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TTDegs · 11th February 2007, 01:13

And (in theory) all registered (read 'licensed') sellers of finance should now be quoting APR, not Flat Rate.

as of last March, they should also quote:

Total cost of repaying the loan
Costs if you repay the loan 1/4, 1/2 & 3/4 of the way through *

and this detail must be given to you before you sign the agreement (though, technically, it need only be seconds before)

Carveat emptor - always read the small print

* PS - and a shed load of other stuff to make it easy for us, the comsumer, to judge one offer against another.
Except in reality, the guidelines were so shi1te that each finance company interpretted them differently, so it's actually become worse.
And you get about 45 pages to try and read through when all you want to do is sign and get the keys to the blinking car!

11th February 2007, 01:13	#13 (permalink)
TTDegs Supporter Civinfo master Join Date: 4th August 2006 Location: Cardiff Posts: 5,634 Thanks: 0 Thanked 3 Times in 3 Posts iTrader: (0)	And (in theory) all registered (read 'licensed') sellers of finance should now be quoting APR, not Flat Rate. as of last March, they should also quote: Total cost of repaying the loan Costs if you repay the loan 1/4, 1/2 & 3/4 of the way through * and this detail must be given to you before you sign the agreement (though, technically, it need only be seconds before) Carveat emptor - always read the small print * PS - and a shed load of other stuff to make it easy for us, the comsumer, to judge one offer against another. Except in reality, the guidelines were so shi1te that each finance company interpretted them differently, so it's actually become worse. And you get about 45 pages to try and read through when all you want to do is sign and get the keys to the blinking car! Last edited by TTDegs; 11th February 2007 at 01:15.