When it comes to new car loans on the Gold Coast, you have plenty of options! The Gold Coast has hundreds of trustworthy establishments where you could potentially apply for a new car loan. But, just like in any industries, there are a fair number of scammers lurking about and looking to take advantage of unassuming victims.
Being caught up in a new car loan scam on the Gold Coast is definitely not unheard of. Scammers may take upfront fees and disappear or perhaps use your sensitive information to your detriment. Either way, a new car loan scam is the last thing you want to get caught up in!
So what exactly do you need to look out for when applying for a new car loan? What should you consider red flags, and what are the warning signs?
Here at ZEP Finance, we pride ourselves in being new car loan specialists on the Gold Coast, and believe that following these guidelines could help you avoid a scam!
Run away if you see the words ‘guaranteed approval’ on the advert of any new car loan on the Gold Coast, or at least be very wary and do some research into the company. Real finance companies need certain paperwork and bank statements in place before a loan is granted, as how else would the financier have any confidence that the leaser will pay them back?
This is an absurd concept and used purely to lure in people who may desperately be in need of a loan and don’t have the necessary documents and credit scores.
Vague Fine Print
When reading over the fine print of a loan, ensure that you understand everything completely and there are no vague clauses that could be used to your disadvantage. Anything along the lines of ‘subject to increases’, or ‘subject to changes’ should be heavily avoided. If there is anything you don’t understand, it may be worth your while to get a lawyer to go over the fine print with you to ensure that you understand exactly what you’re getting yourself into.
Certain scam artists use very detailed and technical fine print to throw people off. Remember that it is okay not to understand something and ask for advice.
In this case, ignorance is definitely not bliss.
Lack of Authentic Reviews
In this case, the internet is your best friend! Do thorough research on the company you intend to take out a new car loan from and ensure that they have sufficient positive reviews online. If there are zero or very few reviews, you may want to ask yourself why that is? Use your gut instinct too, if reviews seem fake they probably are.
Authentic companies should have a good number of reviews, and by reading them you should be able to get a general feel for what your experience may be like with the car loan company in question.
No matter if you’re getting a loan from a bank, independent financer or a car dealership, upfront fees are usually a sure warning sign. These type of scams are very common online, where the lender asks for a small upfront fee then disappears in an instant, never to be seen again.
While certain reputable lenders may charge small handling fees, take special care where upfront fees are involved. Once again, use your gut feeling.
If You’ve Been Scammed: Now what?
We do hope that this never happens to you, but if you feel that you have fallen victim to a scam, go over your loan contract with a lawyer to ensure you have truly been scammed, and then report it directly to the relevant authorities.
Try to get as many details about the company that scammed you as possible.
Change all of your online passwords and create an official police report!
Trusted New Car Sales on the Gold Coast
ZEP Finance has been a trusted local finance company for many years and has become an expert name in the world of new car loans.
If you’re interested in taking out a new car loan on the Gold Coast, get in touch with us today!