A recent FCA investigation into car finance mis-selling warns British drivers about complexities in purchasing vehicles on finance. Millions may be entitled to compensation for overcharged loans before January 2021. With 80-90% of cars now bought through finance, awareness of potential hidden fees and terms is vital. Experts emphasize checking for hidden costs, ensuring affordability to maintain credit scores, and evaluating contract lengths carefully. The FCA's regulation changes in January 2021 were introduced to curb exploitation in past broker practices that inflated costs for consumers.
Brits face risks in car finance, with potential compensation for overcharged loans before January 2021, experts warn drivers to be vigilant.
Understanding the nuances of car finance deals is essential, as many drivers may overlook important terms and hidden costs.
Experts emphasize that aligning financing with individual financial situations is crucial to protect credit scores and avoid overwhelming debt.
Regulations introduced in January 2021 aim to address systemic flaws in car finance, which previously led to excessive costs for consumers.
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