Car credit company cleans up its act

• Car credit company agrees to improve adverts
• It had failed to provide APR interest rate figures
• Always use APR to compare the cost of loans

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A finance company has agreed to change its online advertisements after warnings from the Office of Fair Trading.

The OFT said online adverts from Nationwide Car Contracts Limited breached legislation designed to protect consumers.

The company had failed to provide a typical APR interest rate figure, in line with the Consumer Credit Regulations of 2004.

The APR interest rate figure is the only figure that consumers should use in comparing loans, because it best reflects the true overall cost of the finance.

Nationwide Car Contracts Limited has promised to abide by the credit regulations in future.