Property News · September 19, 2017

What you need to know about car loans


Car firms have given out £41bn of cheap loans to cause a boom in leasing, but obscure clauses may hide the real costThere has been a significant increase in the number of new cars on Britain’s streets in the last three to four years, with vehicle registrations increasing to a record high of 2.7m in 2016. . Behind the boom is a new finance leasing product – a personal contract plan – that means the driver never owns the car, but only pays a small deposit and interest payments to over the depreciation of the car cover three to five years. At the end of the contract, they then have the option of making a “balloon payment” in order to keep the car or to hand back the vehicle at no cost. Continue reading…

Source : theguardian.com
Read more…What you need to know about car loans

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