October 5, 2007

Car Buyers advised to shop around

Consumers looking to buy a new car are being advised to look at how they are planning to purchase the car in time to get a 57 registration number.

It is believed that millions of pounds are being wasted simply because a car buyer walks into a showroom and buys the car there and then by using the finance package available. These finance packages are often uncompetitive and as a result of this type of finance, it is believed that car buyers could be paying more than £175 million over what they could be if they took out a personal loan.

A £7,000 finance deal over five years from a showroom could mean around £2,282 in interest, whereas a personal loan could be as low as £1,150, this difference is clear.

Source [Digg]