8. Look out for add-ons
Nonprime buyers are more likely to encounter lending contracts stuffed with nonessential goods and services, says Josh Frank, director of advanced analytics in the entertainment and hospitality industry and a onetime senior researcher for the Center for Responsible Lending in Durham, North Carolina. Never allow the loan to be contingent on purchasing any add-on, such as extended warranties, after-market services and even insurance, says Frank.
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