High interest credit loans for used cars are leading to debt problems, the Trading Standards Institute (TSI) has warned.

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First time buyers and people with bad credit are frequently offered one high interest loan to cover the deposit on the car and another for the balance of the loan itself, while others are persuaded to take out separate, uncompetitive credit agreements for warranties and breakdown cover.

TSI's lead officer on the motor industry, Peter Stratton, said: "Motorists should never sign anything without knowing exactly what their total payout will be, how much they will owe each month and whether they can get a better deal elsewhere."

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