(Posted on Aug 24, 2017 at 05:50PM by Michelle Bogle)
If you’ve been turned down for an auto loan before or have bad credit and fear you won’t be able to qualify for one, it can feel like you are caught in a trap of desperation. After all, if you need a vehicle to get to work, school or other personal commitments, but don’t have the means to purchase one, a loan can be your only option.Â
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This is where auto loan scams come into play. They prey on unsuspecting people who are looking for a loan, but, in turn, cause them major financial distress by stealing their personal information.
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Like the saying goes, if it sounds too good to be true, it probably is. Here are some red flags to be mindful of:
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•Beware of emails saying that you have been pre-approved for an auto loan you never requested. Unsolicited emails are a prime source of identity theft.
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•Watch out for lenders who avoid disclosing their location and contact information.
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•Beware of lenders that only request your bank account information.
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•If the lender does not have a brick and mortar office and offers to contact you, they may be a scammer.
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•Never pay money up front or give a deposit in order to receive an auto loan.
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•Look for written communications with poor spelling and grammar, or from spammy email accounts.
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Like with all things financial, it’s best to partner with a reliable, trustworthy source with a strong track record of service. If you need an auto loan, but have bad credit or no credit, Auto Locator can help. With over 50 years in the automotive industry, we’ve assisted over 500 customers across the Lower Mainland and we can do the same for you.
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To learn more, please contact our New Westminster, B.C. office to speak with a member of our team, or complete our secure online application by Clicking Here.
