Hundreds of millions to be wasted on car finance

Fri, 15 Aug 2008

According to a recent study, hundreds of millions of pounds will be wasted on new ‘58’ registration plates when car buyers choose forecourt finance rather than shopping around for the cheapest deal.

uSwitch.com, who conducted the survey, found that over 50 per cent of new cars will be purchased using car finance loans . In total, the study indicated, this would waste some £168 million when compared with the cheapest deals on the market.

Cheap, unsecured personal loans remain the cheapest way to finance a car, the study concluded, despite recent news showing that personal loans are harder to access and rates remain high.
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