ASIC warns of 'extremely high' car loan fees amid rising complaints (opens original article in a new tab)

ASIC warns of high car loan fees and interest rates, citing rising complaints and risks of financial harm for borrowers.

• ASIC warns of 'extremely high' car loan fees and interest rates, citing rising complaints
• Rapid Loans has the highest median interest rate at 22% and charges significant fees, including a 'provider fee'
• The report highlights risks of repossession and increased debt for borrowers, with some owing more than their original loan amount
• ASIC calls for lenders to ensure borrowers can afford loans and criticizes high-pressure sales tactics