One of the trickiest parts of owning a car dealership is ensuring that those individuals who are actively seeking a loan for a new car gain the approval they need to purchase the vehicle. Borrowers with poor credit face several barriers when applying for a loan, but a company that specializes in subprime lending will offer a variety of products that help increase the approval rating of a dealership. Here are just a few of the many benefits of partnering with a financial services company that provides loan funding for an array of credit types.
Automated Direct Mail Advertisements
Many buyers are leery when purchasing a vehicle, as they fear that their past credit problems will prevent them from gaining approval. Direct mailing helps to solve this problem by offering pre-approval letters to those who qualify for financing options. Most lenders will send these advertisements automatically, so a dealership gains the benefits without having to do any of the required work.
Simple Application Interface
There is nothing more frustrating for a finance department than when it takes a great deal of time to enter and process an application. Lenders have removed this time-consuming barrier by creating an easy to use interface that allows an application to be completed and submitted in under 10 minutes. An easy to use system helps reduce the time required to complete a transaction and gets a consumer behind the wheel of their new car as quickly as possible.
Fast Loan Funding
Car dealerships rely on the funds from a loan to maintain their expenses, and when delays occur, it often leads to financial complications. Lenders recognize the stress associated with extended loan funding times and now payout loans in as little as 48 hours. Fast funding allows an organization to gain access to the proceeds from a sale promptly.
Running a car dealership is not for the faint-hearted. Fortunately, Consumer Portfolio Services is a leading provider of subprime loans and allows consumers from a variety of backgrounds to gain access to the financing they need. Check out their site to learn more and see how they have helped thousands of dealerships increase sales and overall revenue.