'Wrong' car finance deals can prove expensive
Published On 22 August 2007
Consumers planning on splashing out on a new car with September's '57' registration plate are being advised to ensure they shop around for the best car finance deals.Research carried out by Moneysupermarket revealed that more than 400,000 Britons are set to purchase a new set of wheels next month - and potentially waste £140 million by choosing expensive finance options.
"New car buyers need to do the sums before taking out car finance or risk being taken for a ride," said Tim Moss, head of loans at the price comparison site. "Taking out a low-rate personal loan will help them avoid paying over the odds."
In particular, the report highlighted how much more expensive showroom deals can be compared to other loan products.
The findings follow previous research, carried out by Halifax, which revealed drivers spent £36.5 billion on new and used cars last year.
"It's important people shop around and find the best deal for them or these costs could soon mount up and place a strain on your finances," Neil Chandler from Halifax said.
