As motorists grapple with rising costs we look at the pros and cons of acquiring a car in today's market-place and the possible best way for you. If you pay for your car with a loan, it means you own the car outright from the point of purchase and can be much more cost effective. With a car on finance, you don’t own the vehicle while you are making payments. There are different forms of car … [Read more...]
Newslines 7 July
Over 350,000 homes will be fitted with electric vehicle chargers by 2025 as plug-in car uptake surges, according to electric vehicle charging scale-up Andersen. By 2025, an expected one million electric vehicles will be registered on UK roads bringing with it a spike in the number of home chargers and Andersen is selling them from under £1,000 with a typical installation of a 7KW unit costing … [Read more...]
Dealers plea for Government help
Six in ten car dealers want prolonged support with grants and loans from Government. New research from Close Brothers Motor Finance reveals the priorities across the motor industry as they call for further Government support in light of Covid-19. The sector has been hit particularly hard by the UK lockdown, with new car sales plunging 97% year-on-year in April and recovery set to be a difficult … [Read more...]
Banks tardiness threatens coronavirus recovery
The Government must make lenders move faster to access the special loan scheme or businesses will fail, says the FTA. On 2 April, Chancellor Rishi Sunak MP announced changes to the government’s Corona Business Interruption Loan Scheme, vowing to take “all action necessary” to make sure government backed loans were benefitting businesses as planned. But only a month later, FTA, the business … [Read more...]
Tradelines 15 April
Ford is preparing for a $600M loss in the first three months of 2020 due to sales slowdown in the shadow of the global coronavirus. It’s already secured credit facilities and has a $30B reserve to cover most eventualities. New service and maintenance procedures at Arval UK have been adapted in a matter of days to keep essential fleets available 24/7 during the coronavirus crisis. Corrine … [Read more...]
Sunday drive: On the road and in the news
With the greater part of the World in coronavirus lockdown, in the UK there are no showrooms open with any business available mainly being done on-line and all car and component manufacturers factories are shut down, writes David Miles. UK new car sales figures released this week by the Society of Motor Manufacturers and Traders show sales fell by 44.4% in March and are down by 31% for the first … [Read more...]
MG pick Santander for finance package
MG Motor UK said that Santander Consumer Finance has been selected as its exclusive finance provider, as both companies agreed a five-year partnership effective from 1 January. Trading as MG Motor Financial Services, MG and SCF will provide a full range of retail finance options to make buying an MG easier than ever before. On the dealer side, new wholesale funding facilities will help MG … [Read more...]
Cardiff Airport loan criticised
The Welsh Government is giving Cardiff Airport an extra loan of £21 million. Raising concerns with the Welsh Labour First Minister, the amount of loans given to the airport has now increased to more than £50 million, nearly as much as the cost of buying the airport back in March 2013. Despite being run by the Welsh Labour Government, the number of passengers going through the airport has … [Read more...]
Car repayments now second highest after mortgage or rent
A third (33%) of Welsh drivers say their monthly car payments are their second highest expense, after their rent or mortgage monthly payments. Drivers in the North East (37%) and West Midlands’ (36%) regions of England and Scotland (35%) are the most likely to agree with this. The Opinium survey of Welsh drivers among 2000 UK drivers, commissioned by InsuretheGap.com, an independent provider of … [Read more...]
Motorists’ deep unhappiness with dealer finance services
A mystery shop of car dealerships has revealed there is nation-wide consumer confusion about car finance, stemming from a lack of transparency and inconsistent sales practices. The research by Confused.com comes ahead of the results of a review by the Financial Conduct Authority into the growing motor finance sector, which will review potential for consumer harm, due in September … [Read more...]