At Approved Loan Store, we believe it is important for every consumer to understand their rights, particularly when it comes to auto loans, and we want to commend the Consumer Financial Protection Bureau (CFPB) for reiterating those rights to dealerships and the general public this week.
Under the Equal Credit Opportunity Act, lenders cannot discriminate or alter the terms of a loan based on race, color, religion, national origin, sex, marital status, or age. A person cannot be charged a higher interest rate if they are old or young, black or white, married or single, or a person with or without religious affiliations. The CFPB is helping people to understand their rights and issuing instructions on legal recourse if a consumer is the victim of discriminatory practices. CFPB Director Richard Cordray stated emphatically this week that, “Consumers should not have to pay more for a car loan simply based on their race,” and we at Approved Loan Store couldn’t agree more.
Right here is one of the reasons why our customers love Approved Loan Store. We work for you to get the best terms possible on a new or used car, and our special finance representatives are educated on all the latest consumer protection laws so they can look out for your best interests. Our process makes it buying a car more simple and enjoyable.
Are you ready to get into a new or used car today? Approved Loan Store is ready to help YOU! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, check out Approved Loan Store on Facebook, Twitter, and YouTube!