Rating Bad Credit Car Loan Web Sites
by Steve Cypher on Tuesday, January 26th, 2010Some bad credit car loan web sites are worse than others and we explain why
Our business
At Auto Credit Express we’ve spent close to 20 years working with consumers who have bad credit and helping many of these same individuals raise their credit scores and reestablish their car credit by financing a vehicle with a bad credit auto loan. During this time, we’ve worked in retail dealerships as special finance managers, trained car dealers in special finance and developed web sites that match up applicants with car dealers that specialize in bad credit car loans and deal with the wide spectrum of lenders necessary to run a successful special finance department.
Why we educate
At the same time, we try to educate our applicants on the loan process, since a bad decision at the outset can potentially lead to submitting a credit application to the wrong kind of online marketer. This, in turn, can result in having your application rejected with no explanation whatsoever – which means that you now have a rejection, an inquiry on your credit report, and no explanation as to why this happened.
At Auto Credit Express, we believe the key to a successful bad credit car loan is being honest and upfront with applicants about the requirements and the loan process – something that many so-called bad credit auto loan websites fail to do.
A case in point is the website nationsautocredit.com.
The other guys
At the outset, it should be pointed out that we are using this particular website as an example of the hundreds of companies out there that choose to confuse, rather than educate, their applicants. In fact, just like everyone else, we don’t know who they are, either.
Rule number one: Know who you are dealing with
Why would you supply a company or web site with all your personal information when they won’t even tell you who they are, where they’re located, what their telephone number is or even what their email address is?
If you visit the WhoIs website and look up the information on nationsautocredit.com, you’ll find out that the registrant is listed as Domains by Proxy, Inc. in Scottsdale, Arizona. Domains by Proxy is a company that, for a fee, will register a company’s website in their own name, allowing only those individuals with a subpoena to find out who actually owns the site.
In other words, nationsautocredit.com wants you to share your personal information with them, but they refuse to share their personal information with you. What are they hiding?
Rule number two: Only deal with those websites that are truthful with you
A recent article that was posted on nationsautocredit.com, entitled “Three Secret Tips On Getting The Best Bad Credit Auto Loan”, included this tip:
“Tip 3: Consider Direct Lenders and Avoid Subprime Dealership Lenders
Direct lenders are better for your bad credit auto loan than subprime lenders. A subprime lender will consider every person with a not so good credit as a potential risk and will therefore offer auto loan with high interest rates. Mind you, that is not want(sic) you want.”
And yet, when you research their web site further, you find this statement in their privacy policy which is pursuant to Gramm Leach Bliley Act & 16 C.F.R. title 313:
“We request your authorization to receive information from a consumer reporting agency (credit bureau). That authorization is transmitted to a participating automobile dealer or affiliate partner in our network, who will actually request and receive your credit report.”
In other words, when you submit your credit application to nationsautocredit.com, they will send it to a subprime dealership who may then submit it to indirect subprime dealership lenders – something the article on the website leads you to believe they wouldn’t want you to do – which begs the question, “What are they really doing with your credit application?”
The bottom line
Most of us wouldn’t do business with someone whose real name we don’t know and who refuses to tell us where the business is or how to call them – especially if it requires divulging personal information. But that’s exactly what you’re doing when you do business with a web site that displays no contact phone number and hides the information of its owner by using Domains by Proxy.
In addition, we would never tell you to seek out a direct lender because, if you have bad credit, you should know that most bad credit lenders do not do direct financing – they only work through retail car dealers (and Auto Credit Express has one of the largest networks of affiliate dealers that deal with a broad spectrum of lenders specialize in bad credit auto loans).
At Auto Credit Express, we not only furnish you with our company name and address, we also list our toll-free number on each one of our web pages – a number, by the way, that will connect you with our customer service department during normal business hours where you can discuss your concerns with our knowledgeable staff that is experienced in automotive special finance.
Who we are
For nearly 20 years, Auto Credit Express has been helping people with credit problems get approved for new and used car loans. Our dealer affiliates work with a broad spectrum of bad credit auto loan lenders to get you approved. Since our inception, we have processed over 2,000,000 online bad credit auto loans and our dealers have closed over 1 billion dollars in auto loans.
For more information, please visit www.autocreditexpress.com to see what we can do for you.
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