Buying a Car with Bad Credit: The Top 3 Scams
If you have bad credit and want to buy a new car you haven't got a lot of financing options. For that reason you are likely to look for a car dealer that can provide the money required for the new car.
Car dealer loans are not that bad, however it is more likely to have unfavorable terms. Another problem is that there are some car dealers that will try to cheat you. Here are the top three car scams that you should remember and avoid.
Previously Wrecked Car Sold As Is
This is a popular scam so you should be alert. Some car dealers do not know that the car is a wreck however some know and try to cheat. The real problem with buying a wrecked car is that you will be asked to signs papers that will state the car condition and that you agree to buy it "As Is". In this case you have no warranty. If something happens to the car the dealer will step back and there is practically nothing you can do.
The best thing to do to avoid this scam is to always run a Carfax report that will show everything about the car. Also get a mechanic to inspect the car.
The Excusive Fee Scam
Definitely one of the top car dealers' scams. The ridiculous thing about this scam is that it is so simple and still a lot of car buyers easily fall into the trap.
Another funny thing about this scam is that in fact it is not illegal. What the seller does is simple- he adds a number under the car price total and ask you to pay it. The dealer will tell you that this fee covers their expenses if someone did a check on the car, for cleaning it or removing the plastic from the car seats. However usually the extra charge is quite high for such services and you should never agree to pay it.
The Bouncing Check Scam
This is a scam applied to car buyers who managed to get the money for the purchase and will not ask the dealer for financing. The dealer will say that the check bounced and offer you financing. Of course he will convince you that their deal is great and you can get the car immediately and so on. Do not be cheated by these sweet talks. If you have taken finances from a credit institution you have surely check if they are respectable union and if their checks are accepted.
The dealer will offer you loan at higher annual interest rate. More over 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.
Related Tags: bad credit, buy car, buy, buy new car, buy used car, buy car bad credit, buy car no credit
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