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FINANCE4CARS is providing consumers with full disclosure offering total transparency on finance commissions for new and used vehicles, with low APRs and a clear credit rating policy.

FounderGary Bain said: “We believe we are leading the market with the first digital innovation that encompasses the FCA new finance regulations that came into effect in January. We’ve developed our own in-house platform to offer used car finance on hire purchase and lease purchase with full commission disclosure, which will be automated through to application direct into its lenders.”

The business was started after the Financial Conduct Authority (FCA) announced its intention to introduce a ban on discretionary commission models.

The ban put an end to car dealers and motor finance brokers receiving commission linked to a customers’ interest rate, creating an incentive to sell more expensive credit to some unsuspecting buyers.

Under the previous system, a broker could set the interest rate, and the FCA found that the widespread use of this type of commission model created an incentive for brokers to act against customers’ interests. In instigating the changes, the FCA estimates that customers could save £165 million a year.

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