Friday 18 October 2019

Take time over finance deals: make sure you know what you're getting

Car finance - take your time when deciding
Car finance - take your time when deciding
Eddie Cunningham

Eddie Cunningham

One-in-three new cars are now bought on PCP. However, there are substantial quantities still purchased on HP, and through bank and credit union loans.

And that's good. It underlines the fact that PCPs are not for everyone - and keeps competition in the market place.

With anything to do with finance it is vital to shop around for the best deal and to know exactly what you are getting.

The Competition and Consumer Protection Commission (CCPC) recently announced a public awareness campaign on PCPs.

It re-iterates much of what we here at Independent Motors - and others - have advised for years: be aware of what is involved.

As you know with a PCP you can, at the end of a (usual) three-year deal buy, the car for a pre-agreed amount, hand back the keys or start a new deal.

One area the CCPC report pinpoints is how relatively little time people are devoting to finding what's the best for them.

Please take time out to make absolutely certain you know the implications and ramifications of your deal. That goes for all car loans.

Question, query and push for a better rate too because it is really competitive out there now and there are deals to be done.

You really have nothing to lose.

Indo Motoring

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