You do not need to use a Claims Management Company. You can make the claim directly to the lender and if they reject your complaint you can take it to the Financial Ombudsman Service free of charge, but you must do this within 6 months of the lenders Final Decision Letter.

Avoiding Expensive Car Finance

Buying a car can be one of the most expensive purchases you make. If you are planning to buy a car, it is important to look into your financial situation and find ways to avoid paying too much for a car.

One way to prevent paying too much for a car is to spread your payments over a long period. For example, you can choose a 72-month car loan instead of an 84-month car loan. This will reduce your payments and allow you to save money on outgoings. However, you may have to pay more in interest over the long run. This is because the resale value of your car is usually lower than the value of your car when it is new.

One way to save money on your car is to choose a smaller car. This will reduce your fuel costs, insurance fees and maintenance costs. In addition, if you can afford to make the monthly payments, you should choose a more fuel-efficient car to reduce your overall expenses.

Another way to save on car payments is to purchase a car that is one year old instead of buying a brand new car. For example, a five-year-old car will be much more valuable than a seven-year-old car.

If you plan to buy a car, it is important that you shop around for the best deal. While the dealership will probably be able to offer you the best rate, it is still possible to find a better deal elsewhere. However, you need to be aware of any additional fees and restrictions.

One way to find out what payments you can afford is to use a car purchase calculator. Several companies offer these services. For example, Edmunds has a "What Can I Afford?" calculator that will show you what cars are in your price range. This will allow you to compare prices and fees to find the best deal.

Another way to avoid paying too much for a car is to shop around for a car lease. Most car leases include a mileage limit. If you exceed this limit, you will have to pay excess mileage charges. In addition, you may also be charged for "wear and tear" and other fees. A lease will also help you build up your credit score.

Another way to avoid paying too much is to negotiate the price of the car with the dealer. If you have poor credit, some dealers offer in-house financing, which can make a car purchase much cheaper. However, you should know that these car finance plans often come with a large balloon payment at the end of the term. If you are unsure of the car purchase process, talk to a professional.

If you are worried that you are paying too much for car finance, you can file a complaint. This is a process that requires you to provide information about your financial situation and the lender. The process can take several months. If the lender does not resolve your complaint, you can then contact the Financial Ombudsman to review your case.