Consumer Portfolio Services (CPS) is an automotive finance company that has been active in the industry since 1991. Its aim is to provide consumer portfolio services and working capital solutions to dealerships and borrowers looking to purchase motor vehicles. CPS offers a range of financing options such as direct-to-consumer, indirect and subvented loans, so you can get the most fitting option for your situation.
Understanding the Types of Financing
There are three types of auto financing: direct-to-consumer, indirect and subvented loans. Direct-to-consumer auto financing involves the customer directly taking out a loan from the automaker, such as Ford Credit or Honda Financial Services. Indirect auto financing is when a third-party lender such as a bank or credit union takes on the loan for the customer. And lastly, subvented loans involve both the automaker and the third-party lender, with the automaker providing incentives to the lender to make it easier for customers to obtain financing.
How the Auto Financing Process Works
The auto financing process begins when a buyer finds a car they’d like to purchase from a dealership. They will then need to fill out an application form with their personal and financial details as well as an income verification document. Once the dealer receives the application, they will review the information to calculate what type of financing package the customer is eligible for. This could include cash, indentured or lease payments.
Once the customer has decided which payment option is best for them, the dealer will arrange for the necessary paperwork to be completed. The customer will also need to put down a deposit or sign papers agreeing to accept the financing terms. Once everything is signed, the car is purchased and the customer makes payments until the loan is paid off in full.
Auto financing can be a daunting process, but the experts at CPS can help to make it simpler. With over 25 years of experience in the business, they understand the industry intricacies and can assist in finding the right loan package for each customer’s individual needs – making accident financing easy.
How CPS Works For You
CPS works with dealerships throughout the United States to offer a wide selection of loan solutions through their innovative AutoFinanceXchange technology platform. They have streamlined the application process, which allows them to quickly assess the borrower’s qualification criteria and provide a tailored loan package that fits their needs. In addition, with their user-friendly loan calculators, customers can easily calculate all the associated costs of their loan package, including interest rates and repayment terms.
CPS also provides an open-ended line of credit that allows customers to borrow up to a specific limit. This type of loan helps to ensure that customers are never short on cash and can pay for emergency expenses like medical bills. Customers who take out this type of loan will only make payments on the amount of money they have borrowed, and not the limit of the loan itself.
CPS believes in helping people find their ideal auto financing solution in a timely and cost-effective manner. As one of the leading automobile finance companies around, they strive to provide their customers with the best possible service. Whether you are looking for a new or used car, they will work hard to make sure you have the resources you need to drive away with your dream vehicle.
Learn More About Auto Financing With CPS
If you are in the market for a car and want to learn more about auto financing solutions, Consumer Portfolio Services can help. Their experienced team is available to assist in finding the perfect loan solution for your individual circumstances. Contact them today to discuss your unique requirements and start the journey towards driving away in your dream car.