Applying for an auto loan is a frequent need for consumers. A car is an expensive investment and usually, one's savings or salary isn't enough to cover for a car's full payment. But what if you have bad credit? Will it affect your capability to avail of a car loan? Can you still get approved for an auto loan even with bad credit history? How can you avoid predatory car loan lenders that may take advantage of your bad credit?
The Bad Credit Car Loan Scam
Did you know that it's possible for a car loan lender to impose higher rates and fees than what you originally signed up in your contract? Yes. This has happened to many car loan borrowers a lot of times and if you're not aware of this scheme, you may g! et tricked as well. Let's talk about how car loan scams are executed and how you can stay away from car loan scammers.
Usually, a dealer may trick you into filling out a bad credit loan application with the promise of a quick approval. An unsuspecting victim may drive home with a new car without the slightest hint that he/she has been scammed. After a week or two, the same dealer may call up to inform you of the new rates and fees you will be paying for. Instead of the rates that were stipulated in the agreement that you signed, you are now being charged with higher interest rates and charges.
Continue reading: Tips To Avoid Bad Credit Car Loan Scams
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The Bad Credit Car Loan Scam
Did you know that it's possible for a car loan lender to impose higher rates and fees than what you originally signed up in your contract? Yes. This has happened to many car loan borrowers a lot of times and if you're not aware of this scheme, you may g! et tricked as well. Let's talk about how car loan scams are executed and how you can stay away from car loan scammers.
Usually, a dealer may trick you into filling out a bad credit loan application with the promise of a quick approval. An unsuspecting victim may drive home with a new car without the slightest hint that he/she has been scammed. After a week or two, the same dealer may call up to inform you of the new rates and fees you will be paying for. Instead of the rates that were stipulated in the agreement that you signed, you are now being charged with higher interest rates and charges.
Continue reading: Tips To Avoid Bad Credit Car Loan Scams
Resources for YOU:
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