Car finance warning over loan woes

Car finance warning over loan woesA consumer watchdog says irresponsible lending is causing car buyers to get fleeced, with one paying $30,000 for a vehicle worth only $7000. Consumer NZ said the Go Car Finance loan was applied to a man who needed a car for a second job, but due to a bad credit score was struggling to get finance. “It makes it even harder for them to keep food on the table.”Go Car Finance has been approached for comment. The finance company’s website said some people found it better to take a car loan instead of using up cash savings. “At Go Car Finance, we don’t just provide you with a quote but a complete ownership package with car insurance, maintenance and more, so you can calculate your regular car payments and set your budget accordingly.”Consumer NZ said it supported The Salvation Army, FinCap and Christians Against Poverty (CAP) in their call for an investigation into the car finance sector.