Having access to a reliable car or truck is a basic requirement of life for many American adults. Lacking personal transportation can mean being unable to earn a living, especially in places where no shared or publicly maintained alternatives are available.
Unfortunately, many people have traditionally struggled to obtain the financing needed to buy a car or truck that can provide reliable service. Companies like Consumer Portfolio Services have helped address this problem in recent years in important and effective ways.
The Rise of Dealer Arranged Financing
In the past, most car buyers would either secure financing themselves before beginning shopping or make use of programs maintained by vehicle manufacturers. In most such cases, lending requirements tended to be fairly stringent and in line with what might be expected of other traditional types of consumer loans.
That left many buyers feeling forced to do without financing entirely, a problem that could easily lead to many others. With no means of buying a vehicle that could be relied upon for transportation, too many people found themselves grappling with other challenges that followed.
Starting some years back, vehicle dealers and a new generation of lenders began working in harmony to overcome this entrenched issue. By agreeing to buy loans from dealers that met certain significantly loosened standards, these lenders began opening up new opportunities for buyers.
A Helpful, Focused Solution to a Common Problem
Since then, this style of financing has become increasingly widespread and important to many Americans. With so-called “buy here, pay here” vehicle dealers being supported by lenders like these behind the scenes, buyers find themselves becoming much more capable of obtaining the financing they need.
The details of this common type of partnership frequently extend deeper, too. Some lenders in this portion of the industry provide a great deal of support to the dealers they work with, going well beyond the basics of simply offering financing.
In some cases, lenders will provide dealers with marketing help and consulting services that can help them make better use of their resources and inventories, for example. As a result, the benefits of this style of lending can reach well beyond the increased access to financing that so many vehicle buyers appreciate so much.