Car finance - where you stand - Introduction
Take this What Car? reader's story of trying to secure finance for a new car late last year.
'I applied for a personal loan at 7.7% and was rejected. Then another company said it would lend me the money – at 74.8%!'
As crazy as it may sound, in the current financial climate his experience is not unusual.
In fact, you have to go back eight years to find a time when the best personal loan rates were as high as they are today.
After years of easy lending, finance companies are playing safe and, as our example demonstrates, the highest rates are sky-rocketing.