Since consumers first starting taking car loans to buy their favorite automobiles the dealers themselves realized they were missing out on huge amounts of money to be made in the Car financing industry . Once the dealers finally realized just how much money they could make giving out high interest car loans to helpless middle class families they started to condition society to simply accept the fact that in order to have the car they wanted they must take a dealer’s car loan.
This is simply not true. Many legitimate lending institutions exist that will not only tell you the truth about car dealer’s and their brutal partners who have no problem letting an unknowing person with bad credit sign themselves into a loan that they will never be able to pay back. These auto dealer’s and their partners are driving this country further and further into debt in order to line their own pockets with your money. If they had any conscious at all they would offer middle class income families with poor credit a source of knowledge and fully disclose exactly what they offer.
With so many dealers operating under such ruthless terms it is difficult to know who you can trust. Many dealers will do absolutely anything to get you to buy with a high interest car loan through their shady lending partner. They will use every trick in the book to make that sale and turn you into their loan slave. They know you need a vehicle in order to take care of your family. They know you need a vehicle to earn your living. They know you will take the best deal that comes along. They use all of this to THEIR advantage and once you have taken their bad car loan you will be sending their kids to college with all the money you will be paying them.
It is difficult to find a reliable source of information about auto loans. Many sources are incomplete or outdated. With over ten years in the lending industry I am considered by most people I talk with to be a good, fair and objective car loan information resource. When friends ask me for advice I do not try to tell them what is best for them. Only you know what is best for you, I can only tell you where you will save the most money.
This is a quick summary of what might help you:
- Know how much money you can afford to spend each month
- Find a reliable source of loan information online that will help you find low interest car loans
- Don’t buy the first car you see, plan to buy a car only on the 2nd visit at the earliest. If they tell you its a rush, they are lying!
- Go to the dealer AFTER you have acquired a low interest loan and see how much better they treat you