Does anyone know about the "drop the Payment" auto loan. Is it a scam or on the up and up?

I%26#039;m not sure if this is what you are talking about or not. Some finance companies offer to let you drop a payment around the holiday%26#039;s. What they don%26#039;t tell you is, the interest is added on at the end of the contract. There fore your last few payments are on the interest and you pay interest on the interest because your note was extended. Sorry if this is not what you were referring to.
Does anyone know about the %26quot;drop the Payment%26quot; auto loan. Is it a scam or on the up and up?
It should really save you time to just get an auto loan estimate online to check out what todays rates are. You might be pleasantly happy. Also if your credit is not so great, a lot of online loaners are more able to work with people.



What I usually tell folks is that an online quote at http://auto.lowratetoday.com is what I would do.
Does anyone know about the %26quot;drop the Payment%26quot; auto loan. Is it a scam or on the up and up?
Finding a bad credit auto lender take a little bit of work to find the right one. When looking to buy a new or used car, the dealer may offer bad credit financing, or refer you to a lender. Car buyers should consider arranging their own financing. Bad credit auto loans are simple yet complicated and some lenders will try to take%26lt;!--advantage of you. It helps to know your available options.Before applying for a car loan, try to get a copy of your personal credit report. Lenders base approval on your credit score and credit history. Some lenders classify sub prime borrowers as persons with scores below say 700. On the other hand, another lender may qualify a borrower with the same score for prime rates.





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Unless you have a 700 or higher credit score, it might be a good idea to look at your credit report and see what you can do to improve your credit score. A 700 score will get you the best rates at the best loan terms. Any credit score higher will not change what a lender can offer you, since you will already qualify for the best loan deal. Where you will start having trouble is if you fall below a credit score of 700. When you fall below--%26gt;lenders see you as a risk and will start charging higher interest rates in order to offset the risk.At this point your only options are to seek a bad credit lender or get to work on fixing your credit score. There are a number of quick things to do to improve your credit rating and get the loan you need at the rate you want.
Reply:If by drop the payment you mean lower your payment it is just advertising. If you are paying $400 a month and you hear an ad to lower your payment, if you go in and they can%26#039;t do it they still have you there, maybe they can talk you into buying a car anyway. Maybe they will tell you %26quot; sorry we can%26#039;t lower your payment, but buy a new car anyway, it will only be $450 a month for a new car, do you want to pay $400 for your old car? or $450 for a new car. it%26#039;s only $50 a month, that%26#039;s only a $1.60 a day, isn%26#039;t it worth a $ 1.60 a day to drive a new car? You say yes and there ad to lower your payment, just sold you a new car at a higher payment. It is just a way to get you in the door.