Change the legislation on car finance companies
This petition had 7 supporters
If you have a bad credit rating, you may have noticed the increase in APR when you come to buy a car on finance. If you are like many people across the U.K. where you already have a car on finance and have done for many years but your credit rating has taken a hit recently and you have never missed a payment on your car finance - do you think it's fair you are also being penalised? There could be a number of reasons why your rating has decreased but i believe car finance companies should get a reference from your existing finance company about your account. This way APR can be reduced and you wouldn't need to pay 50% more per month because you are considered "risk".
I don't believe it's fair that companies judge people on there credit score to determine if they are bad or good credit. If you are paying an existing car finance and you have never missed a payment with them, why can't you be classed as "good" and get a fair monthly payment rather than the ridiculously high instalments you'd get for being classed as "bad".
This needs to be looked at. Sign this petition to help get it looked at.
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