How To Spot Car Refinancing Scams

Financing a vehicle is a big decision that can become more challenging to pay off than you initially thought. You may be searching for ways to refinance your vehicle for better terms. However, you should be cautious when seeking refinancing from just anywhere. Scammers can take your money while promising many things without ever actually following through with these promises. Keep reading to learn how to spot and avoid car refinancing scams.

Read the Fine Print

Before you sign anything, you should always read the fine print. Thoroughly reading and understanding the fine print can help you pick out anything that sounds fishy. Often, scams are easy to spot if you just read the terms carefully. If you need help, ask a trusted friend or family member to come with you and ensure everything is as it should be.

Look for Tell-Tale Signs

Various signs will point you in the direction of a scam. Dishonest lenders may ask you for an upfront fee before signing any paperwork. This is a big red flag. Trustworthy lenders will never pressure you into paying any fees before you agree to purchase the vehicle. Next, scammers may tell you many things you want to hear, including:

  • Saying they have relationships with trustworthy lenders
  • Falsely claiming they will give you a money-back guarantee
  • Giving you specific yet false claims about how much your monthly payment will be reduced
  • Show you fabricated testimonials from satisfied customers

At the end of the day, if it seems too good to be true, it often is. You should always look out for red flags and avoid anything that seems fishy when looking to refinance your car. If you are having trouble affording your current payments, talk to your lender, and they will often have options for you.

Contact Us to Learn More

At Taz Loans, we aim to make your vehicle financing experience enjoyable and stress-free. As the leading dedicated auto financing company in Edmonton, Alberta, you can trust us to find an auto loan that suits your needs and situation. We are transparent, honest, and are happy to offer our expertise and solutions for any issue you may be facing when it comes to financing your vehicle. Contact us to get approved today or to learn more about what we do. We can’t wait to hear from you!