Coast to Coast Motors Official Blog

Are bad credit loans safe?

By Product Expert | Posted in About Us, FAQ, Financing, How does it work?, Q&A on Thursday, December 28th, 2017 at 8:00 AM
Are bad credit loans safe?

The world is your oyster – if you have good credit. We hear it over and over again how many of our hard-working customers have been turned down for great opportunities at other businesses because of bad credit or no credit. At Coast to Coast Motors we know that life happens and some things are out of your control. That’s why we are proud to be the premier buy here, pay here auto group with locations in Oklahoma and Texas. Here we specialize in bad credit, no credit financing and work hard to help you get the vehicle you need.

One question we often get is “Are bad credit loans safe?” These types of loans can be safe, but there are things to look out for when shopping for one. Here are some signs to be mindful of before you take out a bad credit loan.

Man looking up his financial status on the computer

How to avoid bad credit loan scams

When shopping for a loan it’s important to know what to look for. There are as many scams out there as there are legitimate loans. If you see any of these signs, there’s a good change you’re looking at a scam.

  • Fees charged upfront – You should never, ever have to pay to fill out an application to get approved. Any sort of upfront fees are an indication that the company is trying to take advantage of you.
  • Pushy sales – One of the telltale signs of a scam is the push to make a decision right away. Scammers don’t want you to think things through and benefit when you choose to make a rash decision.
  • Guarantees – There is no way to know for sure if someone can be approved for a loan if the company doesn’t know that individual’s credit score, income or other important details. If you hear that you’re guaranteed for a loan then it’s probably time to shop elsewhere.

Signs of a legitimate bad credit loan

No matter what anyone tells you, if a deal doesn’t seem right, then walk away. You don’t have to deal with scammers to get the transportation you need. At Coast to Coast Motors we are always straightforward and direct with you about our products and services so you know exactly what you’re getting. With that said, here are some signs of a legitimate bad credit loan.

  • Flexible terms – It’s always important to pay off loans as quickly as possible. Legitimate companies will offer flexible terms on their loans so you can extend or shorten your loan length. We offer this at Coast to Coast Motors and will work with you to find the best payment schedule.
  • Transparency – Any company worth its salt should present all details about any loan in a direct, easy-to-read manner. At Coast to Coast Motors we go over your loan with you so you understand the terms and conditions, APRs and fees.
  • Reasonable fees and APRs – While bad credit loans do carry higher interest rates, you can still expect rates to be competitive and in line with your credit score. Legitimate loans should also come with fair late payment fees.

See for yourself just how easy it is to get the quality pre-owned vehicle and financing you need with a trip to Coast to Coast Motors today! From all of us here, we look forward to speaking with you.

Read More: Common myths about buy here, pay here dealerships