Choosing a bad car finance deal can be costly

Fri, 24 Aug 2007



The new 57 registration plate is expected to tempt may UK motorists to purchase a new vehicle . Many will choose car finance to fund purchasing a vehicle, and a percentage of these will opt for an inappropriate type of finance, and pay way over the odds.

Recent research by price comparison website MoneySupermarket indicated that as many as 400,000 people in the UK are set to buy a new car next month. In doing so, they could waste up to £140 million on expensive car finance.

The head of loans at the site, Tim Moss, reportedly commented: "New car buyers need to do the sums before taking out car finance or risk being taken for a ride. Taking out a low-rate personal loan will help them avoid paying over the odds."
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