Home Finance Buy Car - Bad Credit - Reality Check

Buy Car – Bad Credit – Reality Check

The day comes when you need a car or truck, so you go to your computer and type in buy car bad credit because that best describes the situation. You know what you need. You know what you want, but do you know the pitfalls ahead?

Dealing with auto sales people and getting a vehicle loan is like two quick-sands in the desert waiting to suck in their next victim. You – my friend, are in the middle!

The hard reality is that auto sales are seriously down and these people are desperate for business. When you stop to think about it, their only successful outcome is a closed sale – period. Will they put your needs first and give you the best? Are they thinking of best service today and repeat business tomorrow? Are they worried that you might not come back for a repeat sale in two years? Very likely the answer is negative. They need to survive this month! Desperate people will do anything to close a sale – today – now! More nowadays than ever before!

Would you like to know all their games so that you can come out on top? Let’s take a brief look at just one of the games.

When they offer to pay off your existing vehicle loan, do they do it because they like the color of your eyes?

Are they giving you a gift – a present from heaven? You know the answer. Watch out for this tactic, because it can create an impossible situation that you cannot escape from. You’ll be paying for this mistake for years to come!

The details vary, but the common thread goes like this. They take what you owe on the existing loan. They do a magic dance and play with the numbers, so you don’t see some steps. They add in some fees, and “etc type” charges. You settle on your new car and wait for the approval and final documentation. You’re a happy camper. When the approval comes, you don’t notice that you now owe a small fortune – far more than the new car is worth. All the extra charges are now loaded onto the financing of the new vehicle.

You then drive out of the dealership driving a car that you owe on, but likely will never own. The debt on the vehicle far exceeds its worth. You check out the numbers, thirty minutes later, and find you owe heavy monthly payments that will go on for years. The vehicle may be worth only a fraction of that debt today. Next year you want to trade-in again. Are you kidding? You still owe a bomb on that vehicle! There’s no way you can get a good deal. You’re standing on your head – and they tell you, “But, you’re upside down”.

Well, you could trade-in if you were willing and able to put the difference on the table! Reality kicks in big time and you kick your rear end!

Of course, you could leave the dealership in disgust and try to sell the vehicle yourself. How are you going to sell it, if you owe more than its worth?

How do I know this? It happened to me (before I learned – the hard way).

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