Consumers willing to shop around could earn themselves a much better deal according to new research. With one in four companies not charging any penalties for switching provider midway through the loan’s duration, there are significant benefits to be gained. Whilst two-thirds of companies charge a month’s interest for changing loan providers midway through a loan period, best buy deals of 6.5 per cent can see savings of £166 on an £8,000 loan at a typical rate of 10.9 per cent.
However, despite these savings, 14 per cent of people say they will not consider switching, 20 per cent feel the move is too much effort, whilst nearly a third feel the savings aren’t great enough to justify the trouble. A further 6 per cent revealed they didn’t know they could change provider midway through a loan.
Switching Loan Providers Could be Worth the Trouble
Switching Loan Providers Could be Worth the Trouble
Mon, 28 Jan 2008
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