Buying a car is an exciting experience. You find the perfect car and can’t wait to sign the paperwork and drive away. If you’re financing through the dealership, however, properly preparing for the experience and scrutinizing the financing paperwork can save you from falling victim to common used car financing tricks that some car dealerships will use to separate you from your hard-earned cash.
The In-House Financing Scam
You’ve heard it over and over, “No credit? Bad credit? No Problem! We Own the Finance Company!” If your credit is legitimately terrible, then this may be your only option. If you don’t know the condition of your credit, this is the time to find out.
Car dealerships that claim to own the finance company typically present buyers with high interest rates disguised as low ones. For example, a big banner that reads “Rates as low as 9.9%!” looks a lot better to prospective buyers than “A 10% interest rate is insane, but you don’t have a choice!”
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