Car dealers are ripping off buyers on their car finance by more than £1,000 to pocket higher commissions, Britain’s financial watchdog has found.
Media reports in the last few days claim that Brexit is responsible for driving up the price of cars and the cost of PCP car finance. But is that actually true?
Despite private new car sales falling more than 6% in 2018, it was yet another record-breaking year for car finance borrowing for both new and used cars.
Car finance debt increased in the third quarter of 2018, despite the number of new finance agreements falling in line with lower new car sales in September.
Latest numbers show that car finance continues to drive car sales across the country, even though the number of new car sales is still falling.
Three out of four motorists buying a new car on finance are not convinced they are getting the best car finance deal, according to new survey data.
Despite falling new car sales, British car buyers were happy to plunge themselves ever further into debt during 2017, racking up a record £34 billion for the year.
The RAC has launched a new personal loan offer aimed at winning used car buyers away from the ever-increasing popularity of PCP car finance.