Founded in 1999 by Rich LaLonde, Auto Credit Express has offices inside numerous franchise dealerships. The offices are standalone financing operations. In 2001, Auto Credit Express expanded into the online consumer market with the mission of helping people with credit problems buy cars. Auto Credit Express does not appear to be publicly affiliated with any other business entities other than the franchise dealerships that contract with Auto Credit Express to provide loan services.
Auto Credit Express markets itself as an auto loan option for borrowers with bad credit. In addition to financing auto loans for people with bad credit, Auto Credit Express will also help auto dealers profit from sub-prime auto lending through training, software, and guidance. According to their Better Business Bureau business review, Auto Credit Express had an A+ rating with three resolved complaints over two years.
Auto Credit Express Features:
Auto Credit Express has many key features for potential borrowers including:
- An easy multistep pre-approval process designed to inform borrowers of their likelihood of approval before submitting a formal application
- Online pre-approval and application process
- Numerous online calculators (including a loan estimator) and resources for borrowers
- Auto Financing options for borrowers with various credit histories
- Bad Credit Financing options for borrowers with poor credit history
- First Time Buyer Programs for borrowers with a limited or no credit history
- Extended Factory Protection option for unexpected repairs on qualifying vehicles.
Down payments for auto loans through Auto Credit Express vary based on credit ratings between 0% and 10%. Financing rates also vary based on credit history. Other than a down payment matrix, pricing and fees are not publicly available. Borrowers will need to contact Auto Credit Express for pricing information.
Customer Service and Support:
Auto Credit Express provides several options for customer support. Contact information such as phone numbers, physical addresses, and an online contact form are included on the website.
- Easy pre-approval process
- Great rating through the Better Business Bureau
- Can only use Auto Credit Express services to finance a vehicle through authorized dealerships
- Website does not provide a lot of information to help potential borrowers learn more about the company
Our experience with Auto Credit Express is more favorable than not. The online calculators are easy to use and provide borrowers with enough information to make responsible borrowing decisions. The pre-approval processes are also user-friendly and are a great tool for borrowers to use when researching possible lenders. However, the company does not provide information about fees and pricing in an accessible form, and borrowers will have a difficult time trying to research information about the company’s credibility. These issues are most likely mitigated by their onsite presence at the dealership. We expect that most borrowers will assume that the lending company is a part of the dealership. Potential borrowers, with poor credit history, may find the services offered by Auto Credit Express to be more valuable than borrowers with better credit histories and more lending options.