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.
