Buyers urged to look beyond showrooms for car finance deals
Published On 3 March 2007
Consumers purchasing new vehicles this year have been urged to look beyond showroom deals and seek alternative car finance options.Moneyfacts has urged drivers to look beyond promotions for free stuff such as car mats, which can be used by dealers to draw in buyers.
Michelle Slade, spokesperson for Moneyfacts, says that taking out a car loan in favour of car dealership can save a person more than £1,000.
She added: "The market for personal loan business is incredibly competitive, allowing consumers to reap the benefits by means of lower rates.
"Although sub-six per cent loans have become almost extinct, there are still some great deals to be found, charging around six to seven per cent, which is only a 1.75 per cent margin over the bank base rate and is fixed for the duration of the loan."
Ms Slade did however add that those shopping around for a personal loan should be wary that the APR quoted may not be the rate one ends up paying.
New car registration plates for 2007 were unveiled on Thursday March 1st.
