In order to get a good deal on a motor loan, consumers are urged to get many different quotes. There are some great competitive motor loans out there, but consumers will need to do their homework to find them.
Simeon Linstead, Head of Personal Finance at uSwitch.com comments: “Shopping around for competitive loan before shopping around for the car is essential. Buying a brand new car is a big expense which can be seriously inflated if the financial arrangements are not researched thoroughly. Trusting consumers may think that purchasing a vehicle from a reputable dealer also means they will be offered the most competitive finance deal - but this is certainly not the case.
“Paying over the top for finance is one expense that can be easily avoided. Consumers should search for a competitive deal with best buy unsecured personal loans starting from just 7.4% typical APR, 2.77% lower than the average car dealer finance at 10.17% typical APR. This really is a case of ‘act in haste, repent at leisure’ as a loan from the dealer could cost the consumer as much as £1,000 extra in interest. Having the money available before choosing a new vehicle can also add to your bargaining power when on the forecourt - you may find you are able to drive down the cost of the car as you strike an immediate deal.”
Related reading: Motor Loans
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