Consumer Portfolio Services is a common way of getting help when you are trying to purchase a car. Consumer Portfolio Services also know as CPS is a company which specializes in auto financing for customers who have bad or no credit score and cannot access loans from other sources. With this type of finance, the customer can buy a vehicle and make monthly payments just like any other loan.
Types of Auto Financing
Auto financing comes in two main forms: dealership financing and bank financing. Dealership financing occurs when a customer negotiates with a car dealer, allowing them to pay a down payment and then pay the remaining balance over time by making small monthly payments. Bank financing allows customers to qualify for a loan through their bank or credit union. Customers may be required to provide proof of income before they can be approved, and the interest rate and loan amount will be based on their creditworthiness.
Factors for Auto Financing
When applying for an auto loan, there are several factors that will be taken into consideration. The most important factor is usually the consumer’s credit score. A higher score will result in a lower interest rate, while a lower score may lead to a higher interest rate or even being denied for a loan. Other factors include the type of vehicle desired, the price of the car, and the loan terms chosen. All of these factors will play a role in determining the total cost of