'£769 difference' between best and worst three-year car loans

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'£769 difference' between best and worst three-year car loans

Thu 28th Aug 2008

People shopping for £5,000 car loans could save themselves almost £800 if they shop around for a three-year deal, which includes insurance.

These are the findings of Moneyfacts, which found that Sainsbury's Bank offers such a package for £769.68 cheaper than the corresponding financing from Yorkshire/Clydesdale Bank.

"Getting the finance choice wrong could prove a costly mistake," the company remarked.

"Before opting for the convenience of forecourt finance, it's worth checking out how this compares with other deals on the market."

Sainsbury's Bank also proved to be the cheapest on £10,000, five-year loans without insurance, Moneyfacts discovered, with a difference of £1,141.80 between the firm's package and Coventry Building Society's offering.

The financial adviser suggested that people need to put just as much effort into getting the best car finance package as they will be doing looking for deals on their automobiles.

Yorkshire Building Society reported today that mortgage borrowers are beginning to regain their confidence.

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