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 Scams are committed by both dealers and financing agents. These are some of the scams you should be aware of:
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 favourable than it really is. The dealer misguides the buyer by not disclosing the amount financed, the charges on the amount sanctioned and the annual percentage rate. A dealer must clearly explain the terms and conditions of the loan to the buyer before finalizing a car loan. The buyer can then compare the interest rates offered by various banks and finalise the loan according to his convenience and repayment capacity.
This is a type of scam where the scammers target people who have loans or debt problems. Car loan modification scams are schemes where the scammers target your money by making false promises of saving you from foreclosure or guiding you to pre-closure. The scammers can ask for the following:
Are you cheated by Loan Providers? Lodge 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.
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