Choosing the wrong car finance loan could end up in the consumer paying over 25 per cent more over the life of their car finance deal. The new figure, reported by website Moneyfacts.co.ul, found that the difference between competitive and uncompetitive in the vehicle finance field is massive.

Moneyfacts apparently estimate that choosing the wrong method of financing a car can lead to a cost increase of 26 per cent. Ways in which to cut down the likelihood of losing so much money include doing comprehensive research and finding the best deal for individual finances.

The actual figures involved are high, over £2,600 on a £10,000 loan Scale this up to the high-end of the new car market, and serious over-expenditure is possible. The head of personal finance at Moneyfacts, Samantha Owens, reportedly commented: Before opting for the convenience of forecourt finance, it's worth checking out how this compares with other deals on the market.