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Buying a car when you were a victim of identity theft

Buying a car when you were a victim of identity theft

Identity theft is going to be a significant problem as the economy continues to migrate online.

We can have the most sophisticated blockchains in the world that stores important data, but identity theft will always be a constant threat and one that you should take seriously, especially if you need to make a major financial decision like financing the purchase of a new car.

Your credit may have taken a serious hit

Victims of identity theft have to go through a complex maze of procedures in order to undo the damage the criminals caused.

It starts with disputing all of the charges and new accounts opened via the official dispute channels on Equifax and TransUnion.

This dispute process can take a significant amount of time and documentation before anything happens.

While this is taking place, your credit score is going to be artificially low, and your credit account will be flagged, so no lender will deal with you.

Once you’ve regained control of your credit and identity

Once you have gone through the necessary channels and have control of your credit again, you will need to prepare supporting documentation to provide prospective lenders.

These lenders want to give you a loan, but they have to abide by their underwriting guidelines which in a nutshell can be summed up with the expression “trust but verify”.

If you have the supporting documentation prepared in advance, it will make your life easier when it comes time to negotiate terms.

Where to get a car loan

Identity theft has created a host of unique challenges that you will need to overcome. You will need expert help in order to secure a car loan in Dunnville.

This is not something you should attempt on your own.

You should visit a local car dealership and bring along your documentation. The dealership is experienced in helping individuals from all walks of life, including those that experienced what you did.

The dealership will be able to better understand your situation and relay those details to prospective lenders. In addition, since the dealership works on nothing but car deals day in and day out, they will have the experience needed to get you the best possible terms.

A need to move quickly

Car prices and interest rates are rising, and since your credit is bruised, having a new car loan that is paid promptly will help your credit score recover. Also, since prices are moving higher, by locking in a car deal now, you will be able to save money over the long run.

While no one wants to be a victim of identity theft, at least now that you know how to deal with it, nothing will stop you from leading your best life.

When you’re ready for a car lease or loan, get in touch with the Dunnville auto loan experts at Northway Ford for great deals on auto finance.

Categories: Car Loan

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