Many hopeful car buyers today head to dealers who arrange vehicle financing on-site. That has turned out to be an especially flexible and accommodating arrangement that suits the needs of many consumers well.
When a dealer offers to finance the purchase of a vehicle in this fashion, the loan will normally be passed on to another company not long thereafter. Secondary lenders like Consumer Portfolio Services are dedicated to making it simple for car buyers to keep up with all the obligations and needs related to servicing the loans.
Plenty of Help and Support with Paying Back a Car Loan
So-called “buy here, pay here” automotive financing has rapidly become one of the most popular options for American car shoppers. Although it is not always clear from the start, this style of lending typically relies on partnerships between dealers and specialized financial services companies.
As a result, a loan that is originally issued by a dealer at the time of purchase will generally be handed off to another party sometime in the near future. That secondary lender will then accept payments from the buyer and manage all the details associated with the loan.
This arrangement normally works out very well for all involved. Because they focus specifically on such financial matters, secondary lenders will generally be well positioned to make things easy for borrowers with regard to issues like:
- Payments. Borrowers will often have a number of choices before them when it comes to making payments on their loans. Many today choose to schedule automatic withdrawals from their bank accounts, an option that can easily make life a bit simpler. Others make one-time remittances each month, with a variety of payment types normally being accepted.
- Loan history. It will often be helpful to have access to a complete record of loan activity and payments. In many cases, borrowers will be able to simply log on to a website that enables the secure transmission of this frequently important information.
Lenders Who are Truly Dedicated to Borrowers
With many lenders of this general kind offering quite a bit more in the way of support and services, borrowers will rarely need to feel neglected. This increasingly common style of lending is one that serves many car buyers well in a variety of respects.