How To Spot A Dodgy Auto Finance Lender

Auto Sales

People often joke about not trusting a used car salesman, but sometimes the finance lenders associated with the auto industry can be just as dodgy. Over the years, many tricks have been developed to help the uninitiated part with their hard-earned money. Perhaps the best advice is to look for a reputable car finance provider through an agency like Dreamloans before hunting for the perfect car. If you’re doing it on your own, here are a few tips to help you spot someone who hasn’t got your best interests at heart.

Keep Your Options Open

Don’t get too focussed on or obsessed with the one vehicle. There are hundreds of cars on the market and while you might think you’ve found the , it will do you no good if the finance is too high a price to pay. If the dealer insists that the car can only be bought through the one finance company, there’s a problem. Walk away. Make sure you look around for other financing options. For example, a or some other local bank often carries a lower interest rate and longer term of repayment than a car loan from a dealership, making it a viable source of money for a homeowner.

No Means No

Following on from the last point, don’t be afraid to say no and stick to it. Don’t be pressured or made to feel you are the stupid one for questioning the deal on offer. Some lenders have the ability to make you think they are doing you a favour. The reality is, you are their client and are in the driver’s seat from the moment you walk in. An auto finance company that feels it has to pressure you into signing usually has something to hide.

High On Buzz But Low On Details

It’s best to avoid finance companies that give all the buzz words, fancy advertising and promises of easy applications, but are very limited on the details of the loan and repayment structure. Don’t be fooled by great advertising and promises of a once in a lifetime deal. As the old saying goes – if something seems to be too good to be true, it usually is.

Check For A Valid Licence

Don’t automatically assume the finance company is above board just because it is associated with a car yard. Ask for the regulatory details of the company such as its licence before accepting any offer. You can also do your own checks through various government websites to ensure the company you are about to deal with hasn’t been flagged for misconduct or inappropriate behaviour.

Look Far And Wide

In these days of the global economy, the company you are dealing with might be registered overseas. Do an overseas search to ensure there is not some problem lurking in another country. You can check the International Organisation of Securities Commission’s website for the regulators and then check their individual websites for any issues with the finance company you are dealing with. You can also check for overseas companies not authorised to trade in your area.

The best thing to do is to go into any finance deal with your eyes wide open. Do your research before you go shopping, read all the fine print, ask as many questions as you can think of – even if they seem a little silly – and don’t be afraid to say no. If you think the financer is pushing a little too hard, it could be a signal that all is not well with the company or its operations.

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