Most car buyers spend hours researching the makes and models of car before deciding which to buy. Then four out of ten rush out to the showroom and sign up for the car within 30 minutes of stepping inside.
But will their painstaking research extend to sourcing the cheapest finance package? Probably not. Whilst around 50% of new cars bought privately are purchased on finance, nearly 20% sign up in the showroom for the finance deal offered by the manufacturer. Unfortunately that could turn out to be a costly decision. With typical manufacturers finance costing 13.7% per year over a 3 year and including a 10% deposit, they could be throwing some 1,800 down the drain.
Take someone buying a new Renault Megane Sport Saloon Privilege 1.6 and let’s assume that it costs 16,000 on the road. Including 3 years interest that means the full cost will be 17,384. However, there is a much cheaper option. With a good credit history you could get a personal loan at only 5.5% and end up paying just 15,631 that’s a full saving of 1,753. This goes to prove the old adage that it pays to shop around. Rushing to accept the dealers finance package can hit your pocket hard ...
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