Switch company say car finance waste common

Wed, 13 Feb 2008



According to top switching company uSwitch, thousands of consumers in the UK are chucking their money down the drain by not choosing to shop around for car finance .

The company indicates that this March, as thousands of borrowers commit to personal loans and other forms of car finance to afford a new registration plate car, as much as £174 million will be wasted.

uSwitch indicated that the average car finance policy from a car dealer charges just shy of 10 per cent APR, over 3 per cent higher than the most competitive unsecured personal loan deals.

Mike Naylor, an expert from uSwitch personal finance, reportedly commented: "Brand new cars are already a big expense but consumers can unwittingly inflate the purchase price by up to £1,100 by choosing the wrong finance deal . 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."
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