At the start of next week the new 58 plates will be rolling off the forecourts and motorists would of likely searched hard to find the best deal. However, I suspect much less time and effort is put into finding the best finance deal. Getting the finance choice wrong could prove a costly mistake.
Before opting for the convenience of forecourt finance, it's worth checking out how this compares with other deals on the market. There are over 40 providers offering a range of unsecured loans and many offer different rates depending on if you apply online or over the telephone.
Latest Moneyfacts.co.uk research has shown that, on a £5K loan, the difference between choosing the best and worst loan deal could cost you an extra £769, while the wrong choice on a £10K loan could see you out of pocket by an extra £2.4K – or to put it another way, increases the cost of financing your car by a massive 14%.
Moneyfacts.co.uk - things you should consider when shopping for your car loan:
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