Getting forecourt finance from a motor dealer could mean paying £3,000 too much. When buying a new or used car, taking dealer finance instead of shopping around for your own loan or finance deal could cost you lots of extra money .

The new ‘56’ number plates are due out in a couple of weeks, and are expected to prompt a car-buying frenzy due to the possibility of better second-hand returns. However, experts in vehicle finance and independent comparison are advising car drivers that they could save pounds by taking out a personal loan or car loan .

The head of personal finance at uSwitch, Nick White, said: I can’t deny that looking for a new car is far more exciting than searching for the best finance package. Dull as this part of the process may seem, a rushed decision or just taking the finance deal offered by the car dealer could turn out to be a long term financial burden.

Showroom finance currently charges an average of 11.3 per cent APR, over twice as much money as some of the cheaper personal loans available from other sources. On average, by switching to a cheap personal loan provider, uSwitch estimate a saving of close to £1,200.

It is estimated that 179,000 new cars will be purchased through dealer finance in September, meaning that throughout Britain motorists could save themselves £210 million. Mr White continued: Some of the most competitive loan deals can be found on the internet, so it’s really important to check out all the options available.