Yes it will be. I say that because the Financial Conduct Authority is right now ‘consulting’ with car loan companies to get them to give their clients payment holidays.
It hasn’t happened yet, and it’s still only a ‘consultation’ period, but when the FCA ‘suggests’ things, they tend to happen. Reading between the lines it sounds like the FCA will basically force car loans companies to give borrowers time off during the lockdown period and a bit beyond. We should hear something about this at the end of the week I think.
It’s now happened! You can get up to a three-month payment holiday for your car finance. You’ll need to speak to your provider though – don’t just stop making payments, as that’ll affect your credit score.
If you think you only need a month or two months’ break, go for that – because extending your finance can cost you more in the long term, so the shorter a holiday you can take, the better.
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