As September approaches, many motorists will eagerly be awaiting the collection of their new car. With all the excitement some may not have given too much thought to the finance deal they have committed themselves to. As a result the Bradford Bingley warns buyers to assess their options before committing themselves.

Irrespective of the type of car that is being purchased, buyers will visit many car dealerships looking for the perfect car. But how many people spend the same amount of time looking for the right finance? With many car finance deals offering an APR of 14 per cent, searching for a competitive deal will soon put your finances in fifth gear.

Mike Senior, head of personal lending at Bradford Bingley, comments: September traditionally sees a seasonal rush of new car purchases with drivers eager to be the first onto the road with the latest number plates. Although it may seem the speediest option to take out finance offered by the dealership, you could be leaving the forecourt seriously out of pocket. With the best personal loan rates below 6 per cent, it really does pay to hit the brakes and take your time researching your finance options carefully, ensuring that you get the cheapest deal available.

Look at your finances carefully, as many showroom deals will require a deposit between 10 and 40 per cent. This can be a significant amount depending on the value of the car. If you have savings or security then you are one of the lucky ones. If not you may have to settle for a different car. By looking at different finance options, you may find better value in a personal loan that will give you the option of buying your dream car at a competitive rate. Personal loans may offer flexibility on repayment terms that will help you budget accurately, whereas dealership payment plans will last for two, three or five years.

Before signing up for a loan, check to see if you have the option of overpaying or settling the loan early. Loan deals that do not have these options may penalise you should you wish to pay the loan off early or look to overpay each month.

Mike Senior concludes: There are a number of important details to consider when buying your car, but how you're going to pay for it should be in pole position alongside the make and model. Failure to shop around or getting a broker to do the shopping for you could leave a big dent in your finances. Why pay more than you need to? A little bit of forethought will definitely help you on the forecourt.