Consumers should shop around for car finance experts say

Fri, 14 Apr 2006



Many UK consumers are settling for car finance deals that are less than competitive, new statistics reveal. The news comes at a poignant time, as car registration plates are due to go on sale after the weekend. Consumers who are looking for car finance and those already financing are urged to take particular care of how good their deals are.

The figures were released today by Alliance and Leicester, and reveal that over two thirds of people (a massive 69 per cent) do not shop around before taking out a new finance deal when purchasing a vehicle .

This is comparable to the similar figure of consumers (68 per cent) who take the time and effort to shop around for a car of exactly the right model and colour. 57 per cent of new consumers purchasing cars were found to believe that the schemes offered by car dealers are the most competitive on the market. However, the research from Alliance and Leicester shows that generally they are around the least competitive.

One expert involved in the study was reported as advising consumers looking for car finance this Spring to "shop around… and base their decision on the rate being offered to them and not just on the extras or discounts being offered in return for dealer finance ."
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