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The huge company Lloyd’s Banking Group has voiced its disapproval over its rivals adopting “aggressive” techniques to beat them. The company’s rivals can be seen offering more desirable car loans that the consumer will just easily buy into. While this might be a great step for all the rival companies, it is having a disastrous effect on the UK’s auto loan market as a whole by adding to the already huge debt in the market.
While the company’s rivals are possibly putting themselves further and further in debt, Lloyd’s Banking Group continues to pride itself for a more sensible approach to the whole situation of car loans. The rivals and their loan offerings also put them at a greater risk for when the impending crash occurs. Currently, regulators studying the market say that many banks and car manufacturers are bound to be hit by huge losses in the future. And this includes all the banks which are making use of these “aggressive” car finance.
What are these “aggressive” car loans we keep mentioning? In simple words, the aggressive car loans offer the consumer a “guaranteed” future value, which sounds great on paper but comes with a downside of its own. The downside being that the consumer ends up at a disadvantage because they get stuck with limited choices. So Lloyd’s Banking Group sticks to a strict no guaranteed future value policy, because it knows that the consumer wants a great range of choice and will naturally come to the company on its own. While Lloyd’s isn’t troubled by its rivals’ aggressive techniques, it does however criticize it for many reasons, like the fact that such techniques are playing a part in ruining the economy of the auto loan market.
All the banking groups out there should learn a thing or two from Lloyd’s Banking Group and stick to policies that will be better for the whole market in the future.Read More