Consumers with problem credit should know what could happen before they respond to a phone call or email from what might turn out to be a fraudulent company attempting to sell them a new or used car service contract.
One of the keys for a successful outcome of a subprime car loan is for borrowers with questionable credit to keep the total costs of vehicle ownership as affordable as possible.
Have you ever wondered about those advertisements for no credit check auto loans, easy credit car finance or no income car loans? At least in our opinion borrowers with less than perfect credit might want to consider something else before clicking on the link or picking up the phone.
Borrowers with problem credit that are thinking of applying for an auto loan should be encouraged by the latest report from Experian Automotive that shows an increase in subprime lending during the second quarter of 2013.
It’s especially important that consumers with poor credit understand the impact that traveling from dealer to dealer or submitting multiple online car loan applications and the credit inquiries that follow might have on their credit scores.
It is a fact that used car buyers with problem credit as well as traditional borrowers with good credit that have, at least in the past, been contacted by call centers fradulently representing themselves as used car warranty companies.
When contemplating an auto loan modification, borrowers that have experienced problem credit are taking the chance that they could be taken for a ride – and not a good one, at that.