Beware of Predatory Auto Loans!

This article hits on key points when buying a car. Buying a car can be a tough situation. If you are lucky enough to be able to pay with cash then you won’t have to deal with financing. For the majority of us who need to finance, dealing with lenders and dealerships can be a hassle. Dealerships tend to have high interest rates with their loans.

There are some good tips to help you avoid dealerships who try to stick you with high interest loans, aka predatory loans. To our advantage, the government has started stepping in to regulate the predatory auto loans consumers are facing. Some tips to recognize predatory auto loans include being asked to provide false information, loans that includes tons of packages, ads that include slogans like “bad credit, no problem!”, and sales that “yo-yo” or change consistently. A few signs to avoid these types of loans are: working with financial institutions that have a well know reputation, researching dealerships with good reputations, understaningd your credit score, and recognizing the personal power that you hold.

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