Be Careful What You Sign

After you have secured a bad credit car loan, picked the car you want to buy and negotiated the price, you are not done. Closely watch the bottom line!

Check the information carefully

After all is said and done, some folks occasionally realize they have made a mistake. They think they may have went about negotiating in the wrong way and now want out of the bad credit car loan.

A purchase contract is just that – a legal contract. Once you put your signature on the dotted line, you are bound by the terms within. You don’t get a ‘cooling-off period’ where you re-evaluate your decision. That has to be done before you sign. You don’t have the option of changing your mind after wards.

Check the information, fine print and all, to make sure it says exactly what the seller says it says. Read every word to ensure you agree with and understand everything.

  • Price, is this the price you agreed upon? This final figure includes the price of the vehicle, taxes, title and licensing fees. In some cases you may be charged a fee for the documentation and paperwork. These amounts should be itemized and outlined clearly.
  • Amount of the loan. The is the actual amount of money you have to pay back.
  • The time you have to pay back the loan. Does the length of the contract agree with the terms you agreed to?
  • Is the interest rate the same as what you were told and agreed to?
  • Are the monthly payments the same as what you were told?

If you find anything you don’t agree with, bring it up. Question anything that looks suspicious. Don’t get pushed into signing. If you don’t agree with the contract and the loan officer or salesperson tries to convince you that you did agree, walk away!

Conclusion

Pay just as much attention to the actual sale and financial documents as you did to the details of the car you chose. When you blindly put your signature on legal documents you have to be prepared to suffer the consequences. We all hope the dealer will be honest, but in the end, you are responsible for anything you sign.

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