So-called “buy here, pay here” car dealers have become a lot more popular with buyers. Especially for those who might have trouble obtaining financing by other means, dealers like these open up options that would not otherwise exist.
In most cases, such dealers are able to operate thanks to partnerships with lenders like Consumer Portfolio Services. By buying loan contracts that dealers write themselves, these lenders inject much-needed liquidity into the system. Car buyers who patronize such dealers will sometimes find their loans being serviced by such a lender, and that typically ends up being straightforward to accommodate.
Simple Online Systems That Make Paying Back a Car Loan Easy
When a car loan has been sold on from a dealer to a lender like this, the buyer in question will then often gain access to a variety of online services that make paying it back simpler. Some of the features that such systems will typically include are:
- Making payments – Many online loan servicing platforms will allow borrowers to arrange anything from a one-time payment to a recurring one. Payment methods that could be accepted can include Automated Clearing House transactions drawing from checking or savings accounts, as well as debit and credit cards. Car buyers consistently appreciate how such options make it easier to live up to their loan repayment obligations.
- Viewing statements – Borrowers will normally also be able to view their loan statements online. That can make it easier to keep up with how much principal remains to be repaid, as well as the amount of interest that is being assessed on each payment. Informed borrowers tend to do a better job of managing their finances and repaying their loans, so this type of service benefits all involved.
- Getting quotes – At times, borrowers will decide that paying off the rest of a loan up front will make more sense than sticking to an existing repayment schedule. Some online systems are able to determine how much will need to be submitted to pay off a loan fully.
A Simple Way to Obtain and Repay a Loan
Just as many car shoppers today value the convenience afforded by “buy here, pay here” dealers, so does the associated style of financing often end up being appealing in its own right. Thanks to services like these and others, paying back a car loan can be as easy as anyone might hope.