Personal loans best for large purchases, advises bank

Tue, 28 Mar 2006

People look to make a big purchase such as financing a new car should consider a personal loan, advises a leading bank.

The high street bank Alliance and Leicester recommends that consumers shop around and compare loan lenders to get the best loan possible.

A spokesperson for the bank said that "personal loan rates are much more competitive now", making a personal loan a better option than using a credit card for big purchases.

"When people are making a large purchase like a car, it is extremely difficult to beat a low-rate personal loan," confirmed Alliance and Leicester.

Using a credit card instead of a personal loan for a big purchase could mean the consumer will take longer to pay off the debt owing to possible higher interest rates charged on a credit card.


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