People who have bought a car on finance will be pleased to hear Martin Lewis' latest update.
The MoneySavingExpert gave the latest financial updates on This Morning.
If you have a car loan, PCP, leasing or HP deal you can now request a extended three month payment holiday.
Martin said: "With car finance, pawnbroking, buy-now-pay-later and rent to own, on Friday the regulator announced proposals to extend this help until October 31.
"These proposals will be rapidly consulted on - with the consultation due to end tonight (July 6) - and it's likely these measures will be rubber stamped over the next couple of weeks, meaning they'll be in force around mid-July.
"If you've a car loan, PCP, leasing or HP deal and are struggling to pay due to coronavirus, you can get a new or extended three month payment holidays on request.
"They can't repossess cars for non-payment until October 31."
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Martin added: "The payment holidays also apply to pawnbroking, buy-now-pay-later and rent to own.
"With payday loans uniquely you can get one-month payment and interest holiday, so it’s a no brainer, if you need it do it – though the deadline on this hasn’t been extended, but if you need help they should look at other options to help."
You can watch This Morning weekdays on ITV at 10am.
