Consumer Watch: What Not To Do Before Buying A Car - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |

Consumer Watch: What Not To Do Before Buying A Car

Posted: Updated:
OKLAHOMA CITY -

We see the commercials all the time from dealerships promising to get you in a car, no matter your financial situation. Before you drive off the lot, here are four things Consumer Affairs says NOT to do before buying a car.

The first one I hear from frantic car buyers all the time.

* Don't drive off the lot until your financing terms are set in stone. Some dealers will let you leave the lot with a contract before it is final. You later get a call saying the low interest financing they originally promised wasn't approved.

* Don't rely on verbal assurances. Make sure you get everything in writing and understand what you're signing.

* Know the market. Don't accept a finance contract without checking to see what the going interest rate is for your credit category. The more desperate you seem, the more likely they'll quote you a high interest rate.

* Carefully consider the extras, like extended warranties, GAP insurance or credit life policies. Consumer Affairs says they generally aren't worth what you paid for them.

* Make sure you know whether your loan interest is pre-calculated. In far too many cases, people with bad credit end up with a loan where the interest is pre-calculated. When loans have pre-calculated interest, your payments may go solely to interest for as much as one-half of the life of the entire loan.

* Watch out for penalties. Know whether there's a prepayment penalty written into your contract. Depending on how bad your credit is, you may want to go ahead and accept a loan that includes prepayment penalties. But be prepared: if you pay the loan off early, you may face an additional charge of $25 to $200.

* To get a real-time snapshot of average car loan interest rates for your FICO score, use this loan calculator: http://www.myfico.com/myfico/CreditCentral/LoanRates.aspx

Special Features

iPhone App

Get breaking news, weather, sports & video directly on your iPhone.

Politics

Breaking political news & the latest headlines from the state capitol & D.C.

Radars

See where weather is happening using our live interactive radars.

Technology

Spend your money wisely with reviews of new tech gadgets & the latest news in technology.

TV Schedule

Need to know what's on TV? Check out our television schedule.

Live Radar

WARN Interactive
  • Consumer Watch

    Need help?  Contact Amanda and the Consumer Watch team.

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thank you for your e-mail. I read every letter, but because of the volume it may take a while for us to get back to you. If we see a way to help, the Consumer Watch Team will contact you. Amanda Taylor, NEWS 9 Anchor/Reporter

Helpful Numbers

  • OKC Housing Complaints

    405-232-3247

  • Attorneys General Office Consumer Protection

    405-521-3921

  • Used Motor Vehicle Commission

    405-949-2626

  • New Motor Vehicle Commission

    405-607-8227

  • Better Business Bureau

    405-239-6081

Powered by Frankly
News 9
7401 N. Kelley Ave.
Oklahoma City, OK 73111
News9.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KWTV. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.