For young drivers, getting on the road involves various costs that can add up. Learning to drive typically costs around £1,350, and after passing your test, you’ll need to think about additional expenses, such as buying a car, paying for tax and insurance, and managing everyday costs like fuel and maintenance. With this in mind, Claire Wills-Mckissick, a … [Read more...]
More buyers looking for new cars after lockdowns
Some 2.7 million more drivers are planning to opt for a new car this year than previous years, according to Close Brothers Motor Finance’s upcoming Britain Under the Bonnet Report. For 45% of drivers, a new car is the preferred option – significantly up from 38% last year. The lockdown has fuelled fresh demand for a private vehicle and working … [Read more...]
Financing your car in 2020
If you’re thinking about changing your car in 2020 but unsure where to begin when it comes to researching finance, the FLA’s impartial website, Financing Your Car, is a good place to start. FYC is designed to find the product that best fits your circumstances, so the first port of call on the site should be ‘Your Finance Options’, which will explore … [Read more...]
Dealers to be banned from some car finance
The Financial Conduct Authority plans to ban the way in which some car retailers and brokers in the motor finance sector receive commission. Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay. The broker can set that rate and the FCA found that the widespread use of this type of commission … [Read more...]
New Year, new car, know your rights
The festive season is a period when consumers splash out on presents for friends and family, and a time when some look to treat themselves or others to a new car. The Motor Ombudsman, the automotive dispute resolution provider, is therefore providing consumers with the following top tips to help steer them in the right direction. Accredited seller It’s … [Read more...]
PCP schemes expected to cost more
The falling value of the pound is likely to see monthly PCP new car payments rise in 2017, predicts Glass’s. The vehicle data specialist says that manufacturers importing their vehicles into the UK will need to recoup margins somewhere and that PCP payments are the least unpalatable choice. Rupert Pontin, director of valuations, explained, “The pound … [Read more...]
