Avoid These Scams When You Buy a Car with No Credit Check
Used car dealerships with no credit check are no longer a new concept in upstate South Carolina. Almost all counties are filled with banners claiming that they will help you with no credit check financing for your next used car and a loan is almost guaranteed. But, as a consumer, you are smart enough to know that what you see written with glitter may not be true after all and the popularity of the business model has unfortunately brought forward many unscrupulous dealers.
To genuinely help you, we have listed the top scams that we have seen going around in South Carolina. When you go to buy a car with no credit check, stay away from these and only shop from a reputed name who honestly has your back.
No credit check with no credit report checking
Many dealers make this lucrative offer. But this is what actually goes on. First, they will hand you a loan to buy an expensive car and slap an overwhelming interest rate on the same by unnecessarily expanding the loan term. No credit report check means that they did not bother to find out whether you can afford the car or not. So, you pay your premiums for 2-3 years on your 7-year auto loan and then the time comes when you can longer afford the same. The dealer comes to take away your car and you are left with nothing. Reputed used car dealerships with no credit check look into your credit report. The loan amount is decided as per your affordability.
No credit check but only for a few used cars
“Sure, you can get a car with no credit check but only from those few in that corner. Rest are reserved for our good credit score customers.” We bet you will hear this narrative often. The no credit check banner was only up there to lure you into the dealership. And the motive is to sell you lemon cars as the dealers try to take advantage of your necessity. In top dealerships like Family Auto of Easley, there are no designated corners for bad credit score holders. The entire lot is open to all customers and no credit check financing is assured on all cars. Buy here pay here is a business model that encapsulates no credit check. It is not a gimmick to sell tin boxes.
No credit check but with 50% down payment
Another prevalent scam you will hear when you walk into small-time dealerships to get a car with no credit check. It is pointless for dealers to claim such a high down payment after offering no credit check auto loans. They argue that they are securing their purchase price of the car as the borrower is a risky prospect when it comes to paying premiums. However, from the customer’s side, 50% down is no small amount. If he/she can afford 50% down, the financing is not required at all as used cars come in all ranges. At Family Auto, you get flexible down options. Pay as much down as you can, increase it with trade-in. No credit check loan approval is easy either way.
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