Is the car dealer ripping you off?

You’ve probably been there. You’ve seen just the car you want on a dealer’s forecourt and are just itching to buy it. The one big problem is that you’re having difficulty raising the finance.

Your friendly dealer – equally itching to make the sale – insists that finance is no problem since he is able to arrange it right on the spot, right there and then.

What’s the catch?

The catch in what seems a solution too good to be true is just that. The price you have to pay for the dealer’s finance solution may be up to three times the cost of borrowing the same amount from an independent source.

This is a finding reported in the Daily Mail newspaper on the 24th of April 2017, which accuses second-hand car dealers in particular of regularly ripping off their customers – to the tune of a whacking £1.4 billion a year.

Especially exploited by unscrupulous dealers are customers with poor or bad credit who naturally face tougher challenges in securing finance for the purchase of a car – and there’s still a requirement to somehow find a hefty deposit to put down.

A better way

As we’ve explained in our blog on the 17th of February 2017, there is just as quick and easy way of raising the finance for the purchase of car – even if you have poor or bad credit or are unable to afford a deposit – almost certainly at a cheaper rate than you are likely to be paying a rip-off car dealer.

Car finance from CarFinance Plus may be arranged so quickly that in practically every case, the funds are ready for use the very same day as your making an application – not for nothing do we describe it as instant car finance.

What’s more, the finance arranged through us is available for you to use for a purchase from any dealer who is offering the car of your choice – or even for purchase from a private seller, if that is what you’d prefer.

“Soft searches”

Anyone offering you car finance – and that includes any car dealer – needs to check your credit worthiness. This typically involves a search of your history with the main credit reference agencies – and if your application for new credit is turned down, this is reflected in your current credit rating, and may make it more difficult to secure credit in the future.

To avoid this state of affairs, we conduct what is called a “soft search” – essentially a snap-shot of your likely credit worthiness, before passing your formal application on to the lender who makes the final assessment of your credit rating. In that way, we have been able to give you a head start, by increasing the likelihood of your application being accepted, and averting the damaging effects of having your application for credit turned down by a lender.

Approach us for an instant car finance agreement, therefore, and you are almost certain to put one across rogue car dealers by obtaining more competitively priced finance.



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