Posted on January - 09 - 2011
How to Avoid Car Dealer Scammers
Many people who need a car loan but with bad credit turn to dealers to acquire financing. True, you can get a bad credit car loan from a trusted dealer but it’s important to remember that there also dishonest car dealers who may take advantage of your situation. In this article, let’s discuss the most common car loan scams that consumers need to be aware of.
Car Dealer Financing – Not a Loan?
In most cases, car dealers do not directly offer the loan. Instead, they offer a deal with the consumer using a Retail Instalment Sales Contract. This contract will then be presented to a bank or a lending company who will be providing the funding. Once approved, the car dealer may also charge their own interest rate which can make the “financing” a lot more expensive.
This is why consumers are warned to look out for dealers that offer car loan financing with high rates and fees. Always remember that no matter how low your credit score is, you still deserve to be treated with all dignity and fairness.
Similar Posts:
- Bad Credit Car Loan Tips for Consumers
- You Can Still Get 100% Financing With Bad Credit
- A Quick Guide to Balance Transfers
- Bad Credit Car Loans – Avoid Scams and Rip Offs
- Demystifying Credit Inquiries and Its Effects on Your Credit Standing
