Why Car-Buying, Car Finance Deals On Rise In Britain
Even though the prices of new cars have gone up in UK in past five years, but car-buying and driving those have become cheaper. Thanks to the financial engineers for inventing new ways of borrowing money, new way of car finance, new deals to attract more customers.
Britons had never before seen such a boom in car-buying and data of 2016 reveals there were record 31.6 billion pounds money borrowing in the segment and the deals offered have become a major concern for Bank of England and the Financial Conduct Authority (FCA) as well.
Let's find out whether car buyers need to be concerned too.
Earlier car-buying was like going to bank and apply for a car loan. The other way was opting for Hire Purchase (HP) contract. However, in 2016 more than 80 percent of the car finance deals w...