Posts Tagged ‘best auto loan with bad credit’

Beware Of The ‘Spot Delivery’ Scam While You Are Shopping For The Best Auto Loan With Bad Credit

If you are shopping for the best auto loan with bad credit, you must be aware of some common scams that many car dealers these days are engaged in. If you think that all salespeople are honest, it is high time you must wake up and allow the reality to bite you. For salespeople, all that matters is how they can sell their stuff (in our case, cars) to you by hook or by crook. People with bad credit are often considered as easy targets.

What Is Spot Delivery Scam And How To Avoid It?

In the bible of auto loan scams, “spot delivery” is probably the oldest trick. When you contact a dealership, you are told that you qualify for a low APR despite your bad credit. You sign the contract assuming you finally got the best auto loan with bad credit; they even hand over the keys to you, and you happily drive your car home. But, the contract includes a “subject to financing” or “subject to loan approval” clause. Such clauses mean that the deal is not supposed to be final even if you have signed the contract. After a couple of weeks, you get a call from the dealer that they have found after complete verification that you do not qualify for a low annual percentage rate. People with bad credit often show very little resistance to such scams and end up getting a very expensive auto loan while they could have qualified for better loan programs if they had done a thorough comparison-shopping. Since you have already been driving a new car for a couple of weeks, you are tempted not to return it; but then, that is what they (those salespeople) gave you the car for. You are very much likely to sign a more expensive contract just because of your temptation to keep that new car with you. You will have fear (even the salespeople will terrify you) that you may not qualify for another auto loan because of your bad credit history. Therefore, it is very important for you to make sure that you get everything in writing in advance. Most importantly, you must make sure that the fine prints do not include any hidden clauses. Read each and every clause in the loan agreement thoroughly. If there is anything you do not understand, do not hesitate to ask questions and to get things clarified before you put your signature on it.

If your credit score is so bad that you need a co-signer, you should never look out for the best auto loan with bad credit; this is not the right time to buy a new car. Even if a friend or a family member is ready to co-sign for you, you are not recommended to go for it. If you really must buy a car, it will be better to consider trying a used Honda Accord. The point is that you must learn to live within your means else you will only end up inviting serious financial troubles.

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