Many dealerships with late-model used vehicles in their inventories often provide financing programs to help customers get behind the wheel of a vehicle despite credit issues. This is becoming essential because more and more people find themselves in debt, have missed a credit card payment or two, or may have had problems with credit in the past. Credit issues are also a problem when people have no credit histories. Those who have paid for items in cash and do not have credit cards are also turned down for traditional bank loans and financing from vehicle manufacturers.
Sell More Cars
Working with Consumer Portfolio Services allows dealerships to sell more cars because the company provides specialty financing via contracts purchased from franchised dealerships in forty-eight states. Business owners can fill out a credit application online. Once approved, more payment options are offered to customers purchasing late-model used vehicles. The business sells more cars, and satisfied customers spread the word about the opportunities available at that particular dealership.
More Than Financing
The company has programs to help the dealership succeed in an effort to build a customer base. Lead generation is one example. That program provides leads in specific areas and teaches strategies for generating leads on a regular basis. Leads inform marketing avenues, suggest approaches for targeted audiences, and help owners tailor promotions and sales to attract new customers.
Training and support programs are offered as well. It can be difficult to determine if taking certain risks will benefit the dealership. Looking at credit information is not the only aspect that informs decisions. Job history, places of residence, and current wages all have to be considered. If an applicant has not held a job for more than four months and has lived in several different towns, is less likely to be able to make car payments in full and on time over the coming years.
The Need for Transportation
The need for personal transportation is vital in small towns and rural areas that lack public transportation resources. Those are the same places where people will have lower incomes and more incidents of poor credit. Second change programs are crucial to getting back and forth to work. Being the dealership in town that can provide the most financing options will provide an edge in local competition.