Helping Car Buyers and Dealerships with Lending Opportunities

Since automobiles were first introduced in the 1880s, consumer demand for them has continually grown. Henry Ford made that demand even more prominent when he launched his Model T line in the early 1900s. At present, analysts estimate that more than 15 million new vehicles will be sold across the United States this year, and over 120 million used models will change ownership.

Exploring the Need for Automobiles

It's no secret that automobiles have become essential at this point. Though a few cities are considered walk-able, that's not the case in most areas. Many don't even have readily available sidewalks for foot traffic to take advantage of.

Most people must drive to get to work and school and run errands. Commutes are growing longer, and even those who work from home need to be able to venture out from time to time.Because of the growing requirement for transportation, financing needs are also on the rise. After all, few people have enough money on hand to purchase a vehicle outright. That's true of new models as well as used ones.

Finding Financing

Reports show that lenders have become a bit less stringent with their lending requirements. Still, many mandate good credit scores, leaving those with less-than-stellar credit histories in the lurch when it comes to getting an auto loan.

At the same time, numerous first-time buyers may not yet have enough credit to convince lenders that they're worthy of additional buying power.With that in mind, many dealerships and would-be car buyers are turning to companies like Consumer Portfolio Services for help. These companies offer indirect financing opportunities for those who might otherwise be unable to acquire an auto loan. In doing so, they're aiding both consumers who need vehicles and the dealerships that need to move their inventory to make room for new arrivals.

Taking Advantage of Purchasing Opportunities

With the need for automobiles on a continual upward trend, dealerships certainly have ample opportunities to sell their inventory. Unfortunately, many people who need a vehicle can't get a loan from conventional lenders, like banks and credit unions. Even some dealerships' in-house financing departments can't help all prospects.Those aren't the only options these days, though. Companies are now offering an array of indirect financing solutions. This provides numerous benefits for consumers who need vehicles but are unable to take the traditional lending route. It also aids dealerships by helping them acquire qualified buyers as opposed to wishful prospects.