Buying a car with bad credit may be a great opportunity for car dealers to make a big profit on the buyer. Mostly car dealer loans have unfavorable terms. But the real problem is that some car dealers will try to run their auto scams on you. Here are the top car scams that you should remember and avoid. Most often they employ the bouncing check scam.
This is a scam applied to those car buyers who managed to get financing, but are tricked by car dealers and are told that the check bounced and thus they failed to get financing. Then the dealer will offer the buyer financing himself/herself. He/she will convince you that their deal is beneficial for you and that you can get the car immediately and so on.
Don’t accept a finance contract until you have checked what the going interest rate is for your credit category. Dealers will usually throw out an extremely high interest rate number and insist that it is the best possible variant for you.
The truth is that they are adding some additional interest onto the loan and pocketing the difference. The more desperate the buyer is, the higher interest number they’re likely to quote.
Do not be cheated by the dealers’ sweet talks since they dealer will offer you loan at higher annual interest rate. Moreover, some dealers will call you later to say that actually you do not qualify for the credit and will try to increase the rates even more.
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