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Buying a Car: The Loan Process Explained

What You Need to Know Before you Apply

If you are in the market for a new car, Consumer Portfolio Services has a few tips to help guide you through the loan process. Consumer Portfolio Services will review all of your credit history and give you an idea of what type of loan is best suited for your situation. Consumer Portfolio Services can also tell you about different types of loans so that they can be better prepared to answer any questions or concerns that arise during the loan application process.

Consumer Portfolio Services understands that many people may not know all of the different types of loans. There is a lot to learn with so many options available, and it can be very overwhelming. Consumer Portfolio Services does their best to make things easier by breaking down each type loan for you below:

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*Bad Credit Car Loans-If you have had some bumps in your credit history but still need a car at an affordable price, then this might be the right option for you! Bad credit car loans are often lower interest rates than other types of loans because lenders recognize that they will likely be taking on more risk when approving these applications. These are also called “sub prime” or “near prime”. You’ll want to get prequalified in order to see what your current situation looks like.

*Good Credit Car Loans-A good credit car loan is for someone with a history of timely payments and has an excellent credit score. These loans typically have lower rates than other types, which can be appealing if you want the least amount of payback possible over time! You’ll need decent income in order to qualify for this type of loan because it’s going to ask more from you.