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New car buyers 'should shop for finance deals'

28/02/07

Car buyers in the UK are advised to shop around for the best finance deals so as to ensure they are not paying excessively for new vehicles this year.
 
New registration cars for 2007 will be going on sale as of March 1st and those hoping to buy new cars are urged to take time to seek out the best deals instead of relying upon forecourt finance. The associated costs of buying a new car, including car insurance, can add up, prompting buyers to keep overall costs as low as possible.
 
Experts at Moneyfacts highlight personal loans as a viable alternative to forecourt finance, stating that attractive rates are available if buyers decide to look for them.
 
"The market for personal loan business is incredibly competitive, allowing consumers to reap the benefits by means of lower rates," explained Michelle Slade of Moneyfacts.
 
"Although sub six percent loans have become almost extinct, there are still some great deals to be found."
 
It is thought that by opting for a personal loan at lower rates over forecourt finance buyers of new cars this year could save thousands of pounds, with a collective saving of over £3.5 million.
 
Experts also recommend drivers to review their car insurance polices when buying a new vehicle, amid concerns that people who received a year's free car insurance last year could be facing inflated car insurance costs for 2007. As such, motorists are advised to seek out cheap car insurance polices to go with their new cars.
 
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