Do you want to get behind the wheel of your coveted car and go for a long weekend drive with your family or friends? If so, then that’s the dream of most Americans. However, all car aficionados out there do not have the required funds to invest in a brand new vehicle. And, there might be several reasons for that such as having a bad payment history, too many unpaid debts, pending bills, or a customer is simply not able to save enough money to buy a Ford after meeting all expenses. This is where the importance of online auto loan companies comes into play. These lenders work with automotive dealers to get you a low-interest loan.
However, if you walk into a dealership directly, you might be misled in a number of ways. I am not saying that all vehicle sellers are dishonest but there are some in the crowd. This post will talk about how unscrupulous dealers can deceive you when buying a car and what you can do in such situations.
Telling You a Pack of Lies
Those dealers who are deceitful lie about little things. Consider this scenario: You saunter into a showroom and the salesperson tells you that the fawn-colored Chrysler is limited in stock and only 2 left for sale in the state. He keeps lying and says that you have to decide quickly since the price is good only for a day. You take that color or else have to settle for a gaudy red! And, he says someone just called up and expressed his interest in the same color.
What You Must Do: Do not take a salesman’s word seriously and don’t rush into a decision. Be patient for a while and look for other dealers. See if your preferred color is available in their showrooms. In other words, be patient when purchasing an automobile.
The Car is Already Sold!
You are plagued with a poor credit score and so want an economically priced model. You come across a dealership ad stating that a vehicle of your choice is available at a great price. When you walk into the showroom and say that you have a bad payment history, the salesman says that the model advertised has been already sold! The seller knowing that you are looking for a bad credit auto loan will try to take more advantage of your situation.
The whole point of the ad was to get to you into the showroom and lure you into buying an expensive model.
What You Must Do: Simply call the dealer a few minutes before visiting the showroom to confirm about the availability of the model. If yes, then ask him to mail you a signed letter showing that the car is in stock. Convince the seller that you are really interested in that car. After visiting in person, if the dealer says that it is sold, you have the proof.
Extending the Loan Term
If you are keen on a specific monthly payment, the dealer will agree at once. That’s because he will ensure to extend the loan term so that you are forced to shell out more money in the future.
What You Must Do: The thumb rule in this scenario is to negotiate well and negotiate each part of your vehicle purchase. If you are opting for a trade-in, shop at multiple dealers. Shop for poor credit loans, compare rates, and choose the deal that best suits your automobile purchasing needs.
Promising an Attractive Offer for a Trade-in but Later Refuses
The dealer initially offers an attractive offer for your trade-in but after inspecting your old car in person refuses to comply with the offer. The purpose of the promise was to bring you to the showroom and then refuse.
What You Must Do: Just visit different dealerships to get a fair deal on your trade-in. And, do not forget to get your used vehicle inspected in person.
Errors in Paperwork
When applying for an auto loan, beware of errors in the contract because these mistakes are always to the dealer’s benefit. Mistakes can be about agreed buying price, down payment options and terms of the loan.
What You Must Do: Before signing the final contract, ensure that all numbers are accurate and they match with what you agreed to.
Have you been deceived by any auto dealer? If so, please share your experiences.