Car financing should be presented in such a way that a lay person can understand the risks involved, which are the factors that must be considered before taking a car loan, even before choosing a car.
Financial companies are subject to a great deal
This is necessary because it is true that financial companies are subject to a great deal of regulation in Hungary, but there is still a loophole for car loan financiers and financial institutions that make it possible for the public to buy.
And if financiers take advantage of these small gates, customers should be prevented from irresponsible spending. But how? Can the HFSA’s recommendation help you? Or are the financiers forced to self-regulate?
The most basic financial concepts
It seems that in today’s Hungary, “credit democracy” is too big, while many are not aware of the most basic financial concepts, such as the difference between credit and leasing, KHR, and conditions (APR, etc.). Why was lending so huge in Hungary? What is our financial culture compared to a more developed country (Austria)? What more can we do to improve? Or can we see healthy growth? We can already get an answer to this on television, when we hear about tens of thousands of bankruptcies, reclaimed cars, and sad human destinies. Are we not learning to the detriment of others?
In what direction should car finance as a whole move
In order not to be undermined by the population or the growth of financial companies? Can there be regulations that will have a positive impact on both parties? I very much hope so – and of course not because of the financial companies, but because of the population. If the older generation survived without credit, why would we want to bring our consumption forward at all costs?
The general public should be aware of the fact that “we do not take over ourselves” and not what all advertising is about: we deserve to have a new car, for example. Everyone should decide for themselves whether they really “deserve it” or whether they fit into the family budget at all. Using a car loan calculator would not be too strenuous. The media has influenced us too much. We should not believe everything we hear in advertisements, as they are not accidentally investigated by the Office of Economic Competition, but in many cases we do not hear how we are misled in advertisements (and not an example of this in car advertisements).