survey finds lack of understanding on car finance deals

survey finds lack of understanding on car finance deals

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New research by rental specialist Europcar Mobility Group UK suggests that many motorists don't understand what car finance deals do and don't include.

Only 53% of drivers questioned who’d previously used car finance said they fully understood the terms and conditions.

Less than half (45%) knew that the final payment must be made to take ownership at the end of a Personal Contract Purchase (PCP) plan.

“57% of those we surveyed use their car every day,” said Gary Smith, managing director of Europcar Mobility Group UK.

“However, the typical 3-5 year finance deal is a financial pressure that some may prefer not to have in the current economic climate.”

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data analysis from 24th Apr '24 to 23rd Jul '24