Response to car finance study

Wed, 27 Feb 2008



A recent car finance study by switching company uSwitch has had its conclusions challenged.

uSwitch, as reported earlier this month in the car finance news, found that motorists would waste over £170 million by choosing non-competitive dealer car finance when purchasing a new ‘08’ registration cars .

The company instead pointed borrowers into shopping the market for a cheap personal loan in order to finance a car . Mike Naylor, personal finance at uSwitch, was reported as commenting: "Finding a competitive loan and having the money ready to buy the car immediately will not only ensure that people get cheaper finance but it also gives them more bargaining power to get the best purchase price. Just because a car dealer can offer you a good deal on a new car, it doesn’t always mean that they will offer the best deal to finance it."

However, the senior finance analyst at Mintel, Toby Clark, was reported as commenting that the cheapest personal loan rates were out of many consumer’s reach.
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