The young driver walked into the Audi showroom and gazed at the gleaming new cars. They looked a million dollars, but unfortunately the 24-year old driver was unemployed and didn’t expect he’d qualify for a loan to buy a new model. He was wrong.
Within minutes, a salesman says he’s confident that a new Audi A1, worth more than £15,000, could be the young man’s. Spend £215 a month, for 48 months, and he can hit the road. And after a final payment of nearly £7000, the car is his for keeps.
Despite being unemployed, the process of securing a loan to own the car was predicted to be straightforward.
A salesman says not having a job won’t make any difference. He explains: “We drop it down to the finance company, they’ll do a credit check on you. It’s not a case of you not having a job today and having a job tomorrow. We just need to see what the finance company says.”
However, the young man was an undercover reporter for the Daily Mail. He was one of a team that visited 22 dealerships. And the findings were prompted the question: is it too easy to get a car loan? Continue reading