This might come as a relief to the folks who have been impacted by COVID-19 and are struggling to keep up with their car finance bills.
Thousands of motorists who are struggling to keep up with their car finance payments will soon be able to access relief on their bills, the Financial Conduct Authority (FCA) has announced.
Some car manufacturers have already agreed to freeze monthly interest payments for up to two months due to coronavirus, however new guidelines will state exactly what firms must offer to safeguard those at risk of falling into debt.
Source & Source
Hope it helps someone.
toyota.co.uk/fin…aqs
Thousands of motorists who are struggling to keep up with their car finance payments will soon be able to access relief on their bills, the Financial Conduct Authority (FCA) has announced.
Some car manufacturers have already agreed to freeze monthly interest payments for up to two months due to coronavirus, however new guidelines will state exactly what firms must offer to safeguard those at risk of falling into debt.
Source & Source
Hope it helps someone.
toyota.co.uk/fin…aqs
4 Comments
sorted byIn the long run unfortunately yes you do end up paying extra because as you rightly say the interest keeps mounting so only folks who genuinely can't afford to pay should consider a holiday. Hope that helps.
I pay 7% interest I think on my HP agreement on a second hand Audi. Would love to see that waived for a few months. My total monthly income is down 950pm right now, though not out of work. A little help would be nice.
Depends on what they actually offer, Toyota for instance are apparently offering an interest free payment break so you wouldnt end up paying more