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3 alternatives to Peak Acceptance auto loans
Peak Acceptance is a subprime lender that specialized in auto loans. As of several years ago, however, Peak stopped offering direct auto loans. It continues to provide customer service for its current loan portfolio, but isn't accepting new customers.
Why doesn’t Peak Acceptance offer car loans?
Peak Acceptance doesn’t explain why it no longer provides auto loans. However, it continues to purchase retail installment contracts from automobile dealers.
A retail installment contract is when you purchase a vehicle and agree to pay the dealer over time. A dealer may then decide to sell the retail installment sales contract to a lender — in this case, Peak Acceptance.
3 alternatives to Peak Acceptance auto loans
Peak Acceptance worked with credit scores as low as 300 when it was still offering auto loans — meaning if you had poor credit or no credit at all, you might have still qualified for a loan.
While most lenders prefer to see credit scores in the 670 range or higher, you can still find those that consider borrowers with less-than-perfect credit histories.
Auto Credit Express Car Loans
Auto Credit Express doesn't offer car loans directly, but it can connect you with one or more of over 1,000 partner dealers and lenders across the country. Its partners offer loans on new cars, used cars and refinancing for auto loans. It’s also possible to get approved for an auto loan if you don’t have a whole lot of cash on hand — some of its partners accept down payments as low as $500. However, you must have a monthly income of at least $1,500.
Pros
- No credit requirement
- Personal touch
- Past bankruptcies OK
- Program for service members
Cons
- Potentially high APRs
- Employment requirements
- Lender calls
| Loan amount | N/A |
|---|---|
| APR | Varies |
| Minimum credit score | 300 |
| Loan term | Varies |
| Loan amount | N/A |
|---|---|
| APR | Varies |
| Minimum credit score | 300 |
myAutoloan.com Car Loans
MyAutoloan.com offers a wide range of auto loans, including new and used vehicle loans, private party loans, lease buyouts and refinancing. By filling out one application, you can get connected with a number of lenders. APRs with myAutoloan.com start extremely low — down to 1.79% if you have an excellent credit score of 740 or higher and a healthy income.
Pros
- Many loan options
- No fees
- Easy application
- Quick turnaround
Cons
- High minimum loans
- Hard credit checks possible
- Limited customer service
- Marketing after applying.
| Loan amount | $8,000 – $100,000 |
|---|---|
| APR | 1.79% to 27% |
| Minimum credit score | 550 |
| Loan amount | $8,000 – $100,000 |
|---|---|
| APR | 1.79% to 27% |
| Minimum credit score | 550 |
Autopay Car Loan
Autopay connects borrowers with lenders that offer traditional and cashback refinancing, new car loans and lease buyouts. It looks at the market value of your vehicle, how much you have left to pay on your existing loan and your finances when determining your options. Apply with a coapplicant to increase your chances of approval.
Pros
- Allows coapplicants
- Estimate your savings
- Referral bonus
Cons
- Likely not eligible for 1.99%
- Document fees
- No refund policy
- No used car financing
| Loan amount | $2,500 – $100,000 |
|---|---|
| APR | 1.99% to 10% |
| Minimum credit score | 561 |
| Loan term | 2 to 7 years |
| Loan amount | $2,500 – $100,000 |
|---|---|
| APR | 1.99% to 10% |
| Minimum credit score | 561 |
How we chose these lenders
Peak Acceptance was known for working with those with less-than-perfect credit, so we first identified lenders and connection services that work with many credit types. From there we compared rates, terms and amounts offered.
See more auto loan providers
Use this table to compare even more auto loan options.
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Bottom line
If you searched for Peak Acceptance auto loans and were disappointed to find it no longer offers car loans, you're not completely out of luck. You can compare your other car loan options and find one that'll get you on the road in no time — no matter what your credit history looks like.
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