Relax — You're Already Approved! Guaranteed Auto Loans with Bad Credit? How Does It Work? Step 1. Pick the vehicle you want from our entire inventory. This can either be done online or at our dealership. Click here to view our inventory.   Step 2. We will sit down together and ask you some questions relating to your employment history, residence, etc. If you would like to complete some of this ahead of time, click here to submit an online application.   Step 3. 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 20% 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. Step 4.          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 2 pay stubs within the last 30 days, or 2 months bank statements showing deposits (For those self-employed) or Cancelled checks, or ??? What do you have? Proof of residence (Less than 30 days old) A utility bill in your name or A phone bill in your name. (cell or landline) Any papers relating to bankruptcy if applicable 5 References Address, city, state, zip, phone number Can be friends, work associates, etc. The down payment money you are working with. Cash is always best! Current insurance information – if you have insurance.  Step 5. You take delivery of your new vehicle and take the first step to re-establishing or establishing your credit!   Step 6. We report your loan payment history to all 3 credit bureaus so you will get the benefit of establishing or re-establishing your credit.