Nov. 24, 2006 – Consumers groups warn that inexperienced borrowers need to tread cautiously while taking car loans. Many consumer groups and organisations are trying to spread awareness on various issues to make it sure that consumers do not fall victims to fraudsters.
London (adverse-credit-car-loans) November 23, 2006: The Trading Standards Institute (TSI), a leading provider of consumer protection information in the UK has issued a warning to young drivers to remain careful while taking car loans. It says that many consumers have fallen victim to high APR rates.
Peter Stratton, TSI’s lead officer on the motor industry, cautioned the motorists on this subject. Stratton said that all dealers wanted to secure the best profit they could on each car and selling extras on credit including insurances, warranties, breakdown and roadside assistance, was a lucrative sideline.
Mr Stratton stated that many of the loan providers were offering unfavourable interest rates and charging even more for unnecessary ‘extras’. Stratton continued that it was vital for all buyers, particularly young motorists, to think long and hard before signing any type of credit agreement.
Many motorists who avail car loans get shocked when they later realise how much they need to pay back. So, young drivers who are relatively inexperienced should read through their agreements to save themselves from any problems.
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