Are No Credit Check Loans a Scam?

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

We have heard all sorts of stories from people just like you about their experiences with businesses that offered no credit opportunities. We here at Auto Credit Express want to share with you some things you should watch out for when looking for a no credit auto loan.

Keeping a Cautious Eye

Are No Credit Check Loans a Scam?

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

  • Read the fine print.

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

  • Be wary of offers that you receive in the mail.

If you have received unsolicited mail or email, do not provide personal information such as your social security number until you have verified that they are a legitimate business.

  • Look out for high interest rates.

This isn’t a scam in the traditional sense; dealers can charge whatever they like for interest, but if you aren’t comfortable with the terms, walk away.

  • Always inspect the car you are purchasing for flaws.

There are websites that you can use to find out the history of the car, truck or SUV you are using. In addition to that, always have a trusted mechanic inspect the vehicle before you sign any papers.

  • Never leave the lot with the car until all of the paperwork is finalized.

This type of deception involves the dealer letting you drive off the lot with your new car before you have finished the paperwork. They will then notify you of an “error” in the paperwork and want you to return to the dealership in order to correct it. That’s when you discover that terms that you agreed on, such as the interest rate, have changed. Since you already took the car home, it is very difficult to return it. So, to make it simple – if you are offered this option, just walk away.

Not all dealers are scam artists, but the best thing you can do is do your research before giving them any information.

As We See It

Your time and information are important, and should be respected. That is why we have provided quality alternative financing options since 1999. We make it easy to get an auto loan regardless of your past credit history. Simply fill out the application and see what we can do for you!

Posted on July 6, 2014 by in Uncategorized
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