UK Money News
19th February 2008
Scan market for cheaper car loans, urges financial site
Car buyers who fail to scan the market before opting for a financing plan for their purchase could be paying thousands of pounds more than they need to, a price comparison site has warned.
According to Moneyfacts.co.uk, there is a significant disparity between the rates offered on loans to finance car purchase and in some cases the difference can be as much as £2,800.
To back up its assertion, Michelle Slade, an analyst, at the site, highlighted the fact a buyer taking out a £15,000 loan with Moneyback bank would pay £17,626.80 over the course of the repayment period.
However, if the same customer took out an identically-sized loan with Ocean Money they would pay £20,503.80.
Ms Slade said the findings underline the importance of shopping around for the best loan deal when considering buying a new car.
She commented: "Motorists everywhere are now searching garages all across the country to find the best deal for the new 08 plate cars.
Unfortunately the same effort is rarely put into sorting out the best finance for the car and getting this wrong can be an extremely costly mistake.
"It may seem easier to opt for the forecourt finance that’s offered at the garage, but checking out what’s on offer on the rest of the market could see you making significant savings."
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