Car finance can often be seen as confusing, with complex jargon and hidden fees. At ‘Car Finance. Made Simple.’ we have enlisted the help of Myth & Buster to shed some light on what fees are included in your agreement!
The Financial Conduct Authority requires lenders to be transparent, with all fees and charges being disclosed up front.
One of the most common ‘hidden fees’ can be excess mileage charges. Some car finance products require you to agree an annual mileage when you sign your agreement, if you go over your limit you may be liable for additional charges worked out on a ‘pence per mile’ basis – so it’s always important you are as accurate as possible when calculating your annual mileage!