The Auto Loan Purchase Contract - Bad Credit Auto Loans

Even consumers with bad credit will want to go over this check off list before signing the sales contract

Checking it over

Even for credit-challenged consumers it?s very important to know what to look for before signing the documents for a car loan.

Here at Auto Credit Express, where we?ve spent the last two decades helping car buyers with less than perfect credit, we?ve seen what can happen if a buyer isn?t paying attention. It?s also one reason we created our website ? so that people with low credit scores can understand the issues surrounding no credit auto loans that include today?s topic, the purchase contract.

Purchase contracts

When you sign a finance contract you?re agreeing to all the terms it contains. Since most states have no ?cooling off? period, if you change your mind later you won?t be able to return the car.

This means that for your own peace of mind you need to pay attention to be sure the terms listed in the contract are those you agreed to, including:

??? ?Selling Price ? check to see this is correct. It should include the vehicle?s price plus tax, title and license fees. The dealer may also charge a documentation fee to process the paperwork. These fees should be broken out as to the type and amount for each.
??? ?Amount Financed ? this is the amount that you?ll be financing. It should equal the selling price less the cash down payment, rebates and/or trade equity.
??? ?Contract Term ?the length of the contract in months should reflect the loan term you agreed to.
??? ?Interest Rate ? this is the interest rate you?ll be changed. It should match the interest rate you were quoted.
??? ?Monthly Payment ? this is the amount you?ll be required to pay each month over the contract term. It should match the payment you agreed to.

If you disagree with any of the above items or anything else contained in the finance contract you have the right to walk away instead of signing it. If you sign the documents the dealer is required to give you a copy of every one you signed. Before you leave, be sure the dealer has also signed your copies, as well.

The Bottom Line

You should be paying as much attention to the sale and finance documents as you did to the other aspects of the sale. Signing a document without first checking it means you?re as much to blame as anyone. By taking a few extra minutes at this time you could save yourself a lot of trouble later on.

Another suggestion we have is that if you have problems with your car credit, Auto Credit Express can assist you in finding a dealer for your best chance at an auto loan approval.

So if you?re ready to reestablish your auto credit, you can begin now by filling out our online car loans application.

Tags: Bad Credit, no credit auto loans, purchase contract

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