Sweet-Talked Into Buying by Auto Dealer Finance Companies?

Auto dealer finance companies can be real slick. There’s nothing like the adrenaline rush of buying your first car. You’re so excited to get one that all you can see is the bright fire-engine red of the Mustang convertible you’re eyeing; never mind how much it costs; it’s the car of your dreams! But wait… there’s more to buying a car than how it looks. How are you going to finance a fancy car?

Car dealer financing companies nationwide offer quick and easy loans to both the inexperienced and even experienced car buyers. An easy car loan is the quickest way to obtain that fine set of wheels, but also the quickest way to debt. A loan of any kind may not be the best way to get what one wants, but getting really bad car financing terms from an auto dealer is worse! Does “0% loan, no down-payment” and “all-in” sound too familiar? If it does, you’ve probably been caught in the financing trap. Dealers can sweet-talk you into believing these “special terms” because the cost of the car is partially subsidized by the car manufacturer. Dealers buy cars in bulk and their savings don’t get passed on to the consumer. In fact, they add all kinds of needless accessories just to jack up the price of that car further! To top it off, you’re offered a sweet deal of a loan that’s too hard to resist, so that the cost to you appears more affordable (since it’s monthly and has been spread over a long loan period).  Car buyer, don’t be fooled! If you really need to buy a car and need a loan to get it, visit more than your car dealer; go to your friendly neighborhood credit union and local bank as well.

Written by: Katrina Marion

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