Making car payments is an inevitable expense for many people who need transportation to work, school, and other essential places. Timely payments help keep the car on the road and improve the borrower’s credit rating over time. Discover seven reasons for customers, dealers, and investors to use Consumer Portfolio Services for auto payments.
Paying a loan online means the payment goes through quickly. If a borrower forgets or needs extra time, paying online can extend the period of repayment. In days gone by, payments made by mail or in-person took days to process.
Making auto loan payments online is easy and convenient. Payments are made in minutes so that borrowers can avoid late fees and penalties associated with missed or late payments.
Proof of Payment
Paying online provides the borrower and lender with instant confirmation of payment. Once the payment goes through online, it is confirmed, and the borrower has peace of mind knowing the monthly loan payment was made.
Making late car payments can negatively impact a borrower’s credit rating, making it more difficult to get future auto loans at a competitive interest rate. Paying online helps borrowers cover the loan on time, which boosts their credit rating. As a result, future auto loans might be extended at a lower interest rate.
Many borrowers decide to apply online to determine how much they can spend on a car. Once they get approved, they can shop for a suitable vehicle within that budget, knowing they can get an auto loan to pay for it.
An online auto loan payment portal provides a central zone where borrowers and lenders can periodically review the applicable contracts. When the lender makes updates, they are noted within the contract pages to memorialize the terms between the parties.
Stay on Top of the Loan
Paying an auto loan online means having a record of the current status of the loan at all times. Borrowers can gauge their repayment progress and determine when the car loan will be paid off.
An online auto loan payment portal provides the ultimate level of convenience for both borrowers and lenders.