- 15
- Mar
Consumers are losing out on thousands of pounds by not picking competitive motor loans, it has been revealed.
According to research by Alliance & Leicester, motorists are wasting an average of about £3,000 by opting for car showroom finance deals, which have interest rates running into double figures, instead of choosing a low-rate loan.
Senior loans manager Richard Al-Dabbagh said: "Over half of those who borrow money to buy their car use finance that is clearly not the best deal on the market."
The study also revealed that 46 per cent of motorists take up a motor loan from their car deals as they believe it is convenient.
Meanwhile, some 26 per cent believe showroom finance dealership offer the most competitive prices.
A study by financial comparison website uSwitch revealed consumers could be losing out on around £228 million by signing up for showroom finance deals instead of a competitive motor loan when purchasing new ‘07′ registration cars.
Interfinancial providing you with breaking motor loans news.
