Services for Drivers
A breakdown of how the Sól Acceptance Team supports our Customers
Credit Solutions
Loan Approval starts with experienced financing solutions. Sól Acceptance has created auto loan pathways for individuals with:
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Damaged Credit
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No Credit History
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Low Credit Scores
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First-Time U.S. Credit-Builders
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Limited Credit History
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Previous repossessions
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Recovering from Bankruptcy
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Low Down Payments
Loan Managment
Our experienced Team matches the individual experience with the right loan, creating options and partnering with our customers throughout the process:
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Determining the loan type and fit
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Streamlining the process
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Providing multiple points of contact
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Maintaining easy access to account information
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In-person and virtual payment services
Credit & Loan Education
Every Sól customer has access to our experienced Team, providing loan information that supports credit rebuilding efforts and informed steps:
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Process overview
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Loan option education
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Online and offline assistance with real people from the Sól Team!
While there are special situations, most of our dealers have same-day turnaround.
Interest rates are market driven and vary by situation. Our customers receive an average interest rate of around 13%, according to our experience.
The type of vehicle you’re financing, your credit score and reports, down payment amount, and loan size all go into what interest rate you are able to qualify for. Depending on your credit score, you can qualify for an interest rate from 5% to 20% on an auto loan.
A few ways to increase your chances of getting a lower interest rate on your car loan include:
Having a cosigner
Having a large down payment or trade-in with equity
Choosing a newer vehicle
Sól Acceptance works with a team of Dealership that offer attractive financing options for our customers, and generally both new and used cars are available. Our customers tend to have an easier time getting approved for a used car loan because used car prices tend to be lower. That doesn't mean a new or newer car is impossible, you just need to have a larger down payment to support that!
Yes, a down payment is required for an auto loan with Sól Acceptance. The amount required for a down payment varies by each person and their financial situation.
No, at this time, Sól Acceptance does not have any refinancing options.
To purchase and drive any vehicle in California, you will need to have proof of liability insurance. To finance with Sól (BFC), you must also provide proof of comprehensive auto insurance and maintain that coverage for the duration of your loan, usually with a $500 deductible. Failure to maintain insurance may be cause for repossession of the automobile. If you are having difficulties obtaining comprehensive coverage, ask us about our Collateral Protection alternatives.
You may qualify for our alternative Collateral Protection program. In the event of a total loss car accident, a Collateral Protection Policy will apply up to the current value of the automobile against the outstanding balance. Collateral Protection is for the benefit of the lender, the claim amount will never exceed the outstanding loan balance and will never result in excess funds being sent to the borrower. In the event the loan balance exceeds the current market value of the car, you will need to continue making payments until the loan is repaid, even though the car is no longer operational. Collateral Protection is not liability insurance. You remain legally obligated to provide your own liability insurance
No, a cosigner isn’t required for an auto loan. Because we work exclusively with individuals with credit challenges, a cosigner may not be necessary for your situation.
If you qualify for the other criteria of a subprime car loan individually, generally speaking, you may not need a cosigner to qualify for auto financing through Sól Acceptance.
To purchase and drive any vehicle in California, you will need to have proof of liability insurance. To finance with Sól (BFC), you must also provide proof of comprehensive auto insurance and maintain that coverage for the duration of your loan, usually with a $500 deductible. Failure to maintain insurance may be cause for repossession of the automobile. If you are having difficulties obtaining comprehensive coverage, ask us about our Collateral Protection alternatives.
It is our sincere hope that our customers will satisfy their loans, enjoy the automobiles, and build strong credit in the process. To maintain possession of the automobile, all terms of the contract must be met. If the terms of the loan are not satisfied, we have the right to repossess the vehicle. If you are unable to make your payments or keep comprehensive insurance, reach out to your customer service representative to discuss your options.
We are not a shop and do not offer repair services. If you recently purchased the vehicle, consult with the dealership. If you are unable to get assistance through the dealership or a warranty, find a reputable mechanic. If the cost of repairs puts you behind on your loan payments, reach out to your customer service representative to discuss your hardship.