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Motorists 'may waste money on dealer finance'

Motorists in the UK are expected to waste a collective £174 million by taking out dealer finance when buying cars in March, it has been claimed.

According to figures based on statistics from the Society of Motor Manufacturers and Traders (SMMT) last year, uSwitch.com estimates that 224,644 new cars will be bought using dealer finance loans.

The price comparison site has advised consumers to look for an unsecured personal loan, which may be as much as three per cent cheaper.

Mike Naylor, of personal finance at uSwitch.com, said: "Finding a competitive loan and having the money ready to buy the car immediately will not only ensure that people get cheaper finance but it also gives them more bargaining power to get the best purchase price."

Over 2.4 million cars were bought last year in the UK, with 19 per cent of those purchases taking place in March alone, according to the SMMT.

British car owners could also reduce their outgoings by £165 per year by driving an environmentally-friendly car, according to uSwitch.com.

See how much you could borrow with a car loan from Lombard Direct.
© Adfero Ltd

13/02/2008 10:55:48

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