Consumers told to shop around for car finance

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Consumers told to shop around for car finance

With the new registration plates set to go on sale next Monday, consumers have been warned to pay more attention to how good their car finance deals are.

New figures released by Alliance & Leicester have revealed that more than two thirds (69 per cent) of people do not shop around for the best finance deal when buying a car.

The bank also suggested that one in five drivers choose the more expensive car dealer finance schemes rather than spend the time looking for a better deal.

It contrasts that with the 68 per cent of consumers who, according to the figures, take the time to shop around to ensure they get the right model and colour when buying a new vehicle.

The figures also reveal that 57 per cent of new consumers believed that schemes offered by the car dealers are the most competitive, when in actual fact A&L's research shows that they are one of the least competitive.

"I would encourage anyone considering buying a car this Spring to shop around for their car finance and base their decision on the rate being offered to them and not just on the extras or discounts being offered in return for dealer finance,” A&L's head of personal loans, Andy Bayes said.

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