How Does Consumer Portfolio Services Work?

Consumers approach lenders when they are ready to purchase a new or used automobile. It’s best to weigh their options and find a better loan product that meets their demands and doesn’t present a financial hardship. Lenders establish affordability before extending a new loan to consumers. An online auto loan service helps consumers find better loans.

Start An Application

Consumers start an application online and fill in all the details according to the lender’s requests. Lenders need the consumer’s name, address, and contact information. Their Social Security number is necessary to conduct a credit assessment. Employment information and annual earnings are needed to establish affordability for the consumer. Security features and encryption are used to keep all confidential information safe from outsiders.

Review the Status of the Application

The applicant can review their application at any time and find out if the application was approved or denied. The lenders update the status of the application after it is processed and a credit evaluation has been completed. Applicants can get updates about their loan application by checking the appropriate box on the website.

Preview Possible Loan Offers

All auto loan offers are sent to the email address used when applying for the loan. The loan offers include the total loan amount including the interest and the monthly payment required for each installment plan. Any savings offered through the installment plans are explained by the lender. Early payment penalties and possibilities are also explained.

Choose a Loan and Start the Payments on Schedule

Choosing a loan gives the consumer full access to the full loan amount after the deposit. The first payment for the auto loan appears in the loan documents. The terms of the loan explain the interest rate and any late fees that apply when the payments are late.

Consumers start an application for an auto loan through online financing services. After submitting the application, the consumer waits for an answer from the lender. Once approved, the lender provides loan products based on the highest loan amount available to the consumer. Consumers who want to review auto loans can contact Consumer Portfolio Services for more information now.