It is tempting to figure out a way of to either save money or reduce even the small amount of paperwork that may be required by reputable lenders such as BlueSky Auto Finance. This can be a dangerous mistake. As we begin our three-part series on the most dangerous auto loans we start with what happens when you think you cannot qualify for a loan and you turn to seedy characters.
For starters you may be facing very high interest rates from individuals or even companies who are not licensed to be in the lending business. This means you may be facing a very high cost for possibly saving the time of not filling out an application and possibly providing pay stubs. First you may be looking at an extremely high rate or fee just to get the loan. Second it may be hard to reach someone with questions, difficulties or when it comes time to make that last payment securing the title to your vehicle. Third, should you not be able to make the payments you may be subject to high-pressure tactics to make your payment; ‘kneecapping’ the practice of causing injury to someone for not making a payment on time is rare these days, but if you use a reputable lender it is not even a possibility. For these reasons and more it is important to use a reputable lender. Even if you choose another lender make sure they are a licensed lender with the skills and experience to be able to help with your situation. The executive team at BlueSky Auto Finance has over one hundred years of experience in the industry.
As we have discussed it is much easier to avoid shady characters including organized crime members with so much competition for your business at reasonable rates and fees. If you have friends and family seeking a new car this Holiday season, steer them clear of unlicensed lenders and send them here for a safe journey on the road to their new car. Next week we will talk about a different kind of dangerous Auto Loan, so stay tuned. Happy Holidays from all of us at BlueSky Auto Finance.