“Unmasking Deception: 17 Shocking Car Salesman Tricks That Will Empty Your Wallet!”
Research the cost and coverage of extended warranties from different providers before buying one from the dealership. You might find a better deal elsewhere.
12. Upselling Gap Insurance
Gap insurance covers the difference between what you owe on your car loan and what your insurance company will pay if your car is totaled or stolen. While it can be a good option for some buyers, it’s not always necessary, and salespeople might try to scare you into buying it.
Assess your individual needs and financial situation before deciding whether gap insurance is right for you. You can also shop around for gap insurance from other providers, as dealership prices are often inflated.
13. Convincing You to Find a Co-Signer
If you have a less-than-stellar credit history, some dealerships might try to convince you that you need a co-signer to secure financing. While a co-signer can help you get approved for a loan, it also puts them on the hook for your debt if you fail to make payments.
Explore other financing options, such as credit unions or online lenders, before resorting to a co-signer. You might be able to get approved for a loan on your own with a higher interest rate.
14. “We Can Get You a Better Rate”
Salespeople might promise to get you a better interest rate on your car loan, but they often have limited control over the rates offered by lenders. They might also try to tack on additional fees or products to compensate for a lower interest rate.
