4 red flags to watch out for
Lenders or dealerships advertising any of these four “perks” should ring the alarm bells — or at least prompt deeper research.
- There’s no credit check. Dealerships often don’t run a credit check for buy-here-pay-here loans, but these loans can cost more than one from a reputable lender. Direct lenders advertising no credit check, however, could be a scam.
- It lets you take your car home before approval. This could be the sign of a “spot delivery scam,” where a dealer calls a few days later to announce that financing fell through and you now need to renegotiate your loan at a much higher price.
- It lies about your credit score. Some dealerships con borrowers into paying higher interest by telling them their credit score is worse than it actually is. Yet another reason to check your credit report before comparing lenders.
I am paying on school loans and keep getting denied. What should I do?
Hi Kay,
Thank you for getting in touch with Finder.
It is very important that you find out why you are being denied. Next get a copy of your credit report. Carefully review your credit history annually to stay on top of making sure that lenders are seeing only the most accurate picture of your financial health.
Each time you apply for a loan, the lender will conduct what’s called a “hard pull” on your credit score, potentially affecting your score for a year. If you continuously apply and are denied for loans, you could further lower your overall credit score.
You can learn more from our loan denial page. It provides 4 steps you can take after being denied a personal loan.
I hope this helps.
Have a great day!
Cheers,
Jeni
Are prepayment penalties legal in NC on 48 month used car loans? Is rule of 78s legal? Is there a legal ceiling on the interest rate?
Hi AI,
Thank you for your inquiry.
Please note that we are not legal experts. With this in mind, I highly recommend you speak to NC DOJ. They should be able to give you personalized advice and more specific answers.
I hope this information has helped.
Cheers,
Harold
I need a loan for a car.
Hi Elizabeth,
Thank you for your inquiry.
You would need apply directly with the lender or a broker. It would be nice if you can make sure that you meet the eligibility requirements so you may have the chance of getting an approval. Please note that eligibility requirements may differ depending on the lender.
I hope this information has helped.
Cheers,
Harold
Can I get a loan. I am in desperate need of transportation
Hi Joseph,
finder.com is for informational purposes and is not a lender or a broker. Compare your options in the table above and when you’re ready to choose a provider, click “go to site” to be taken to their application. You will apply directly with the lender or broker you choose, so make sure that you meet the eligibility requirements and that it’s the best loan for you.
Best,
Adrienne