Consumer Portfolio Services – Repossession and Refinancing
If you have a car loan and want to get a better deal, there are a few options you have. First, you can refinance the loan. This is where you would make one payment for the entire balance. Second, you could try to pay only the principal. Third, you could look into repossession, although the law varies from state to state.
Refinance your car loan
Consumer Portfolio Services (CPS) provides auto financing for individuals with limited credit histories. They offer loans to customers through select franchised dealerships.
The cost of a car loan can be a major drain on your finances. Refinancing your car loan with Consumer Portfolio Services can lower your payments. However, you’ll want to make sure you have all of the financial documents ready before completing your application.
When you apply for a Consumer Portfolio Services loan, you’ll need to provide proof of your income and residence. Also, you may need to get a cosigner to help you qualify for the loan. You will also need to put down a small deposit.
Your interest rate will vary based on your credit score. Having a good credit score will increase your chances of approval. This means you could qualify for a better interest rate and more favorable terms.
Make a principal-only payment
If you are in debt and