The Financial Conduct Authority (FCA) has revealed that many drivers may have been mis-sold car finance agreements, particularly those taken before January 2021. With around 80-90% of vehicles purchased through finance, it's essential for buyers to understand potential hidden fees and review the fine print of contracts. Experts recommend that consumers check for upselling practices by lenders and ensure monthly repayments suit their financial situations to avoid negative impacts on their credit scores. The FCA's new regulations aim to address previous conflicts of interest in broker earnings linked to interest rates, highlighting the need for careful assessment of finance deals.
Lenders may attempt to upsell additional products, so it's important for drivers to consider what will be beneficial for them.
It's crucial that motorists check out any hidden costs and fine print which may catch them out.
Taking out finance that doesn't align with the driver's personal financial situation could negatively impact their credit score.
Greg Wilson emphasized the importance of carefully reviewing the details of car finance deals moving forward.
Collection
[
|
...
]