Survey finds lack of understanding on car finance deals

Survey finds lack of understanding on car finance deals

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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