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Drivers urged to consider car finance costs

Drivers are being urged to consider car finance costs carefully as March 1st and the advent of new registations approaches.

Moneyfacts.co.uk said that when clinching a deal on an '07 registration' number-plate, car buyers should not be lulled into paying for 'forecourt finance'.

Many personal loans can offer a better deal, and shopping around for a competitive loan can make a big difference in terms of cash, according to the financial comparison specialist, but motorists still need to take into account insurance costs..

For example, for a five-year loan of £10,000, at six per cent the total interest payable would be £1,555.40, whereas at ten per cent it would be £2,621.60 - indicating a potential saving of £1,066.20.

Moneyfacts analyst Michelle Slade stated: "It is worth spending a bit of time to secure the best deal to finance your new car."

She added: "After all, you're happy to spend ages finding the right car, so why not apply similar logic to your search for vehicle finance?"

In related news this week, Insurancewide.com indicated that male motorists are more likely to hold driving convictions than the female counterparts, which can lead to higher insurance rates.

28/02/2007 15:18:14

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