Lenders Like Consumer Portfolio Services are Helping Consumers Buy the Cars They Need

2 weeks ago aebi Comments Off on Lenders Like Consumer Portfolio Services are Helping Consumers Buy the Cars They Need

Buying a car should never be a hassle, but many consumers end up running into roadblocks that make things difficult. Not having excellent credit, for instance, often means being denied loans by banks and other traditional sources of financing.

Fortunately, companies like Consumer Portfolio Services are dedicated to making sure that anyone who needs a car will be able to finance the purchase. Heading to a local dealer who is part of an indirect lender’s network will almost always put any questions about financing to rest.

The Rise of the “Buy Here, Pay Here” Car Dealer

Not so very long ago, only a few types of lenders were generally willing to finance car purchases at all. There were some good reasons for that, as cars and trucks can make for somewhat more problematic forms of collateral than assets like homes or shares of stock.

Even so, that situation left many facing difficulties with financing the purchases of vehicles needed for everyday transportation. Many people found themselves paying cash for old, unreliable cars that rarely made for good investments.

Since then, the situation has improved greatly, thanks largely to the efforts of a fairly novel type of lender. Working behind the scenes and making arrangements with individual dealers, these companies are positioned to issue loans to be used for the purchase of late-model, pre-owned vehicles.

As far as consumers are concerned, this development has been most apparent in the proliferation of dealers that offer financing on-site. Since their agreements with secondary lenders task them with vetting and approving loan applications, such dealers are able to see to every significant detail of each transaction.

Access to Automotive Financing Has Been Improving

Naturally enough, plenty of car buyers still opt to rely on their banks or other conventional sources of financing when the time to make a purchase arrives. More and more often, though, consumers in the market for a vehicle end up heading straight to local dealers who make financing part of the bargain.

That tends to simplify things significantly, especially for shoppers who would otherwise not be able to obtain loans. As a result, fewer buyers found themselves being forced to go without financing, a fact that leaves them better positioned to buy cars that suit their needs well.