Fewer than one in three borrowers know the
interest rate on their car finance agreement, suggests
Autoquake.com.
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 percent) said they had a
vague idea, 28 percent didn’t know, and 5 percent admitted they
didn’t understand what APR meant.
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Just 31 percent 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 percent) knowing their APR figure.
Welsh borrowers came a close second at 48 percent. At the opposite
end of the scale, just 13 percent of Northern Irish borrowers were
sure of their APR, with the same percentage admitting they didn’t
know the meaning of the term.
Londoners emerged as the group least likely to
know how much they were paying to borrow. More than a third (36
percent) 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.”
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