Aug 31
As consumers continue to struggle under the weight of a lagging economy, many Americans are trying to refinance their car loans.
Unfortunately, scammers have taken notice and are increasingly trying to bilk people of their hard earned cash. According to Rosemary Shahan, the president of Consumers for Auto Reliability and Safety, car loan scams are a “problem just about everywhere.”
Shahan recognizes that many people are able to refinance their car loans, but warns that “the way to do it isn’t to go to these companies who are out there advertising, ‘We can miraculously get you out of this excruciatingly bad deal.”
A recent article from MarketWatch provides some tips aimed at helping you avoid car loan scams:
- Choose wisely: If you want to refinance your loan, don’t opt for a group that heavily advertises its miraculous refinancing abilities. Instead, choose a safer organization, like a credit union or nonprofits like the Consumer Federation of America, or the National Foundation for Credit Counseling.
- Speak with your lender: Since no lender wants to go unpaid, they are often willing to work with you to adjust your payment plan. According to