New website from the FLA cuts the jargon out of financing your car

The Finance & Leasing Association (FLA) has today re-launched its impartial online guide for customers buying a car on finance. www.FinancingYourCar.org.uk explains the different finance options available in showrooms, so customers are able to find the finance option most suited to their needs. Key features of the site include:

• ‘Ask an Expert’, where users can submit a question about how different products work
• Product videos to explain the finance products in a straightforward way
• A finance calculator to help customers work out what they can afford
• A list of questions covering different circumstances to show users the breadth of potential finance products
• Information on reputable finance companies to help people with adverse credit histories
• A ‘Jargon Buster’ to explain the confusing terminology of some finance products, so buyers can do their homework before entering the showroom.

Unique to www.FinancingYourCar.org.uk is an online tool which finds Specialist Automotive Finance (SAF) dealerships so customers can be confident they are speaking to a motor finance professional. Using postcodes, it shows the ten nearest SAF approved showrooms to the user, and includes links to the dealers’ websites and directions if needed.

Paul Harrison, Head of Motor Finance at the FLA, said: “September always sees a surge in car sales because of the new registration. This new website will be a timely resource for those planning a purchase.

“The range of motor finance products can be daunting but the FLA’s Financing Your Car website is designed to talk car buyers through the complexities and simplify jargon, helping them be more informed when visiting a showroom.”

Note to editors: 

1. www.FinancingYourCar.org.uk is an impartial car finance website from the Finance & Leasing Association.
2. Car finance helps to spread the cost of a new or used car. Instead of paying the full amount upfront, customers pay monthly. Most showrooms offer a range of finance products to suit individual preferences and circumstances, such as Hire Purchase, Conditional Sale, Personal Contract Purchase, and Lease Purchase.
3. In 2007 the Specialist Automotive Finance (SAF) competence test was introduced by the Finance & Leasing Association (FLA) to boost professionalism in dealerships and increase consumer confidence in car finance. The SAF competence test assesses dealer staff knowledge of the available types of motor finance and the regulations that govern their sale in showrooms. The test must be retaken every 12 months to ensure that salespeople’s knowledge is up to date. The SAF test is audited by the FLA. Over 74,000 tests have been taken online since 2007. Almost 25% of UK showrooms are SAF Approved.
4. In 2012 FLA members provided £76.6 billion of new finance to UK businesses and households. £55.1 billion of this was in the form of consumer credit, 30% of all unsecured lending in the UK. And £23.3 billion of it supported the purchase of new and used cars, including more than 70% of private new car registrations.