Multiple loan rejections can cause any car buyer to give up hope that a loan can be found. Consumer Portfolio Services wants car shoppers to know that there are financing options available. Car dealerships must be part of the CPS dealership network to offer CPS loan programs. Car buyers can ask the local car dealerships if they work with CPS to underwrite loans for customers. In the subprime market, few lenders offer auto loans that fall outside the prime lending market. Access to a subprime auto loan allows the buyer to purchase an affordable car and rebuild his credit record at the same time.
At times, the salesperson will recommend that the car buyer take some steps to improve the credit history and lengthen the time in the current job. These recommendations are aligned with the lending criteria offered through Consumer Portfolio Services. Approval for the auto loan is based on how long the applicant has had the same job and the amount of money earned every month. CPS will not approve a loan for someone if the payments are not possible. Success in repaying the loan creates a strong payment record that opens doors for future credit transactions.
Anyone who has struggled with imperfect credit knows that raising the credit score is impossible without open credit accounts. An automobile loan is a different type of credit from a store credit card. Combining multiple types of credit strengthens the credit history and raises the credit score. Consumer Portfolio Services works with car dealerships to offer subprime auto loans for the purchase of cars, minivans and light trucks. Car buyers know that buying a car is necessary for transportation to work and to conduct many of life’s activities. Loan approval is possible for those with steady employment.