Should I finance? A review of Consumer Portfolio Services
Financing a Car with Consumer Portfolio Services
Consumer Portfolio Services is a financial company that offers loans for people looking to finance their new car. It’s important to know if you’re the right fit for this type of loan before applying, which is why we’ve put together this review. In it, we’ll discuss what Consumer Portfolio Services can offer and how they compare to other financing companies.
Consumer Portfolio Services can offer people loans for up to a six-year term with an interest rate that ranges from 12.99% to 17%. There are no prepayment penalties, and customers have the option of adding their vehicle warranty coverage into the loan if they need it. The APR is slightly higher than some other financing companies but still manageable at 24.90%.
Unlike many other lenders, Consumer Portfolio Services doesn’t require you to go through credit counseling or assessment before applying for your loan. However, those who do this will be eligible for lower rates and more favorable terms on their car loan (12%), so we recommend doing this first unless you’re confident in your ability to repay back your debt without assistance.
Consumer Portfolio Services is a good option for people who are interested in financing their next car purchase. Compared to other financing options Consumer Portfolio Services does not require you to have good credit or a high income.
Consumer Portfolio Services is the best option if you’re looking for an affordable car loan with flexible terms and don’t want to go through lengthy application processes that include driving around town collecting paperwork from various places. With Consumer Portfolios Services, their mobile app can help you complete all of your necessary documentation before going in-person so there’s less hassle involved when applying for financing.
We recommend going with Consumer Portfolio Services because of their low, competitive interest rates and flexible terms. To learn more about Consumer Portfolio Services, contact us today!