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Latest News
<< Most Recent Articles
Cars buyers 'wasting a fortune on costly finance'
New car buyers are wasting millions of pounds each year by failing to opt for cheap personal loans and agreeing to expensive forecourt finance, research has revealed.
The study, undertaken by the price comparison website Moneysupermarket, concluded that buyers of new cars could save around £1,400 each by choosing a low-rate personal loan.
According to Moneysupermarket, paying for a new set of wheels using forecourt finance instead of a low-rate loan could save UK motorists up to £3.5 billion.
Director Richard Mason said: "Our figures show consumers should be wary of showroom finance deals.
"Taking out a low-rate personal loan instead means they can avoid paying over the odds. After spending time getting the best price on their new car purchase, people ought to find the most cost-effective way of paying for it."
The most popular reason to take out a personal loan is to pay for a new car, according to uSwitch.
Click here to see how much you could borrow with a Lombard Direct personal loan.
15/02/2007 17:05:21
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