Banks finance the purchase of a new car or a used car through a car loan. Car loans are available at reasonable interest rates and a tenure which enables easy repayments. Car loans help you buy the dream car at a young age.
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Car loan Fraud:
Car loan Scams are committed by both dealers and financing agents. These are some of the scams you should be aware of:
- Guaranteed approval: There is no such thing as a guaranteed loan. Any lender will first run a credit check before approving the loan. So, if you have a bad credit score, your car loan will not be sanctioned.
- Upfront payment: Some dealers may ask for upfront fees. The lender lures the customer to pay a fee before the application is processed or before the funds are disbursed. This type of scam typically takes place online.
Another type of fraud related to vehicle financing is when the dealer incorrectly discloses the financial terms of the loan. This dishonest practice is designed to dupe the buyer into thinking that the loan is more favorable than it really is.
Are you cheated by Loan Providers? Cottage a complaint on Iamcheated.com which is a free online consumer complaints portal, which registers consumer complaints online and helps resolve them. If you have been cheated by banks or do not receive any response, do get in touch. You can post your complaint on Indianmoney.com complaints portal IamCheated.com.