Car Loan Scams to be Aware of
Greenhorns are always the kind of people that you would like to advantage of. I know, because I have been one of them for many situations. Greenhorns tend to act so proud of themselves that they don’t ask for advice from others and simply believe on their own beliefs.
This can be the case for some people as well without much know-how about buying a car or getting the best deal. Because he is too proud of listening to others he gets scammed out of a whole lot of dollars. He may no longer be a greenhorn, but it did cost him a whole lot of money to get out of the situation. To prevent being a scammed greenhorn, try avoiding these situations and remember that you are the master not the dealer. The customer will always be right.
You say that you’re smart enough that you are able to get a financing loan not from the car dealership but from renowned once such as E-loan, Lending Tree or Capital One Auto Financing. But what if the dealer says that they don’t accept checks from these financers as they always bounce? What’s next for you?
Some dealers will definitely lie and say that they don’t accept your bank drafts anymore because their checks always bounce. However they will tell you that you can get your financing form them at a higher APR. If your checks really do bounce you’ll obviously hear from it. Deale financing is not that bad really, however you just want to find the best one that can give you the best APR. Chances are the local banks used by these dealers can seldom beat the rates that online financers give.
When being forced by your dealer, ask them what they use for financing. If they tell you, reverse the situation. It will be you telling them that you refuse to do a loan there because the bank bounces check and you are onto their scam. If this happens report it to your Attorney’s general office and report this APR scam.
When buying used cars, another scam that is often pulled is selling you a wrecked car. However, some dealers are not really unaware of the damage, but it is the contract that s bothersome. The car will have a sticker that is federally required buyer’s guide sticker that says “as is, no warranty.” This sticker means that you are willing to accept all responsibilities of this car no matter the risk of damage.
To avoid getting stuck with a more heap of junk than your previous junk, don’t buy a used car that says “As is”. Always try to get one with a 30 day warranty. Another crucial factor that may help you out before deciding to buy the used car is to get a CARFAX and have a mechanic inspect the car.
If you follow these tips wisely, you’ll look really smart and won’t seem like a greenhorn that will be easily pushed over.
[Tags]Car Loan, Mortgage, Credit, Money Lending, Borrow Money, Car Mortgage, Car Payment, Budget, Buying a Car[/Tags]