I have issued another general warning about the lack of money available to lend and the subsequent repercussions. I have had many people writing to me explaining that they had strong credit but have been declined for loans on several occasions and are now being told that they have dropped into the sub-prime category, which means they will pay high rates of interest if they are able to secure finance at all. The reason for this is the fact that whilst there are still lenders willing to offer low rates Read more »

One of the constant questions I get asked is if the bank rate is at 0.5% why are personal loans running at around 8% – 10% and HP can be much more than that? Well unless you are a banker or you have a tracker mortgage the bank rate is pretty meaningless and this has always been the case when interest rates have been running at a pretty low level. The fact is that the interest a lender charges is his income. He might have a few fees that bolster up his admin costs but he still has his overhead costs to Read more »

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Warnings have been issued about the likely increase in the cost of fuel at the pumps. Of course we have the increase in VAT in January but the warning has come as a result of French firm Total putting their 500 service stations up for sale along with its supply contract to a further 300 independent outlets. At the same time Murco have also put their network of 200 retail outlets up for sale which means 10% of all the Read more »

Kwik-Fit are to carry out some major training programmes of staff following a recent BBC Watchdog report. They have said they are going to invest a further £1 million in training as a direct result of the allegations made by the BBC. They are to also increase their mystery shopper programme in an effort to identify and stop overselling by staff. The company is said to operate a zero tolerance policy in cases where Read more »

Now here’s something you probably didn’t know about. We all know that if we are convicted of speeding and receive the automatic points on your licence you must declare that to your insurer immediately and suffer the increase in premium. Some insurers don’t increase the premium if it’s your first speeding fine but others do so check with your insurer. But here’s the thing, what happens if you are caught speeding, but as an alternative to a fine and points on your licence, you are given the Read more »

Statistics really get on my wick! Speaking to fleet owners and various lenders it is clear that there is less money to lend and businesses as well as consumers are finding it more difficult to finance vehicles. My own association, the NACFB has said that current lending by members is around £7 billion compared to £20 billion in the mid 2000’s. And yet banks and the lender’s association, the FLA say that they are lending more and that, according to FLA statistics their members are lending 16% more to Read more »

The gap is starting to open up between petrol and diesel at the pumps again, pushing drivers towards petrol cars. There is also continued concern that people that take diesels fitted with particulate filters, as all new diesel cars have to have fitted, do not understand that they need to run the car at over 50mph for at least 20 minutes in one session per month in order to create the chemical reaction that clears out the filter. If this isn’t done the filter clogs and needs to be replaced costing hundreds of Read more »

Graham Hill’s new book, Graham Hill’s Simple Guide To Car Finance, get’s released through Press Box. Follow the link below:

http://www.pressbox.co.uk/detailed/Financial/INAPPROPRIATE_CAR_FINANCE_IS_COSTING_MILLIONS_EVERY_YEAR_547708.html

As the number one car finance blogger IN THE WORLD I will soon be launching a mission to make the important small print in contracts – BIG PRINT. As an example of what I mean I’m grateful to Auto Express. They highlighted the case of Zubin Morar who took out a Car Care Plan insurance policy to cover his tyres against accidental damage. Zubin from Middlesex has a BMW 530i and unfortunately hit a pothole in Read more »