Charles
Wheeldon
Fewer than one in three
borrowers know the interest rate on their car finance agreement,
suggests Autoquake.com.
Go deeper with GlobalData
In a recent survey, 1,000
consumers were asked by the online car retailer about the APR on
their car finance, bank loan or credit card. More than a third
(36%) said they had a vague idea, 28% didn’t know, and 5% admitted
they didn’t understand what APR meant.
Just 31% were confident they
knew how much interest they were paying on the money they
owed.
Borrowers in the north-east
were found to be most aware, with almost half (49%) knowing their
APR figure. Welsh borrowers came a close second at 48%.
At the opposite end of the
scale, just 13% of Northern Irish borrowers were sure of their APR,
with the same%age admitting they didn’t know the meaning of the
term.
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By GlobalDataLondoners emerged as the
group least likely to know how much they were paying to
borrow.
More than a third (36%) said
they don’t know the APR on their credit arrangements.
Autoquake’s CEO Dermot Halpin said: “When money is tight,
it pays to keep a close eye on interest rates. We’re surprised that
so few car buyers and other borrowers are sure how much they are
paying in interest.”
