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Cleaning up your credit file has never been more important. Less money is available to lend which means that you really must make sure that you have no errors on your file and anything that can be corrected is corrected before you apply for finance. Even using a bad broker, who makes multiple applications to several finance companies, using your single finance application, can cause you to have your credit Read more »

As we know credit has been harder to arrange of late with some vehicle finance funders down to around a 20% acceptance rate. But if you foolishly believed that the situation would ease this year, considering the fact that bankers are again paying themselves some massive bonuses, you would be wrong! You see years ago credit card companies were credit card companies and leasing companies were either part Read more »

A few years ago I was a consultant to Yes Car Credit, a company that I hugely respected because, in many ways, they got it right! However, becoming the UK’s largest seller of used cars in about 4 years carried with it a number of problems that the UK press, as always, was eager to pounce upon. The company was selling nearly 50,000 cars per annum at the point of its demise and I would admit that the combination of Read more »

Warnings have been issued to employees that are considering a cash for car option. The warning from the boss of Pendragon Contracts, Neal Francis was making the point that lenders are more likely to consider a company application for finance either for company vehicles or as part of their salary sacrifice scheme. He pointed out that the market had changed significantly and individual applications are not as Read more »

It was earlier this year when I warned that money was tight in the vehicle finance sector that would mean only the squeakiest of clean business would be written. In some instances I heard that acceptances were down to just 20% of applicants, not because the vast majority of applicants were poor credit risks but available funds meant this was the maximum number of applicants that could be accepted. Many Read more »

As you are probably aware the VAT rate will increase back to 17.5% on the 1^st January 2010 with further rises expected as we move out of recession. Some pundits are already predicting a rise in rate to 20%. We will start to see interest rates shift upwards and car prices will continue to rise making this year a good time to take out a PCP if you are thinking of this form of finance. Mercedes have seen this Read more »

Fraud, miss-selling and malpractice cases have been on the increase during the recession causing a serious re-think about the regulation of the motor finance industry. In the meantime brokers are strongly advised to provide warnings to customers about the dangers of signing a legally binding contract without reading and understanding the terms and naively basing the decision to take finance on rate or APR alone. I Read more »

The importance of using a broker rather than a bucket shop for lease cars has been highlighted again this week following the consolidation of the leasing industry. Where your lease provider may have been merged or taken over by another provider you may find yourself subjected to end of lease charges that you may not have received by the original provider who may have been fairly relaxed about defleet recharges. Read more »

 If you are a regular reader of my articles you will know that I don’t regard those expert advisors that write in the media about car finance very highly. In fact I regard most as being daft as a house brick. But whilst an article that appeared in the Independent didn’t really change my views there were a couple of points over which I had to agree, as painful as it was! The reporter suggested that the scrappage scheme cash may run out by mid October which is a feeling shared and hoped for by Read more »

Fraud is on the increase as Internet and other car finance brokers find themselves up against it. Add this to the fact that people are now starting to realise that loans are not simply down to APR and leasing isn’t simply down to monthly rental. Take out finance and you have to sign a document locking you into many terms and conditions that you agree to by Read more »