Latinos At Disadvantage for Car Loans

As a rule, and has been reported, many Latinos have problems when they come to this country in understanding how car loans, or even mortgages work. Some of it is due to the language barrier, some of it is that they don’t understand our money system. However, some people have taken advantage of their ignorance and have made an already stressful situation for them even worse.

Enter “Universidad Financiera” which was started by a Hispanic to try and educate those coming to this country so that they don’t get taken advantage of when applying for a car loan. The site that Daniel Marcos created is called Creditos123.com, and he is in the process of collecting one of the largest gatherings of personal finance articles in Spanish so that people can learn to understand.

The site gives information on how to apply for car loans, as well as how to manage finances. Marcos believes that credit ratings should be considered something that helps individuals get ahead in life, not something that can be an obstacle to those that do not understand. Eventually, he will be offering the articles in English as well.

The university will tell them what the right questions are to ask when applying for a car loan or mortgage, how to handle things using a ITIN, how to handle any credit they may currently have, and other topics that they will find useful. They will also offer finance products catering to the Hispanic community, including auto loans, credit cards, student loans, etc.

Back to July 07 Archives