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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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Unfair charges on car loan agreement

Hi, i purchased a car on finance for £8,000 but my total repayments come to nearly £12,000. I have a feeling this is wrong - how do i find out if it is? It's my 1st time and not sure what's what.

Posted by Mike on


Hi Mike, what is the term on the agreement (12, 24, 36, 48 or 60 months?) and what is the interest rate you signed up to? Have you signed up yet? What company has offered you the finance? Please can you elaborate a little for me? Kind Regards, Louis

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I missed the DD for a car loan. My wages were paid into my account the next day and I paid the instalment the next day. The car company Moneybarn are charging £25. I have said this is excessive and un-fair for one day late. Can they charge this much?

Posted by Malcolm Barnes on


Hi Malcolm, it really depends upon what is stated in your contract with Moneybarn. They will have processing fees at their end and a rejected direct debit would cost them a little bit of money. I can't pass comment if i'm honest on the £25 charge. I have seen higher and then again i have seen lower. Please contact Moneybarn and see if you can come to an arangement if this is the first time. Kind Regards, Edwin

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