ZOPA has found that a staggering nine out of 10 people are unable to identify the cheapest car finance deal, in the wake of the City regulator’s review into the market.The peer-to-peer consumer lender, which is looking to expand its car finance offering, commissioned a survey of 2,000 UK adults to pick out the cheapest deal from five common car finance options.
The study included a range of common car finance options such as hire purchase loans, PCP (Personal Contract Purchase) deals, and personal loans, with different rates, different deposit amounts, and time periods (see infographic below). The vast majority – nine in 10 – were unable to pick out the lowest-cost option. Meanwhile, a separate survey commissioned by Zopa found that 47 per cent of 1,000 people who had recently bought a car with finance could not identify what type of car finance deal they actually signed up for.
https://www.p2pfinancenews.co.uk/2019/10/09/zopa-blasts-complexity-in-car-finance-market/
