Thursday, August 21, 2008
uSwitch slams car dealer finance
Car buyers set to waste £168m on showroom offers
Buyers of new ‘58’ registration cars on 1 September are set to waste nearly £168m by signing up for car dealer finance, according to a price comparison website.
uSwitch.com has said car buyers could save an average of £826 in interest payments over three years by opting for a personal loan instead of dealership finance.
Simeon Linstead, head of personal finance at uSwitch.com said: “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.”
Linstead said unsecured personal loans can start from just 7.4 per cent typical APR, 2.77 per cent lower than the average car dealer finance at 10.17 per cent typical APR.
DATED: 21.08.08
FEED: MT
Buyers of new ‘58’ registration cars on 1 September are set to waste nearly £168m by signing up for car dealer finance, according to a price comparison website.
uSwitch.com has said car buyers could save an average of £826 in interest payments over three years by opting for a personal loan instead of dealership finance.
Simeon Linstead, head of personal finance at uSwitch.com said: “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.”
Linstead said unsecured personal loans can start from just 7.4 per cent typical APR, 2.77 per cent lower than the average car dealer finance at 10.17 per cent typical APR.
DATED: 21.08.08
FEED: MT
