Cost-of-living pressures mean more customers will be struggling with to their car finance, leases and loans and the missed or late payments that may follow.
At StepChange, we support thousands of people every year who are struggling with money, which includes an increasing number of clients with car loan contracts.
There are many reasons why a customer can’t make a car payment, whether it’s because of job loss due to redundancy, or an unexpected increase in bills.
Our data shows that the proportion of StepChange clients with a vehicle loan has increased by 14.8% since Q1 2020, and the average car finance balance has increased by 20% in the same period.
Find out more about our latest insight, reports and events for the car finance sector, and discover how we can work together to drive your customers forward.