UK Money News
13th February 2008
uSwitch: 'Seek out competitive loans for car purchases'
Motorists can significantly cut the amount they pay for new cars by financing the purchase with a competitive unsecured loan, it has been claimed.
Research from uSwitch shows that the average APR charged on car loan stands at around 9.88 per cent.
This is more than three per cent higher than some of the best-buy products on the market.
Thus by opting for a competitive product, motorists can save up to £1,094 on the purchase, Mike Naylor, head of personal finance at uSwitch, said.
He explained: "Brand new cars are already a big expense but consumers can unwittingly inflate the purchase price by up to £1,100 by choosing the wrong finance deal.
"However, there is a simple win-win solution - 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."
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