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Car Finance: How Customers Avoid Getting Cheated



Car Finance

Photo by Pixabay, CC0 1.0

As far as things go, navigating the motor industry isn’t particularly easy.

For most of us, buying a car is the second big purchase after a house. Buying that shiny, new SUV though is unlikely to be affordable without car finance to help you out.

When looking for car finance, it is easy to get caught up in the buying frenzy. I mean, who doesn’t want an instant new ride without any hassle? Then, there’s no guarantee that you can even have finance in the first place!

It may surprise you that even the best car finance dealers, credit brokers, and finance companies out there can’t promise you car finance. Specific borrowing criteria have to be taken into account for any prospective loan deal.

So all the “Guaranteed Car Finance for Bad Credit with No Deposit” advertisements we are bombarded with daily, are potentially giving us all false hope. With this in mind, how do you avoid getting cheated when looking for car finance? Let’s take a look at some of the chinks in the car finance deal armor:

Guaranteed car finance: Debunking the myth

So, let’s get this straight. Lenders are the final decision-makers when it comes to you being approved for car finance. No dealer or broker has the power to approve your loan – so why do so many of them claim that they can guarantee your car finance? Is there such a thing as guaranteed car finance?

Lenders have to look at your credit score to determine if you can make repayments on the loan amount you are looking to borrow. So when they search your credit history and see that there is no way you can make those repayments, that once promised guarantee is shattered instantly.

So, don’t get caught in the misleading “truths” that car dealers and brokers want you to believe.

What application fee?

Dazzled by the “money-back guarantee” on offer with your “guaranteed car finance loan?” Well, the first rule of not being cheated is not to snap up all the dangling carrots that are out for the supposed taking!

Application fees can put you back £299 with the “promise” of getting it back once approved. Unless you’ve meticulously read the terms and conditions, you are unlikely to get this money back – except for the legal geniuses out there! They might stand a chance!

High rates and the need for a guarantor may now separate you from getting that once promised and “guaranteed” loan.

What does the law say?

The FCA (Financial Conduct Authority) take misleading and false consumer credit claims very seriously. Not only is it an offense according to the 2010 consumer credit act, but any dealer or broker promoting “guaranteed” car finance is also likely in breach of the act.

A loan can only be guaranteed if there are no conditions to the borrower’s creditworthiness. Have you ever seen a loan like that?

Any broker or lender found breaking the credit act will lead to a full FCA investigation and enforcements will be made. Essentially, this protects you as the customer as any credit deal has to Treat Customers Fairly (TCF) by law.

But, the law isn’t perfect. Car dealers and brokers that are offering “guaranteed” finance loans still slip through the net.

How to spot a false deal

A deal that sounds too good to be true is usually just that. If you have a poor credit history or have never borrowed at all, the idea of having something “guaranteed” is definitely appealing. I mean, who doesn’t want life to be easy?

If you are on the hunt for a car finance deal, a credit check has to happen. No credit check, no deal. It’s as simple as that.

False deals are always well crafted, but you can spot the cracks. First off, what language is being used?

  • We can “guarantee” your car finance loan in less than 5 minutes
  • Bad credit no problem – all applications are welcome here
  • No credit history – your loan will be accepted by our trusted partners

You get the gist. Reputable car finance brokers and lenders will be transparent with you from the start. Fees will not be hidden from you, and the idea of a “guaranteed” loan to someone with bad credit won’t even be put on the table. What they will do is look at the bigger picture, and see what rates they can offer you instead. This will be based on what you can actually afford to pay back.

Enter the unsecured loan

Cheating you out of your house and home is not a phrase to be used lightly.

When you are in the market for a new vehicle, getting an unsecured loan may be the only viable option to get what you want. A loan without being tied to any of your assets, like your home is undoubtedly better in the long run?

Although the term “unsecured” sounds a bit daunting, it’s not as bad as it sounds. The finance company is in the driving seat for this one, not the borrower. So, fear not.

Do your research

Familiarising yourself with the terms car finance lenders and brokers use is going to help you find the right deal for you. Not only will you avoid being cheated, but you will also feel more confident when purchasing your new car.

Some questions to think about:

  • What can this car loan offer me?
  • What are the terms and conditions?
  • How long will my repayments take?
  • Can I get out of this deal early?
  • Are there any hidden fees and charges?
  • What is “guaranteed?”
  • Will I need a guarantor?

Knowledge is power, after all.

Already got a new car in mind? Not quite sure how to get a car finance deal? As the motor industry grows and advances, knowing which vehicle to buy has become harder than ever before. Fooling for the gimmicky promise of the “guaranteed” finance deal is easy to avoid. So, don’t get cheated at the dealership or online! Be prepared!

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Letter: Vote for Kiesha Preston | Letters



The residents of Roanoke, Virginia, need to get out of the box of voting based on party affiliation. It’s time to vote for the best candidate to do the job.

Kiesha Preston is running as an independent and is the best choice for Roanoke City Council. When she was only three years old, she was troubled because a local Kroger store removed the kiddie carts. She asked me how to get them back so she could shop beside me. I told her to go to the manager and she did. She stated her case, and a few weeks later those kiddie carts were back in the store.

Kiesha also has presented a bill to Congress that was approved. The Virginia Domestic Violence Victims Protection Act prevents domestic violence victims from not being able to rent an apartment because of bad credit as a result of their abuser ruining their credit.

These are but two examples of Kiesha’s tenacity and getting results. We need people on council who have no agenda and are truly willing to work for the least of us.

Kiesha is not intimidated by those in power and will hold her own to help those who cannot help themselves. This is why she is the right person to get the job done.

Please do not be discouraged because you are tired of the same old same old where parties are concerned. You have another choice so please vote for Kiesha Preston. She has been working tirelessly on behalf of the people without being elected to an official office. Just imagine what she can do once she is officially on City Council.

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This One Credit Card Will Get You the Most Cash Back Right Now



Let’s admit it, choosing the right credit card can be a stressful process. There are so many variables to consider—from annuals fees to credit score requirement—not to mention the various rewards and benefits each card offers, and how those align with your lifestyle and spending habits. Then there are those hidden fees and interest rates you have to reckon with. In other words, it takes a lot of work to make a truly informed decision when it comes to choosing a credit card that’s right for you. Perhaps a good cash back program is high on your credit card priority list because, well, who doesn’t like some extra money in their pocket?

To help you decide on the credit card that is going to get you the most cash back, the experts at personal finance site WalletHub compared more than 1,500 current credit card offers. From that large pool, they narrowed down the field to the cards that offer cash back rewards, comparing those offers based on initial bonuses, rewards earnings rates, annual fees, and more. From that analysis, here are the best credit cards that will get you the most cash back right now. And for more money matters, check out This Is the State Where Your Money Is Worth the Least.


Alliant Cashback Visa Signature Credit Card

Best for: Cash back on all purchases

Cash-back rate: 2.5 percent

Annual fee: $0.00 for the first year; $99.00 after that

What kind of credit you need to get one: Excellent

Learn more about the Alliant Cashback Visa Signature credit card here.

If you are worried about having buyer’s remorse after choosing a credit card, put that into perspective by checking out What You’re More Likely to Regret Than Anything Else You Do.


Discover It

Best for: People with bad credit

Cash-back rate: 1-2 percent

Annual fee: $0.00

What kind of credit you need to get one: Bad

Learn more about the Discover It credit card here.


U.S. Bank Cash+ Visa Signature Card

Best for: Cash bonus for good credit ($200.00)

Cash-back rate: 1-5 percent

Annual fee: $0.00

What kind of credit you need to get one: Good

Learn more about the U.S. Bank Cash+ Visa Signature Card here.

And to make sure you have money to pay off those monthly bills, avoid The Biggest Career Mistake You’ll Ever Make, According to Experts.


Chase Freedom Unlimited

Best for: No APR on purchases

Cash-back rate: 1.5-5 percent

Annual fee: $0.00

What kind of credit you need to get one: Good

Learn more about the Chase Freedom Unlimited credit card here.

And for more things that will help you and your family stay on the right financial track, check out The No. 1 Sign You Shouldn’t Buy That House, According to Realtors.


Capital One QuicksilverOne Cash Rewards Credit Card

Best for: People with limited-to-fair credit and looking for low annual fee

Cash-back rate: 1.5 percent

Annual fee: $39.00

What kind of credit you need to get one: Fair

Learn more about Capital One QuicksilverOne Cash Rewards Credit Card here.


Citi Double Cash Card—18 month BT offer

Best for: Flat-rate rewards

Cash-back rate: 2 percent

Annual fee: $0.00

What kind of credit you need to get one: Excellent

Learn more about the Citi Double Cash Card here.


Capital One Savor Cash Rewards Credit Card

Best for: Dining and entertainment

Cash-back rate: 1-4 percent

Annual fee: $95.00

What kind of credit you need to get one: Good

Learn more about the Capital One Savor Cash Rewards Credit Card here.


Blue Cash Preferred Card from American Express

Best for: Most cash back overall

Cash-back rate: 1-6 percent

Annual fee: $0.00 for the first year; $95.00 after that

What kind of credit you need to get one: Good

Learn more about Blue Cash Preferred Card from American Express here.

And for more helpful information delivered to your inbox, sign up for our daily newsletter.

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Possible Raises Series B and Moves Fully Remote | State



SEATLLE, Oct. 20, 2020 /PRNewswire/ — Possible raises $11 million in new equity funding to expand the team and to provide additional products for its customers. Union Square Ventures led the round, with participation from existing investors Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom Williams, and FJ Labs. The company has also secured $80 million in new debt financing from Park Cities Advisors.

Furthermore, the company is now fully remote and recently onboarded software engineers from across the US and the globe. Possible is committed to distributed work and actively recruiting for a number of other remote roles.

Possible provides friendly access to capital and a simple way to build credit for people who otherwise would get a payday loan or get hit with a bank overdraft fee. The company uses real-time financial data, rather than a credit score, to qualify customers and provide funds instantly through its iTunes and Android apps. Unlike payday loans or overdraft fees, Possible loans are paid back in small installments over multiple pay periods to allow customers to catch their breath. By reporting on-time payments to the credit bureaus, Possible enables its customers to build credit history and eventually qualify for cheaper, longer term financial products. On average, customers with low credit scores see their scores increase by 70 points within 4 months.

Tony Huang, Possible’s CEO explains, “So many people who live paycheck to paycheck can’t afford to build credit history. We’re helping them do it for the first time while providing them with a friendlier and more affordable small-dollar loan.”

Since launching in June 2018, Possible’s given out loans to hundreds of thousands of customers, helping meet short-term cash needs while building credit history or establishing credit for the first time. These customers, often with bad credit or no credit history, are underserved by traditional banks. Possible fills that gap and provides financial access to those who need it most while giving them the means to climb their way out.

Gillian Munson, Partner at Union Square Ventures, explains the thesis behind their new investment, “Through tech innovation, data-driven insights, and a focus on the customer, Possible is well on its way to winning the hearts and minds of both consumers and regulators alike, and building a trusted brand that endures.”

A 2019 Experian study shows 34.8% of consumers are subprime and can’t access money when they need it. They pay $106 billion in punitive fees each year to the existing financial system for short-term credit products. These consumers are trapped in predatory debt cycles of payday loans and overdraft fees without the means to rebuild their credit or improve their financial health. While there has been a number of new tech-enabled products in this space, most lead to similar debt cycles and don’t address the harder issue of improving long-term financial health. That’s where Possible comes in.

Since the company is now fully remote, Possible is actively hiring talent across the globe. Tyler, Possible’s CTO, explains, “Being fully distributed allows us to access the talent pool of the entire world. Our success so far is a reflection of the quality of our people, and we believe hiring globally will allow us to find exceptional people to join us in achieving our mission.”

About Possible

Possible is a fintech company based in Seattle, Washington. The company provides a friendlier and easier way for customers to access capital while also building credit history and improving long-term financial health.

About Union Square Ventures

Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV manages over $1 billion in capital across seven funds and focuses investments in portfolio companies with the potential to transform important markets.

About Park Cities Advisors LLC

Park Cities Advisors LLC (“PCA”) is a privately held, SEC-registered alternative credit manager based in Dallas, Texas. PCA is focused on private lending across the specialty finance and FinTech sectors and provides debt capital to companies across a variety of industries through asset-based financing transactions.

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