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'Don't drive up costs with dealer finance'

People considering buying a new car next month in light of the release of the new '08 registrations could waste money on excess interest payments, it has been warned.

Taking out a personal loan may be the wisest way in which to purchase a new car as opposed to accepting dealer finance, according to moneysupermarket.com.

Drivers may be able to save nearly £1,000 each by opting for a competitive personal loan, Tim Moss, head of loans at moneysupermarket.com, stated.

"If 425,000 new cars are bought next month with forecourt finance rather than low-rate personal loans, Brits could be paying out an extra £402 million in interest," Mr Moss said.

"It is vital to shop around for the best deal to finance your new car to help you avoid paying over the odds."

When buying a new car, consumers have been advised to try and haggle with the dealer in order to drive down the price by esure car insurance.

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

21/02/2008 13:07:12

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