The best way to finance a new car

With a PCP you can get a car usually with a 10 to 30 per cent deposit and the repayments seem lower than hire purchase and personal loans

The issue could lie between the gap of being given the information about car finance and actually understanding how it works when it comes to paying it off.‘Don’t dream it’s over’: how to move to Australia with a family But, as the CCPC warns, “in effect, the largest financial burden on the consumer is shifted to the future”.

“We found that the complexity of PCP products had the potential to cause consumers to make incorrect and inconsistent decisions” said Grainne Griffin, director of communications at the CCPC regarding the consumer watchdog’s 2018 research. “You may also be offered the option of voluntary surrender, but this is likely to be extremely expensive and you’ll end up owing far more money than with the half rule. If you’re returning your car under the half rule, do not sign a voluntary surrender form.”

Instead, don’t let yourself be rushed into an agreement without checking the terms and conditions of the agreement first and seeing if you can get a better offer elsewhere.

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