Direct Line Driving for Less deal launched

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Direct Line Driving for Less deal launched

The Direct Line Driving for Less scheme has been opened with a typical annual interest rate of 5.6 per cent for loans between £5,000 and £25,000 – a level which the company claims is its lowest ever.

A ten per cent discount is available on insurance in the first year, changing to five per cent in year two and free emergency breakdown cover will also be available over the 24-month opening period.

The new deal follows research by Direct Line suggesting that motorists spend more on running cars now than ever before, with the average cost being £511 a month.

One in four drivers accept finance offers made to them by car dealers at uncompetitive rates of interest, which could cost an average of £1,735 more than with an outside lender, the survey claims.

Despite the escalating costs, car popularity is not waning, according to the report, with 78 per cent of adults currently owning a car and spending a collective £90 billion a year on running costs and maintenance.

"The most concerning aspect of the report is that of new car buyers this March, one in four will accept the often expensive car dealership's financing schemes," said David Allan of Direct Line.

He also claimed that the incorporation of three elements of car finance into the Direct Line Driving for Less deal made it a "fantastic value-for-money package".

The research was carried out on behalf of Direct Line Driving for Less by YouGov between January 27th and January 30th 2006.

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