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Motorists urged to 'do their research' on car finance
19 February 2008
Drivers should make sure they shop around when looking for car finance deals to avoid paying too much when purchasing a car, it has been suggested.
While some motorists may feel that choosing a deal offered by the garage selling them their car is the easiest option, Monyfacts.co.uk analyst Michelle Slade argues that the wrong product can cost them thousands of pounds.
She pointed out that research has shown that drivers who do not shop around when seeking a £15,000 loan could find themselves paying up to £3,000 more than someone who took the time to compare different products.
"Doing the research into the finances for that new car before you visit the forecourt will help you make an informed choice and with the savings you have made, you could afford to pay for some of those optional extras," Ms Slade explained.
However, she warned that people should be aware that they may not get the loan rate advertised and said that drivers should not let "incentive gimmicks" affect their decision.
Last month uSwitch.com revealed that Brits could spend £174 million more than they need to this March by signing up to car finance deals offered by dealers. 
