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How Lenders Like Consumer Portfolio Services Enable More People to Buy Cars and Trucks

There are thousands of dealerships nationwide that strive to provide everything buyers could want or need. While maintaining low prices and large inventories can help, there are some shoppers with more particular requirements.

For many today, for instance, obtaining the financing required to buy a car proves to be more difficult than in the past. Companies like Consumer Portfolio Services help to fill in the gaps and enable many purchases that might not otherwise be possible. That benefits dealers and their customers alike.

A Newer Take on What Automotive Financing Can Be

In the past, traditional lenders like banks were responsible for extending the vast majority of financing that was used to buy passenger cars and trucks. While many buyers do still borrow from banks, this arrangement has become significantly less common.

One reason for this is simply that many banks now maintain tighter standards than in the past. The generous consumer lending activity that led to the last financial crisis centered around home mortgages, but the impact of the ensuing trouble was felt a lot more widely. Faced with uncertain financial situations of their own, banks clamped down on their lending, and many are only now beginning to loosen their standards up.

This situation has left many facing difficulty obtaining automotive financing on this account alone. Coupled with the fact that the credit histories of many car shoppers suffered during the most recent financial meltdown, this contributed to the creation of an especially challenging borrowing environment. Fortunately, a new wave of lenders has since stepped up to make sure that more car buyers can obtain the financing that they so often need.

Focusing on Dealers and Their Customers

Instead of requiring that buyers apply to them directly, lenders like these provide support behind the scenes. By creating relationships with dealers all across the country, they end up making it easier for consumers to obtain financing.

Dealers are typically made responsible for ensuring that each buyer is truly qualified for credit. After agreeing to sell a car or truck under certain terms, the dealer will then sell the associated loan on to a lender. This style of financing has become more and more common in recent years and regularly enables purchases that would not otherwise be possible.