Common Mistakes When Securing a Car Loan and How to Avoid Them

Man and woman signing papersWhile Indy Car Financing is dedicated to helping Indianapolis buyers find the right financing at the right price, some unscrupulous firms aren’t.  Read on to learn about shady tactics to look out for, and how you can avoid becoming the victim of a scam.

How to Avoid Being Taken Advantage of

How can you make sure you’re getting the best deal while keeping your finances in check? Just follow these simple rules:

  1. Verify the Numbers – Read the contract carefully and be sure that the down payment, interest rate, and fees are what you agreed upon during negotiations.
  2. Everything is negotiable – From the extended warranty, to the down payment, every part of your contract should be open to negotiation.
  3. Know the source of your loan – Some less-than-trustworthy dealers outsource their contracts to third parties who add huge fees or variable interest rates.
  4. Understand the Penalties– Of course you expect there to be penalties if you fail to make your payments on time, but some lenders add penalties for paying off the loan early, or other items.
  5. Look for Hidden Fees – Some lenders hide fees, such as tax, title, license, and closing costs, in the contract and buyers – particularly first time buyers – can be caught off guard.
  6. Know Your Loan Terms – Missing your first payment can be disastrous for your credit – not to mention embarrassing. Knowing when your first payment is due can save you late fees and black marks on your credit.

How Our Flexible Finance Counselors Work With You

Our flexible finance counselors are skilled at working with all kinds of buyers, regardless of credit history. We have access to all of the latest rebates and special offers that will make your purchase more affordable and get you into the car you want. We can also answer all of your questions about the benefits of leasing and buying, and help you decide which option works best for your needs.

Simply fill out our easy 30-second credit app and one our counselors will get back to you with the information you need.

For Trustworthy Car Financing in Indianapolis, Trust Indy Car Financing

You can trust Indy Car Financing honest car financing in Indianapolis. Call (866) 950-6810 or visit us online to speak to one of our financial experts, or drop by and see us at 5252 W. 38th St. in Indianapolis to get started today.