Are no credit check loans a scam?

0

If you’re like me, you hear a phrase like “No credit check” and immediately think you’re being played for a fool. Unfortunately, this is a completely normal reaction.

We’ve heard all kinds of stories from people like you about their experiences with companies that offered no credit options. At Auto Credit Express, we want to share with you some things to look out for when looking for a no credit auto loan.

Keep a careful eye

No credit check loan can sound too good to be true, and sometimes they are.

Watch for any inconsistencies in the loan agreement before signing or handing over money.

  • Beware of offers you receive in the mail.

If you have received unsolicited letters or emails, do not provide personal information such as your social security number until you have verified that it is a legitimate company.

  • Beware of high interest rates.

This is not a scam in the traditional sense; dealers can charge whatever they want for interest, but if you’re not comfortable with the terms, walk away.

  • Always inspect the car you buy for defects.

There are websites you can use to find out the history of the car, truck or SUV you are using. On top of that, always have the vehicle inspected by a trusted mechanic before signing any papers.

  • Never leave the lot with the car until all the documents are finalized.

This type of deception involves the dealership letting you drive off the lot with your new car before you have completed the paperwork. They will then inform you of an “error” in the documents and ask you to return to the dealership in order to correct it. That’s when you find out that the terms you agreed to, such as the interest rate, have changed. As you have already brought the car home, it is very difficult to return it. So, to put it simply – if this option is offered to you, stay away.

Not all resellers are scammers, but the best thing to do is to do your research before giving them any information.

As we see

Your time and information are important and should be respected. That’s why we’ve been providing quality alternative financing options since 1999. We make it easy to get a car loan, regardless of your credit history. Just complete the application and see what we can do for you!

Share.

About Author

Comments are closed.