Auto Loan | How to get bad credit Auto loan ? | Best Finances

The greatest abuses in bad credit auto lending come from dealers who artificially inflate the prices of their cars and or the interest rates charged for the financing. A common tactic is for a dishonest dealer ?specializing in bad credit purchasers? to take a car normally sold for $3,000 and inflate the price to $6,000, take $1,500 down and finance the balance at 24 to 26%. The reality would be that the borrower not only obligates themselves to a contract at a very, very high interest rate but that the under lying debt and price for the car bear no realistic relationship to the value of the vehicle. This leaves the borrower in a position that ultimately they will default on the loan further ruining their credit. Otherwise they will complete the contract by which time they may have paid double or triple what they would have for the same car if they had purchased it from a legitimate dealer at a legitimate price. The watch word here is ?caveat emptor,? let the buyer beware, some dealers advertising they work with poor credit purchasers may be honest and forthright dealers. The best consumer protection is knowledge. Research the true value of the cars you are purchasing and try to pay only the wholesale cost plus a $200 to $500 profit for the dealer. In only the rarest of instances should you pay more than the retail price of the car.

Source: http://bestfinancesolutions.com/credit/loans-credit/auto-loan-how-to-get-bad-credit-auto-loan/

immigration news chili hpq aubrey o day boston weather chelsea handler weather boston