The new car registration plates are just around the corner (1st March), so if you’re on the look out for a new car, have a think about how you’re going to pay for it.
A report by comparison website uSwitch.com suggests that Brits will spend over £300million too much on new cars this spring, with the average interest rate for car finance at a whopping 13.3% APR, which is over twice the rate you can get on personal loans.
The message is simple – don’t cave in to the pressure of the car salesman, or go for what might seem the easy option by taking out the dealers finance option with your new car – shop around for a cheap personal loan, and be prepared to say no to the car dealer. And try to haggle for a full tank of petrol while you’re there too. That’ll save you a fair few quid more, too.