The finance department of a car dealership is the heart of the organization because without financing options most consumers would not be able to afford a new car purchase. Individuals with poor credit present several challenges for a finance department, as a low credit score will make obtaining financing for them nearly impossible. A company that specializes in subprime lending helps solve this challenge and makes it easy for almost anyone to get the loan they need to buy reliable transportation without excessive monthly payments.
Some consumers are leery of letting a dealership pull their credit report, and this fear usually stems from insecurities relating to a low score and an apprehension that financing isn’t an option. A company that provides pre-approval options allows a consumer to determine their eligibility for a loan without impacting their credit score. Pre-approval status is often a great way to entice individuals to seek more information about a loan and will help close more transactions.
Fast Application Processing
When a customer shows up on a lot, they are excited about purchasing a new vehicle, so it is essential to get them behind the wheel of their new car as quickly as possible. One of the most significant delays is slow application processing time which will often result in lost revenue. Be sure to select a subprime lender that offers a quick turn around time on credit decisions, as this will prevent the consumer from losing interest or seeking a vehicle from another dealership.
Zero Down Loan Options
Most subprime lenders don’t often have the cash needed to make a substantial downpayment. A lack of a downpayment will usually cause the price of a vehicle to increase exponentially and will cause many consumers to be denied traditional auto financing. A subprime lender is familiar with this issue and offers products that do not require a downpayment, which will increase approval rates and allow a dealer to provide excellent service to their customers.
The key to a successful dealership is offering a wide array of loan options. Consumer Portfolio Services is a leading provider of subprime lending products and makes it possible for nearly anyone to purchase a vehicle. Call today to learn more and see why thousands of dealerships partner with them to secure financing for consumers of all backgrounds.