Motorists advised to shop around
Motorists intending to buy a new car in the near future were today advised to ensure they identify the best way of financing their purchase before heading to the showroom.
A survey conducted by the AA found that a third of drivers plan to buy a new car in the next 12 months, while a further 36 per cent intend to purchase a second hand vehicle.
Around a third of those people will need the help of a loan or forecourt finance deal to afford their purchase and Lloyd East, head of personal loans for the AA, was keen to encourage them to do their research before they agree to borrow any money.
"With interest rates rising, the cost of buying a car on finance is increasing and it is therefore essential that people intending to buy a new or used car shop around for the best deal," said Mr East.
Personal finance website Moneyfacts.co.uk recently advised borrowers that taking the wrong loan option could increase the total cost of buying a car by as much as 26 per cent.
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