Money Box Live: How to find the right car finance
Money Box
BBC
4.2 • 825 Ratings
🗓️ 11 December 2019
⏱️ 36 minutes
🧾️ Download transcript
Summary
Over 90% of all new car purchases are made using some form of finance. And yet research suggests the vast majority of buyers don't understand the contracts they're signing. If you're the proud driver of a shiny new motor, how much of the small print did you read before leaving the showroom? Do you know what are your obligations if you become ill soon after getting your car? And how important is the amount of mileage you expect to do in a year? Whether it’s a hire purchase agreement, a Personal Contract Purchase (PCP) or a straight leasing contract, what are your rights and what can you do if things go wrong? Join Louise Cooper and her panel of experts as they look under the bonnet of car finance deals.
Guests: Stuart Masson, Editor, The Car Expert Adrian Dally, Head of Motor Finance at Finance and Leasing Association
If you'd like to share your stories or experiences, contact the Money Box team. The number to call is 03 700 100 444, geographic charges apply. The lines open at 1pm on Wednesday 11 December. Or email moneybox@bbc.co.uk or tweet @moneybox
Transcript
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| 0:47.9 | Good afternoon. Over 90% of all new cars are bought using some form of finance, |
| 0:53.8 | and yet research suggests the vast majority of buyers don't understand the contracts they're signing. Jenny discovered she had a big |
| 0:55.9 | bill to pay after driving more miles than in the contract. Oh no, no, go and check your paperwork. |
| 1:02.0 | Went and checked it into my horro. That was the case. So today, we're looking at car finance. |
| 1:07.1 | The pros and the cons. And most importantly, what to watch out for. As ever, we want to hear from you. |
| 1:14.4 | So please call Moneybox Live, 0300, 10044. Geographic charges from landlines and mobiles apply. |
| 1:24.6 | Email, moneybox at bbc.com.com or tweet at Moneybox. Well, let's go straight to the phone now |
| 1:31.5 | and talk to Donald. Welcome to Moneybox Live, Donald. Hello. Yes. And you've bought a brand new car, |
| 1:38.8 | but you were slightly confused as to how you financed it. What happened? |
| 1:48.4 | Well, the original car I bought, I was on a three-year note-present H-P deal. |
| 1:54.6 | And sometime later, about a year later, the dealership contacted me and said they had a good deal. So I went in to speak to them. The deal sounded good. They explained the benefits to me. And I bought that |
| 2:06.4 | car, another new car. And only seven months later, I found out that they changed me from |
| 2:12.9 | my 0% HP deal. High purchase? Yeah, to a PCP deal. |
| 2:19.0 | How much did your confusion do you think cost you in the end? |
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