Payment holidays for loans are an element of life we’ve had to get used to during the COVID-19 pandemic. Mortgage companies were quick off the mark to help customers struggling to pay for their homes. But what if you can’t meet car finance payments? Read on to find out what to do.
Finance confusion is leading drivers to feel as if they’ve been overcharged or mis-sold products when they buy a car. But that could be about to change.
Dealers selling financial packages are being encouraged to sign up to a new accreditation scheme. This will enable customers to tell instantly whether their dealer has any code of conduct to abide by when selling financial and insurance products. The aim is to stop dealers bamboozling car buyers with confusing jargon to sell them things they may not need.
What’s behind the changes?
Recent rises in new car sales have been fuelled by drivers using finance to buy the car of their dreams. But with so many different types of finance, many motorists are unsure which is best for their needs, and which will prove the most affordable. If you’re one of the majority of car buyers that’s happy to pay a monthly sum for their motoring rather than owning a car outright, it pays to do your homework and compare products, just as you would compare cars. Here we look at the main ways of financing a new car through the pros and cons of each.
The first six months of 2016 have seen a record number of drivers collect the keys to a shiny new car. Car finance has been driving this boom with more than 80 per cent of private buyers using credit to fund their purchase.
For buyers, using car finance is a simple way of enjoying a car they might not be able to own outright. For dealers and manufacturers, the explosion in the popularity of finance means increasing numbers of cars flowing out of showrooms.
However, many consumers don’t realise that it is possible to haggle over how much car finance costs. As we motor towards the September registration change, where around a fifth of the new cars sold this year are expected to leave dealerships, here are some simple steps car buyers can follow to get a better finance deal.