Car finance more costly for scrappage scheme customers

Fri, 12 Jun 2009



Car buyers choosing to use the new Government car scrappage scheme may find that they pay more for car finance, as manufacturers try to make up the difference created by the discount.

Parkers, one of the leading authorities on car prices, some companies are choosing to charge more for vehicle finance on vehicle eligible for the scrapping scheme . The cost of these vehicle loans mean that buyers may even pay above list price, despite the discount.

The scrappage scheme has been a success to date, with tens of thousands trading in their bangers for new vehicles . The £300 million pot is expected to run out long before the anticipated end date of the scheme.

A Toyota spokesman reportedly said: " Finance is an option which is different from scrappage. Rates vary according to what model the consumer buys and what package they choose. Somebody participating in scrappage is involved in a different arrangement from other consumers."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

Advice section: Pros & Cons | Finance Tips | Running Costs | Payment Options
Car finance partners

Halifax Loans