When you approach the lenders for auto loans, most of them often claim to provide you the required loan at very moderate interest rate. But the truth is different. Most of the lenders charge hidden fees from the borrowers. According to one recent survey released on January 26 by the Consumer Federation of America (CFA), purchasers of both new and used cars are being charged as much as $1 billion annually. And these are hidden fees that the borrowers did not know until the report was released.
Almost all the borrowers did not know what went wrong with their auto loans. According to the research, these unexpected things happened only because of the secretive practices run by the lenders and dealers. Most of the interest schemes were based on adjustable mode, so the borrowers were clueless as to how to fight with the situation. Eventually, what happened? The borrowers end up paying very high interest rates on the loans that they borrowed.
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