Car loan provider urges buyers to shop around

Retiring Britons' failure to shop around for loans when funding a new car purchase is costing them dearly, it has been claimed.

New research from Sainsbury's Finance shows that on average 25.5 per cent of the purchase of a new caris funded by a loan.

This, coupled with the disparity between rates offered by different providers, means that shopping around for the best deal is vital, according to Steven Baillie, head of Sainsbury's loans.

The study also revealed that Britons remain reluctant to haggle with car dealers over prices, with 195,000 of the 1.5 million people who are planning to buy a new car saying they have no intention of driving a hard bargain.

This is despite the fact that in so doing they could save themselves an estimated £1,468, the car insurance and car loans provider claims.

Mr Baillie added: "Our latest research reveals that the number of people looking to buy a brand new car has dropped by more than half a million on the previous six months.

"Clearly people are more concerned about their finances and so those still looking to buy should haggle as hard as possible."

Source:
http://www.londonstockexchange.com/