Don't Be Decieved By An Auto Dealer Or Auto Title Loan Lender

Buying a car is not always the most pleasant experience to go through. Haggling, paperwork, running numbers and signing on the dotted line can take hours. Understanding what your interest rate is, how much your payment will cost you every month, and knowing when you can celebrate your "final payoff" are sometimes unclear as we drive off the lot in our new set of wheels.

Finding a dealer you can trust should be a priority when looking for a new car. Auto dealers can mislead you; no matter how big, fancy, nice or friendly car lots and car sale people can be. Educating yourself before you start the process can save you a great deal of time, money and stress and, in the long run, will have you feeling better about your purchase.

What to look for when making sure you are not being "taken to the bank" with your auto mobile purchase:

In an effort to boost their profits, car dealers may tell you your financing has fallen through. You may get called to come back to the dealership where the dealer then tries to renegotiate the interest rate on your loan. While trying to sell you extra services, accessories and/or warranties, they neglect to tell you that your payment has gone up.

Dealers will also, in some cases, let you drive off the lot with your shiny new car or truck without finalizing your loan paperwork. While they promise to work it out after you leave, they then call you a few days later only to inform you that your loan terms have changed. You then find out that your monthly payments are more than you can afford and now you are back in their office renegotiating your loan terms.

*What to do? Get financing on your own before you go into the dealership. Compare the rate you have been given to what the dealer is offering. Also, focus on the total amount you want to spend on the car versus your monthly car payment. You could end up paying more for the car in an effort to keep your payment at a certain amount.

This could be a case of credit or identity theft. If the dealer tells you that they need to run your credit report even though you are not financing with them, be weary. You are not obligated to let them run your credit, even if they say its part of the Patriot Act which was passed in the effort to combat terrorism. Cases of dealers running a person's credit multiple times for the same loan have been found.

*What to do? If you are already financed through your bank or credit union, tell them that you don't have to, and will not, give them permission to run your credit. As a precaution, check your credit periodically after you buy your car to ensure there are no unknown loans taken out.

This has got to be the most common form of deception in the auto lending industry. Every week you get those car sales ads offering what seems to be "too good to be true" prices. That's because often times they are. Low prices, no down payment and 0% interest rates are advertised but only in the fine print will you realize that these offers are only for those with the highest credit ratings, there may only be one car at that price, or you have to put down a larger than normal down payment.

*What to do? Read the fine print first and foremost! Then call the dealer to find out if the offer applies to only one particular car in stock. Also, find out what the terms and conditions of the loan are and exactly who the offer applies to.

Getting a loan for the purchase of an auto loan is not the same as getting an auto title loan for fast cash. Auto title loan lenders don't run your credit because the loan is based on the value and equity of your car or truck. Payments are set up based on your pay cycle and repayment terms are usually listed on the lenders website. The rates are high but any good auto title loan lender should tell you upfront what you will be paying for your loan.