UK drivers could save up to £2.9 billion by using a personal loan when purchasing a new car, an expert has claimed.
By relying on car finance deals available, rather than taking out a low-cost personal loan when buying a new 56 plate car, Britons could be paying too much, moneysupermarket.com states.
This equates to £1,200, which everyone buying a new car in the UK could save by opting for a personal loan rather than relying on forecourt deals.
Stuart Glendinning, managing director at moneysupermarket.com, comments: "Taking out a low-rate personal loan instead means they can avoid paying over-the-odds.
"Many car buyers will spend a lot of time researching the price to pay for a car, to make sure they get a good deal.
"They need to make sure they avoid the sucker-punch of taking an uncompetitive loan and need to be aware of the best loan deals also.
moneysupermarket.com is a switching and advice company, providing information on a wide range of financial services, including credit cards and mortgages.
British drivers could save billions with personal loans, expert advises
British drivers could save billions with personal loans, expert advises
Mon, 14 Aug 2006
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