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Good Dealers are Not Scammers

Posted on: August 8th, 2012 by credit

Buying a new car is no joke because it involves a significant amount of money. The same goes even if you buy your car through special deals offered by the car dealership. That is why it is important to be vigilant and be on the lookout for dubious auto financing scams that can eat a huge chunk out of your car budget.

Who Are the Victims?

Because automotive finance involves a lot of money, there are a lot of scams designed to dupe the car buyer. The usual victims of these scams are those without car buying experience or are buying a car for the first time. People who do not know anything about finances are also victims of these scams as well. Companies also prey on people who have low credit scores because these people do not have a lot of options when it comes to buying a car. These people are usually found with the help of special finance auto leads.

Extras You Do Not Need

A common automotive finance scam is when you are enticed to buy extras for your car that you do not need. These extras come in the form of fabric protection, protection from rust and etching your vehicle identification number on the windshield. In most cases, fabric protection and rust protection products are available at the store and you can do these things by yourself. If you need to have your VIN number on your windshield, you can etch it yourself by using an affordable VIN etching kit.

Extended Service Contract

Another common automotive finance scam is when you are offered an extended service contract. This is another thing you do not need because a reliable car will not break down after only a few years of use. Your new car’s warranty should be enough and you can use the money you saved in more important things.

High Interest Rates

Some car dealers will ask for higher interest rates in your auto loan because you “do not qualify” for their lower interest rates. You can get around this automotive finance scam by getting your auto loan from a bank or reputable lending institution. You should also know your credit score so you can get approved for a car loan easily. Come to the dealership prepared and bring your approved car loan which you can use as leverage when buying your new car.

Fraudulent Online Deals

You should also be wary of  deals that require you to transact business online. These people usually ask you to deposit a check in an escrow account and once you give them your money, it turns out that there was no car after all. Your hard-earned money has been stolen and you will have a hard time getting it back.

Automotive Finance Options Are Also Your Sales Opportunities

Posted on: May 27th, 2012 by credit

A car nowadays is a need more than a luxury and that is why, people are sometimes desperate to own one. However, not everyone can purchase a car outright in cash. Given the economic condition across the globe today, many are struggling to gather enough financial resources to buy expensive goods as cars. In this case, automotive financing becomes necessary to make it possible for someone without enough cash to get behind the wheel. There are many automotive finance companies that are willing to extend a hand to such borrowers. The available payment options for them become now your chances to increase your sales.

One automotive finance source is car dealers. Financing through car dealers can be quick and easy. However, just when borrowers think car dealers are their best friends, they’re really not. Moreover, they offer low automotive finance rates for the car but other costs and hidden charges will surprise them right after they agree on the deal. Car dealers can convince borrowers to take their offer with a good sales pitch but it is always best to compare rates before settling with an offer.

If a borrowers wants to take a financing deal without pressure from a dealer’s sales pitch, then a bank would be a friendlier financing institution to go to. Banks can help borrowers get the best option and give them lower interest rates because they don’t want another client running away from credit debt. Aside from offering automotive financing, banks are also often partnered with insurance companies.

Meanwhile, private loan companies can be sharks. They can lend money in as fast as 15 minutes and surprise borrowers with high interest rates and huge loan amounts which their current employment salary would not suffice. Good loan companies help borrowers make sound decisions and offer them competitive rates.

The credit history is one of the most important aspects of automotive finance planning because it directly influences the borrower’s power in getting an auto loan. A good credit history determines how much he or she can borrow from a bank or a lending company and his or her overall qualification for the loan. A bad credit can lower his or her chances of getting a loan; that’s why, people would rather pay in cash as much as possible.

Knowing these payment options for car buyers is an advantage for you as a car dealer as these are also your opportunities to generate more leads and sales. Knowing what car buyers are looking for and getting hold of their information give you a competitive edge in the industry. Approved Auto Leads has been a lead generation company for almost 10 years now and knows well how to effectively generate quality leads for its clients.


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