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Auto Credit Express: 2024 auto loan review

2024-01-01 14:00:00

At a glance

3.3
Rating: 3.3 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.1 stars out of 5
  • Affordability
    Rating: 3.2 stars out of 5
  • Customer Experience
    Rating: 3 stars out of 5
  • Transparency
    Rating: 3 stars out of 5
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About Auto Credit Express

  • Moneybag

    Loan amount

    $5,000 to $45,000

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    Varies by lender

  • Funds available in

    As soon as the day you apply

Best for bad credit borrowers

Although car financing is available for borrowers with varying credit backgrounds, Auto Credit Express has tailored solutions for bad credit borrowers. If you have little to no credit history or have faced challenges getting approved for an auto loan due to a prior or current bankruptcy, you could be in luck with Auto Credit Express. 

Auto Credit Express features

Auto Credit Express makes vehicle ownership possible for those with poor credit but can carry steep rates.

Green circle with a checkmark inside

Pros

  • Bad credit loans
  • Encourages co-signers
  • Low monthly income requirement
Red circle with an X inside

Cons

  • Limited vehicle inventory
  • Not transparent about rates
  • Limited customer support

Auto Credit Express serves as a lender marketplace primarily serving drivers with poor credit, no credit and those who have been denied previously due to bankruptcy. Its mission is to help drivers secure loans from a reputable dealer even with less than perfect credit.  

Auto Credit Express works with over 4,000 dealers across the country to fit every driver's needs for new, used and refinance loans.  

Do you qualify?

The specific requirements vary depending on the lender, but Auto Credit Express outlines the primary expectations when applying for a bad credit loan.  

  • Be at least 18 years old.  
  • Proof of at least $1,500 in monthly income. 
  • Address and proof of residency. 

You can also expect to pay a down payment of at least $500 or 10 percent of the selling price of the vehicle. 

Auto Credit Express versus CarsDirect 

CarsDirect also specializes in helping credit-challenged borrowers get auto loan financing. Like Auto Credit Express, it connects you with a dealer from its network to find the perfect ride and secure a car loan. But CarsDirect offers a slight edge over Auto Credit Express: You can search for vehicles by make and model directly from the website or check for deals in your local area. 

Read more: Auto Credit Express vs. CarsDirect

Auto Credit Express versus Fifth Third Bank

Fifth Third Bank is a direct lender offering new and used auto loans along with auto loan refinancing. Plus, you could be eligible for a 0.25 percent discount on your current loan if it wasn’t originated with Fifth Third Bank. Unfortunately, there is no online prequalification tool, and loans are limited to consumers in select states. 

Read more: Auto Credit Express vs. Fifth Third Bank

What we like and what we don’t like

Auto Credit Express has a wide network of partners and offers loans to people all along the credit spectrum. However, many details about the loans are missing from its website.

What we like

  • Specialize in bad credit loans. Auto Credit Express partners directly with bad credit lenders to help credit challenged consumers access auto loans. 
  • Encourages co-signers. Adding a co-signer will help bad credit drivers receive competitive rates.
  • Low monthly income requirement. Auto Credit Express as a minimum monthly income requirement of $1,500.

What we don't like

  • Limited vehicle inventory. You will be stuck with vehicles from partnering dealerships.
  • Not transparent about rates. There is no information about potential APRs on its website.
  • Limited customer support. Assistance is only available on the weekdays.

How to contact Auto Credit Express 

Customer support is available via an online contact form or on the phone at 855-439-0814. Agents are available Monday through Friday from 8:30 a.m. to 5:30 p.m. ET.

Auto loan types offered

Auto Credit Express offers loans for buying new or used vehicles and refinancing. Financing is available from $5,000 to $45,000. The average new car price in November 2023 was $48,247, so you may need to make a larger down payment or seek other financing alternatives if you’re planning to purchase a more expensive vehicle. 

New and used auto loans

  • Amounts: $5,000 to $45,000
  • Terms: 36 to 72 months
  • APR: Varies by lender

If you are looking to finance a new or used vehicle, Auto Credit Express offers options through its lender network. Rates and terms vary but available loans cater directly to drivers with good, bad or no credit history at all. If you are buying new you will be limited to inventory from Auto Credit Express’s partnered dealerships.

Refinance

  • Amounts: $5,000 to $45,000
  • Terms: 36 to 72 months
  • APR: Varies by lender

Refinancing your current auto loan can be a great option to lower your monthly payment and adjust your rate. Although Auto Credit Express does not disclose specific credit requirements, its website states that most lenders approve drivers with “good” or above average credit. So, while Auto Credit Express specializes in bad credit loans, refi caters more to drivers with better credit.

How to apply for a loan with Auto Credit Express 

An application with Auto Credit Express can be done fully online or via the phone. It will likely take just three minutes and you can be matched with a dealer within 24 hours of your application.

Once you are matched with a lender you will receive a phone call from a local dealership if you are buying new or used. Then, you will then be able to choose your vehicle. While Auto Credit Express doesn’t pull your credit report, the lender you’re matched with likely will, resulting in a hard inquiry.

Features and perks

Auto Credit Express works with over 4,400 dealerships nationwide. While you're limited to buying from one of those partner dealerships, you may be able to get a car loan for just $500 down.

Fees and penalties 

It’s free to apply online with Auto Credit Express. However, its website does not disclose fees or penalties as it varies by lender. As with any transaction involving financing, it’s vital to read the fine print to learn more about costs you could incur when taking out and managing an auto loan.

Auto Credit Express FAQs

How Bankrate rates Auto Credit Express

Overall score 3.3
Availability 4.1 While new, used and refi loans are available, the dealership requirement and middle-tier loan amounts produce a lower score.
Affordability 3.2 Acceptance criteria cater to poor credit drivers but with rates and terms varying by the lender, affordability is tough to measure.
Customer experience 3.0 The combination of limited hours and poor online reviews, customer service slants lower.
Transparency 3.0 Auto Credit Express lacks transparency around its rates and terms but does provide prequalification in some cases.

Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
  • Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
  • Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Rebecca Betterton
Writer, Auto Loans and Personal Loans
Rebecca Betterton, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021.
Edited by Editor, Personal and Auto Loans