Many dealers also falsify loan applications - after you sign them - to get consumers into loans they can't afford, then repossess the cars when the car buyers fall behind on the payments. If you get a loan, be sure to get it from your own, trusted credit union or bank - NEVER from a dealer!!! Even if the dealer advertises that they will find you the "best" interest rate, they often hike the rate after you sign the contract - a sleazy practice known as "yo-yo" financing. Note: you may get a lower interest rate if you buy a nearly new car!! GREAT tips on how to get the best deal on financing a car, even if you have bad credit. Sometimes a simple step, such as transferring a credit card balance, can boost your score and save you a bundle. Most credit unions offer courses in financial counseling and are happy to help members improve their credit scores. Ask them to help you improve your credit score, so you can get the best possible deal. Join a local credit union and establish credit with them.
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