Just about every family today needs to have access to at least one reliable car or truck. While a few American cities have public transportation systems that might do away with this requirement, the vast majority of municipalities nationwide were designed and have grown with personal vehicles in mind.
Lacking access to a car that can take family members wherever they need to go can make everything a good deal more difficult. From problems with making a living to a lack of access to healthcare, personal transportation is, to many, a basic requirement of life. By expanding access to financing for many borrowers, companies like Consumer Portfolio Services provide important support.
Point of Purchase Lending That Makes More Sense
It used to be the norm to start the car shopping process by heading to a local bank to get pre-approved for a loan. Pinning down that crucial detail early on allowed buyers to set their sights more easily and accurately, with no need to guess about what level of financing would be offered to them.
For quite a few car buyers today, however, a visit to a local bank produces nothing more than disappointment. With many lenders insisting on working with only the most qualified of borrowers, many vehicle shoppers are simply left out of the picture completely.
Fortunately, there is now another option that serves the needs of many buyers far better. Instead of pleading with a banker for financing, more hopeful vehicle buyers now simply head straight to a dealer. Dealers then assess the creditworthiness of their customers themselves and help them understand and make the most of their options.
A More Flexible and Accessible Style of Financing
Few dealers could afford to be so generous if confined to relying on their own resources. Most dealers, in fact, make use of financing even just to maintain the inventories that draw shoppers in.
What happens instead is that dealers who offer this purchasing option make arrangements beforehand with lenders who operate in a special fashion. By committing to buying loans issued to qualifying vehicle buyers, they allow dealers to complete sales that would normally not be possible. That helps many American families gain access to the transportation that makes life so much easier.