Car Loan Warning Signs in Stoney Creek

Car Loan Warning Signs in Stoney Creek

Posted on March 15, 2021

The internet is an amazing place where you can literally find anything you could ever want. The auto loans market has a huge presence online and it only takes a minute to find hundreds of lenders all vying for your custom. So how can you recognize a good lender over a bad one?

Our Stoney Creek auto loan team did some research to find out.

We buy everything online so it makes sense to shop for auto loans too. We have our own online presence and know all too well that there is a lot of competition out there. Some of it is worth investigating while some of it isn’t.

So how can you tell bad lenders from good ones?

How to detect auto loan companies you should avoid

If you’re shopping for an auto loan in Stoney Creek, you could save yourself a lot of time and energy by coming straight to us. We have access to some excellent lenders willing to work with people from all walks of life. We can even find a car for you while you’re here!

But back to those warning signs:

Pushy sales tactics – Any auto loan company that tries to get you to borrow more or buy addon products for the loan should be avoided. Being sold to is one thing, being encouraged to borrow more than you want or buy products you don’t need is not good practice.

You expect an element of sales when you’re at an auto dealership but if the sales person won’t take no for an answer, it’s time to move on. It’s exactly the same online.

Being contacted out of the blue – An auto loan company that cold calls or emails you without invitation is usually one to be avoided. We have to reach out to stay in business but you can usually tell when it’s without your consent.

With all the phishing and fakery on the internet, you are much safer to say no and go looking for your own Stoney Creek auto loan when you’re good and ready.

Offering a deal before verification – Any auto loan company that offers a figure or loan terms before verifying who you are isn’t worth dealing with.

Finance isn’t guesswork. There are no guarantees. We need to verify your identity and check up on you before we can even contemplate a loan or set terms. Even prequalification requires a little input and that’s not even a loan guarantee!

Missing contact details – All financial institutions in Canada have to make their physical location and company details available to anyone who wants to know them. If the lender contacting you doesn’t have that, say no.

If they do provide a physical address, check it online to make sure it’s real and not just a mailing address. Those are almost as bad!

Upfront fees – Some financial products do incur fees but they shouldn’t be charged up front. Fees should be payable on completion or when you sign. Most Stoney Creek auto loans won’t include fees. Or, if they do, they will be included in the loan payment.

You should always say no to companies charging upfront fees. You should also look carefully at car loans with fees of any kind to make sure it’s a good deal.

Contact Unique Chrysler for help, advice and competitive Dundas car finance and leasing.

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