Do you check your credit score and credit report before you go shopping for a car? You might find out that it is well worth your while to do so, as some auto dealers are taking advantage of the fact that many consumers do not know their credit scores.
No one likes buying a car; the entire process is awkward and cumbersome. When we shop, most of the things are marked with their price, but not cars. Then you have to haggle with a salesman and hope that you have worked out the best price possible. Having done that, you have to arrange financing. You can usually get an acceptable interest rate when you finance through the dealer, but you should be aware that some dealers offer very high rates.
It’s like this: You negotiate to get your best price with the dealer, and you agree to finance through them. The salesman would promise that he will give you reasonable terms, so you fill out the credit application and give it to him. He goes to process the application and check your credit report. He returns a few minutes later, shaking his head. He informs you that your credit score is only 600 and that you will not qualify for the interest rate he offered you. He says that you will have to pay a higher rate. You agree because you don’t know any better.
Had you done your homework by checking your credit score ahead of time, you would have known your actual credit score and you could have pointed out that the salesman’s assessment of your credit score was incorrect. You could tell the salesman to give you the lower interest rate or threaten to finance elsewhere. This is a common scam that works because most people really do not know their exact credit score.
It’s easy to know your credit score. All you have to do is visit the Websites of one of the three major credit bureaus – Experian, Trans Union or Equifax. Only a small fee is required for you to get a copy of your credit report with your credit score. So if you have this info, you can shop for a car knowing that you qualify for the best financing.
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