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Personal loans 'cheaper than finance deals' when buying new vehicles
Buying a new vehicle with a personal loan rather than a finance deal is cheaper for motorists, it has been claimed.
According to research from Loan Genie, people in the UK will waste £174 million looking to buy a new vehicle with 2008 registration plates when they go on sale next month.
Drivers traditionally look to be among the first to get an automobile with the plates, but Loan Genie believes they could be saving money by taking out a loan to pay for the purchase.
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However, it adds that it is a good idea to look around the market for a good personal loan deal first.
The cash not spent could be used to pay expensive car or motorcycle insurance policies or a road tax bill.
Stephanie Rogers, commenting on behalf of the firm, said that a personal loan is often the next best option for those who cannot find enough spare money to save up outright for a new car.
"Choosing a competitive personal loan, instead of plumping for the finance deal, can sometimes even give motorists more bargaining power," said Ms Rogers.
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