How To Get and Manage an Auto Loan from Consumer Portfolio Services

Everyone needs a reliable automobile to get to work and everywhere else they need to go. Unfortunately, many auto buyers don’t have the money to pay the full upfront cost of a car on their own. Auto loans are beneficial financial products that make it possible to get a new or used car when it’s needed the most.

Review Your Credit

Credit scores affect the customer’s ability to get a loan and avoid the need to make a higher down payment. On average, the lowest acceptable credit score to secure an auto loan is 620, and the down payment is around 10% of the total loan amount. Increasing their credit scores lowers the down payment requirements and gets the buyer into an automobile faster.

Careful strategies such as paying off negative listings and smaller debts increase the credit scores. If the consumer pays off the full amount, they build a higher credit rating. Credit scores higher than 700 get the customer a lower down payment and interest rate.

Apply for the Loan

Consumer Portfolio Services are auto lenders that help auto buyers get into a reliable automobile that meets their budget. To get started, the customer applies for an auto loan. Personal details about the applicant’s income, employment, and preferred loan amount appear on the application.

By applying online, the potential buyer receives an answer about their application quickly. Most providers offer an answer within 24 to 48 hours after the consumer applies. If their credit scores don’t qualify them for the requested amount, the lender may offer a loan for a smaller amount. The customer must respond and accept the offer and projected payment plan.

Setting Up Payments

Auto loan customers set up a user account when applying for the loan. They use the same account to set up their payments, and the customer schedules these payments according to the due date. Online payments are processed within a few days, and it’s best to schedule payments earlier. The loan balance updates after each payment is received.

View Payment History

Through the user account, the borrower reviews all their payments and the current balance. They’ll see when each payment posts to their account. If they are unable to make a payment, the borrower uses their user account to interact with the lender and set up a new payment option. Any late fees or additional finance fees appear in the current statement.

Request A Payoff Quote

Borrowers who are ready to pay off their auto loan early request a payoff quote. The quote reflects the principal without the added interest applied. An early payoff reduces the total interest the customer pays on the auto loan. Once the loan is paid in full, the lender sends a receipt and the auto title to the buyer.

Auto loans are available to all borrowers that qualify, and for most consumers, a loan is the only way to purchase an automobile. Lenders offer affordable payment plans and low-down payments for buyers who don’t have a lot of cash on hand. Looking to buy a new or used automobile? Apply for an auto loan now.