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Car finance payments can be delayed and interest will be frozen for two months

  • 📰 TheSun
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 61%

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MOTORISTS with car finance deals who are struggling financially due to the coronavirus crisis can delay their payments with interest frozen for up to two months. Roughly 6.5million vehicles across …

Ford told The Sun that support for struggling customers include reduced payments, payment extensions and payment holidays, but it hasn't yet told us for how long.

If your income has dived due to coronavirus, you'll probably find that the monthly payments have become unaffordableIf you're struggling to make your monthly payments, contact your lender for help.Hyundai Finance, for example, is urging customers who can't make their monthly payment to only call if it's due in the next 10 days.

Meanwhile, James Jones at Experian, told The Sun: "Car finance is the elephant in the room at the moment, although all lenders have to treat customers fairly, and I've heard of car finance lenders proactively contacting customers to help.

 

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Fears of crisis in UK car finance market as owners seek payments helpAs car sales plunge by almost half lenders offer repayment breaks or waive interest to halt ‘handbacks’ Time to end this insane funding model This insane, utterly wasteful model is part of the reason we have so many cars on the road. Good riddance.
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