Know Your (Credit) Status
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On this past Saturday’s show, we talked about some helpful tools that should be utilized in your search for a new or pre-owned auto. (Find links in previous post). Of those tools, perhaps the most important is the credit reporting website.
Based on the calls that we received Saturday morning, many of our listener’s were concerned about being treated unfairly when visiting their local dealers and about unfair lending practices in the African American community. One caller in particular felt that auto dealers, on a whole, targeted the African American community with “predadory lending” practices.
Some of you may be more familiar with the term “predatory lending” as it relates to mortgages and homeownership, but the caller felt that auto lenders may have been unfairly charging higher rates to applicants based on their race. By the end of the call, he and I agreed that dealers and finance company’s may charge higher interest rates to certain groups, but that those groups could be better labeled as “uniformed” or “uneducated”.
As car buyer’s, you should know your credit “STATUS” and how those three numbers translate into credit worthiness. Only then, should you venture into the car buying process.
Here’s an article that should be helpful in your first step. http://yhoo.it/ZVCfYA
The AutoNsider air Saturday Mornings on News and Talk 1380 WAOK from 10am to 12noon.