Auto financing is a tremendous asset that allows you to obtain a car, truck, motorcycle or SUV with reasonable terms and payments. With the right auto financing options, you can purchase your dream vehicle and make it more affordable over time. Consumer Portfolio Services (CPS) has been financing vehicles since 1991 and offers a range of products designed to meet your needs.
The What and How Behind Auto Financing
When you finance an automobile, you are essentially taking out a loan for the purchase price of the vehicle. You will have a set loan amount and interest rate, as well as a term length, which dictates when the loan must be paid in full. With this type of financing, you typically make monthly payments on the loan until it is paid off, at which point the vehicle is yours.
Generally speaking, it is possible to arrange financing through either a dealership or a bank or credit union. At many dealerships, auto financing is handled by a specialist or team that works with lenders to secure loans for customers. However, some dealerships offer their own financing programs.
Understanding Credit Scores and Other Factors Affecting Auto Financing
One of the most important factors in obtaining an auto loan is your credit score. It’s very important to understand that bad credit may limit your ability to get financing, however there are other factors that come into play such as income and debt-to-income ratio (DTI).
Your DTI is calculated by taking your total monthly obligations, such as rent and credit card payments, and dividing that number by your gross monthly income. Lenders use this number to determine whether or not you are able to manage additional debt. If your DTI is too high, you may not qualify for financing.
How Consumer Portfolio Services Can Help
Consumer Portfolio Services (CPS) specializes in subprime auto financing and understands the needs of consumers in this market. We specialize in helping borrowers with less-than-perfect credit obtain financing and purchase the vehicles they need. Our team of experienced professionals work directly with approved lenders to handle your financing needs.
At CPS, we understand that everyone’s situation is different, and that’s why we provide customized solutions for each of our customers. We look at the unique details of each application to develop the best auto finance solution for you. Whether you’re buying from a dealership or a private seller, we can help you find competitive financing for your purchase.
With access to a wide network of lenders, we can help you obtain a loan program tailored to meet your individual needs and budget. We also provide convenient online payment processing so you can make payments quickly and securely anytime, anywhere.
Get Approved Today
At CPS, we take pride in our commitment to providing exceptional customer service and finding the perfect auto financing solution for each customer. Ready to get started? Our team of professionals is here to answer any questions you may have, discuss your options and help you get approved today!