Auto Credit Express was founded in 1999. Today, we are part of the Internet Brands Automotive Group, which comprises the largest network of car buying and financing resources in North America. We take pride in helping first time buyers, people with various credit issues such as delinquencies and repossessions, and people with bankruptcy discharges to get financed for new or late model cars. We help real people across the country every day. It’s one of the things that make us different, and makes us better!
Auto Credit Express is a car buying service for people with special credit needs. We connect people with credit problems to car dealers and lenders so they can buy and finance a new or used car while re-establishing their credit. Consumer Focused, Subprime Expertise, Dealer Support, Employee Centric and First in Class Quality products and service. These are the Guiding Principles that we live by at Auto Credit Express:
A passion for helping others. Auto Credit Express is ready and able to help those willing to put forth the effort to improve their lives.
Always do the right thing. Respect every individual, do what is right; legally, morally, and ethically by using good judgment.
Have energy, and the ability to energize others. Demonstrate a positive, fast paced, and purposeful attitude; ensure others do the same.
Winning with a fair fight. We compete to win, and win big for every consumer, dealer, and lender that we represent. Auto Credit Express is driven to improve each product and service that we offer.
Auto Loans & Leasing
Finding the perfect car for sale is easy to do, but the thing that people struggle with is deciding whether they should finance or lease that specific vehicle. A major reason for this is because consumers have a difficult time understanding that these two methods of having access to an automobile affect them differently. There are some people who would rather receive the benefits from an auto loan, while others may prefer the rewards from a leasing agreement. However, either method can be used to help you get the best new or used automobile at an affordable cost.
Bad Credit Auto Loan
Bad credit or no credit? No problem! Start driving today! Simply explaining the bad credit auto loan process is not easy. While the process of completing the online auto loan request form can take just minutes, it takes slightly longer to understand how we examine your unique credit situation in order to help you make the kind of choice that will both save you money and help rebuild your credit score.
Because for most people owning a car is the second most expensive thing we will do next to owning a home, and because it is something most of us do much more often, making an informed choice about vehicle financing is important. This decision is especially critical for people who have poor credit.
What is a Bad Credit Car Loan?
For those new to the process, a bad credit car loan is an auto loan that is made available to an individual with a credit score that is considered subprime. A subprime credit score is usually considered any FICO score below a 620. People with such scores are considered to be “high risk”, and are often denied by traditional lending sources.
Because they are denied by traditional lenders such as local banks, credit unions, or lending arms of car manufacturers, people with low credit scores often seek financing through alternative options. Such options often include local automobile dealers and/or local finance companies which are likely to charge them higher interest rates to offset the higher risk of them defaulting on loans.
If you do not know what your credit score is, the Fair Credit Reporting Act entitles you to a copy of your credit report once every twelve months through annualcreditreport.com. We here at Auto Credit Express highly encourage potential car buyers to read and be aware of what their credit report says before applying. And be sure to check your credit report for errors to avoid being penalized for old and/or incorrect information.
Bankruptcy Auto Loans
If you’ve filed for bankruptcy, you might feel like you’ll never get approved for another line of credit again. Fortunately, that is not true. At Auto Credit Express, we have been helping bankrupt clients find bad credit car dealerships in their area to approve them for vehicle financing since 1999. Bankruptcy isn’t the end of the world. It’s a new beginning to financial stability. After you have filed your bankruptcy papers with the court, your bankruptcy is now considered open. It will remain that way until you receive your discharge papers from the judge. Open bankruptcy auto loans may be made available during this time with both Chapter 7 and Chapter 13 bankruptcies, but with different requirements.
A chapter 7 bankruptcy is open for approximately three to four months making the process a little faster. Before you can apply for an auto loan through any subprime lender, you must make sure that your meeting of creditors has taken place. This is called the 341 meeting and allows the creditors listed on your BK papers to ask you questions about your debts. Lenders wait for this meeting to be completed before offering financing to debtors because:
After this meeting, you can no longer add debts to your bankruptcy petition, and therefore, the new car loan will not be discharged in the bankruptcy process.
Should your case be dismissed by your bankruptcy judge for any reason, you are still liable for the balance of the loan.
Your creditors have agreed to the terms of the bankruptcy and your debts will be extinguished, lowering your debt to income ratio.
After you have proof of completion, you can then complete the online loan request form at Auto Credit Express. Keep in mind, however, that because a Chapter 7 bankruptcy happens so quickly, your loan approval chances will significantly improve if you delay applying until you have your discharge papers.
If you’ve filed for Chapter 13, you have a little more leeway when it comes to car loans during bankruptcy. The process is much longer, lasting three or five years. The court appointed trustee will set up a payment plan based on your income, and you will repay a portion of your debts over the life of the bankruptcy. If you plan to apply for financing of any kind during this time, you must get approval through your trustee.
Compile a list of reasons as to why you need a new vehicle to present to the court. For example:
More than one person in the house has a job, so you need two cars.
One person works while the other drives kids to school or extra-curricular activities.
You have one car that is about to die, and you need a reliable vehicle for the family.
Once you have compiled your list, you must then file it with your trustee. This is called a Motion to Incur Additional Debt. Then you may have to answer questions about the vehicle you want to purchase. There could be stipulations added to the loan terms, including how long the loan is, what your interest rate can be, and what your monthly payment must be. If your motion is accepted, you will receive an Authorization to Incur Additional Debt. Once you are authorized, you can proceed with your purchase.
Special Financing Auto Loans
As more and more people are experiencing credit problems and looking to get into a new or used vehicle, special finance companies are becoming more popular. Car loans for people with bad credit are usually very difficult to obtain from a traditional lender such as a bank or credit union. Unlike tote the note dealers, these types of lenders make your credit score the most important factor in deciding whether or not to grant an auto loan approval because it determines your likelihood of default.
Refinancing can be an excellent option for people who currently have an auto loan and are looking to lower their monthly payment, get a better interest rate, or change how long it will take to pay off the loan. This can be especially useful for people who have had credit issues in the past, and it provides an opportunity to get more favorable financing terms.
Refinancing can be an excellent money-saving strategy when you finance a car and did not receive favorable terms. The interest rate you are able to qualify for is largely determined by your credit score, so when you finance a car when you have less than perfect credit, it’s likely that you received an APR that was higher than average. Luckily, there’s such a thing as a refinance. When you refinance a car loan, it means you are replacing your current loan with a newer one with different terms, usually with a different lender. Even though many people haven’t explored this option, it’s a valuable tool that can often help a borrower out.
At least 18 years old.
A current resident of the US or Canada.
Employed full-time or able to prove a guaranteed fixed income of at least $1,500 a month.
What documents do I need to apply?
Government-issued ID. Such as your passport or driver’s license.
Proof of residency. A recent piece of mail or a working phone number can be enough.
Verification of your income. Be ready to show either your tax forms or pay stubs.
Min Loan Amount Varies by lender
Max. Loan Amount Varies by lender
Loan Term 3-6 years
Because these loans are specialized for people with bad credit, interest rates may be higher than you’d find elsewhere.
Auto Credit Express
3271 Five Points Drive, Suite 200
Auburn Hills, MI 48326