cars and truck purchasers are being pushed into finance provides they may not want or understand, with 72 per cent of consumers taking the very first offer given, as well as 10 per cent stating they don’t feel in total manage of their monthly repayments.
A quarter of clients taking out finance bundles with dealers, meanwhile, stated they were less in manage of the process than the dealer, while a fifth reported feeling under pressure to take the offer being offered.
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• cars and truck finance offers explained
Of those having a hard time with their monthly repayments, 45 per cent of respondents stated they had struggled to cut back on other outgoings, while 12 per cent had really handed their cars and truck back as well as paid a charge fee for so doing. A even more six per cent reported that they had gone so far as to work much more hours in purchase to keep up repayments.
Alastair Crossley from RAC Flexiloan, the business behind the survey, said: “It’s simple to see the charm of driving away a new or almost new cars and truck by paying a low deposit with low monthly payments as this is something that is utilized by cars and truck dealerships across the country to motivate us to part with our hard-earned cash.
“But our research study suggests just exactly how in manage dealerships as well as cars and truck finance business are when it concerns choosing exactly how much purchasers end up costs – which is a worry.”
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