Personal loans beat dealer finance, says expert

Wed, 10 May 2006

Car shoppers who believe dealer finance is a quicker option than taking out a personal loan are mistaken, according to an industry observer.

Alexander Cowen Wright, PR and communications manager at financial website MoneyExpert, says that not only is dealer financing more time consuming, it is likely to also be more expensive than taking out a personal loan from a regular financial services provider.

According to Mr Cowen Wright, people understand that it is beneficial to shop around for the best interest rate on a loan, but they struggle to find the time to investigate the market properly.

"People are time pressured and surfing the internet looking at rates from different companies takes time," he notes.

However, he said that time constraints should not be the reason why consumers opt for a loan from their car dealer, as this method could take even longer than shopping around for the best loan rate online.

"There are still a lot of people out there who could save money," Mr Cowen Wright urges.

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