Car Loans Got You Down?
There is not much that gets me frustrated; but seeing the games some people play with offerings for car loans sometimes makes my blood boil. A case in point. Just look at this advertisement by a car dealer. “We finance everyone, students, new immigrants, work permits and bad credit oac."
Misleading at best – get the folks in the door thinking, “oh boy, they will finance me,” only to find out there is that big out with the little bit of fine print.
We had a young fellow come to our Discount Motor City Ltd., used cars, Surrey lot the other day. He had been pressured into a used vehicle that was listed for $15,995. With interest and 6 years later, he was on the hook for a loan totalling $27,612.
Another advertisement we see is: “No payments for 6 months.” On the surface, there is nothing wrong with making the offer, but where is the mention about what happens with the interest? If interest rates are in the 29% range as we have seen regularly, that could add $2,000 - $3,000 to the cost of the car without knowing.
There is nothing free in the world; getting a car loan, you either pay higher interest for all the perks or you pay more for the car.
Another trick is to lower the monthly payments by extending the loan term. Loan terms used to be 5 years; now we are seeing 7 years. A 7-year loan may lower the monthly payment but do you really want to keep your car for 7 years?
We saw one a short while ago. A fellow was paying 29.5% interest. He went to trade his vehicle in and was surprised when he was told he had $8,400 remaining to pay on his loan. He purchased a used car from a dealer and they added the $8,400 to his car loan. I do not even want to think what will happen the next time around when he wants to do another trade.
Discount Motor City, Used Cars Surrey
If you are looking for a used car, Surrey, we would love to help. At Discount Motor City, we strive every day to be the Number 1 in used car dealerships, Surrey by providing accurate and knowledgeable advice. We do not just sell quality used cars at great prices, we do all we can to help you understand your options, with “No Pressure, No Push customer service, which we believe is the best you will find anywhere.
At Discount Motor City, we work hard every day to be the best used car dealer, Surrey and to see what our customers say about us as one of the used car dealers, Surrey, CLICK HERE.
At Discount Motor City, used car dealership, Surrey, we want to be where you want to come to buy a quality used car. We have great cars, at great prices, and we will do everything we can to show you we are the best of the used car dealerships, Surrey.
Best wishes from all of us at Discount Motor City, the premier of used car dealers, Surrey, BC. If you have any questions about used cars, or about financing, we are always here to help.