In this economic slowdown, credit score, bad credit, bankruptcy became a common word for Americans. Now people are more aware of their credit scores than ever before. However, the increased awareness increased more fear! .

“In the recent past many customers who are thinking of buying a new car inquired us about purchasing a new car, but have a bad credit & low credit score. They informed that they have not a pleasant experience with the dealers. For people who encountered the same situation, we can bet that you might have experienced these kinds of situations. Few dealers would have informed that you are eligible for auto loan only if you have got a credit history for auto loan. Auto loan can be approved but you have to pay high interest rate. Since the score is low, obviously the person’s self esteem will be low and this favors the retailers. They can easily play with your psychology and will turn the negotiation (!) one sided, that is in their side.

The customers might have did their homework before meeting the dealer but dealer would inform that their score is much lesser than what it really is. Some dealers would inform to sign in for extended warranty, insurance etc., but they actually may be a way of extracting more money from the already financially troubled customer. There could be some situation where the customer is asked to co-sign the loan.

“Beware, when you do a trade-in, it could be easy, to degrade the value of your old car. If these are a situation you have experienced, it is always better to consult an expert. There are many auto loan modification companies like Auto Relief Group. The customers are advised to consult them while they think of entering such a step.

By paying a few dollars to the consultant, if saves few thousands, it seems there is nothing wrong in trying it.

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