Acceptance auto loans review
While it works with all credit types, you'll need to live in the Midwest to qualify.
- Best for borrowers with less-than-perfect credit looking to buy a car from a dealership.
- Pick something else if you live outside one of the five states it services.
Min. Loan Amount
Jennifer Gimbel has over five years of experience informing editorial strategy at one of Disney’s digital media brands. Now as loans editor at Finder, she strives to create engaging, transparent content to help readers find products to meet their financial goals. On the weekends, you can catch Jenn at the dog park with her pup Olive or exploring the streets of Brooklyn — iced coffee in hand.
Globe Acceptance’s auto loans are ideal if you have a low credit score or want to establish your credit. It’s willing to work with borrowers of all credit types and has a lenient minimum income requirement of just $1,800 a month. It offers financing to buy a new or used car from a dealership, as well as the option to refinance your current car loan.
But it’s only available to residents of the Midwest. And it’s not up front about what rates and terms it offers — you’ll need to submit a full application to see if you even qualify. You also can’t use its loans to purchase a car from a private seller.
Not sold on Globe Acceptance? Compare your other options below.
First, do I qualify?
To qualify for an auto loan from Globe Acceptance, you need to meet the following criteria:
- Monthly income of at least $1,800
- Live in eligible state
- At least 18 years old
Globe Acceptance is willing to work with borrowers of all credit types. In fact, you may still qualify even if you have ongoing credit problems like bankruptcy or overdue medical bills.
What states are Globe Acceptance loans available in?
Globe Acceptance only works with residents of the following states:
What makes Globe Acceptance loans unique?
Unlike traditional car loan providers that typically require good credit to qualify, Globe Acceptance is open to all credit types — including those who haven’t established a credit history yet. It also has fairly low income requirements of only $1,800 a month.
What type of car loans does Globe Acceptance offer?
Globe Acceptance offers both new and used car loans to purchase a vehicle from a dealership, as well as the option to refinance your current auto loan. However, its website doesn’t offer information about what rates and terms you might qualify for. And while it mentions you can borrow as little as $1,000, it doesn’t disclose maximum loan amounts.
Other vehicle financing options
On top of car loans, Globe Acceptance also offers financing for the following types of vehicles:
- All-terrain vehicles (ATVs)
- Personal watercrafts (PWCs)
What are the benefits of Globe Acceptance auto loans?
From its short turnaround to its lenient credit criteria, here are a few perks of taking out an auto loan with Globe Acceptance:
- Relaxed eligibility requirements. Globe Acceptance works with borrowers of all credit types — even if you have overdue medical bills or filed for bankruptcy in the past.
- Short turnaround time. You could get your funds the same day you apply if all of the required documents are submitted.
- Cosigners allowed. Globe Acceptance accepts cosigners to help improve your chances of approval.
- No prepayment penalty. Unlike some car loan providers, you can pay off your loan early to save on interest without paying a fee.
What to watch out for
Consider these potential drawbacks before applying with Globe Acceptance:
- No private-party auto loans. Globe Acceptance only offers financing to buy a new or used car from a dealership.
- Only available in five states. You must live in Illinois, Iowa, Missouri, Oklahoma or Texas to qualify.
- Limited information available online. Globe Acceptance doesn’t disclose a range of rates and terms it offers on its website.
- No prequalification form. You’ll need to submit a full application to find out if you even qualify, which involves a hard pull on your credit.
Compare other car loan options
What do borrowers say about Globe Acceptance?
Globe Acceptance isn’t accredited with the Better Business Bureau (BBB) and scores a dismal D- rating due to the three complaints filed against the company and its failure to respond to one of them. As of December 2019, it earns 1 out of 5 stars based on six customer reviews on its BBB page. Main complaints from former borrowers include withdrawals from their bank account before their due date, lack of monthly statements and aggressive collection calls. It doesn’t have a page on Trustpilot at this time.
How do I apply?
If you live near its only branch in Des Moines, Iowa, you can fill out an application in person. Otherwise, you’ll need to follow these steps to apply online:
- Go to the Globe Acceptance website.
- Select Customers from the main navigation bar, then click Apply for a Loan.
- Fill in all the required fields with your personal details and information about the vehicle you plan on purchasing.
- Double-check that all the information you entered is correct before clicking Submit.
You should receive a decision within one business day after submitting your application. If approved, you might be able to get your funds the same day if you have all of the required documentation.
What documents do I need to apply?
Globe Acceptance doesn’t disclose what documents you’ll need to submit after applying, though most auto loan providers ask to see the following:
- Driver’s license
- Proof of income
- Proof of residence
How do repayments work with Globe Acceptance?
Globe Acceptance offers the option to make repayments over the phone by calling 515-225-9067, online or by mailing a check. If you choose to pay online, you’ll be on the hook for a $5 processing fee. The lender doesn’t offer a grace period, so make sure you pay on time to avoid getting hit with a late fee.
You have the option of changing your due date once throughout the life of your loan by no more than 15 days. If you’re struggling to make your repayments, reach out to Globe Acceptance as soon as possible — it might be willing to give you an extension or refinance your loan for more affordable repayments.
See how Globe Acceptance stacks up to other lenders with our guide to car loans.