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Cost of financing your car could increase by 26%
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Before opting for the convenience of forecourt finance, it's worth checking out how this compares with other deals on the market. There are over 50 providers offering a range of unsecured loans and plenty of options available to borrowers.
Latest Moneyfacts.co.uk research has shown that, on a £5K loan, the difference between choosing the best and worst loan deal could cost you an extra £861, while the wrong choice on a £10K loan could see you out of pocket by more than £2.6K - or to put it another way, increases the cost of financing your car by a massive 26%.
Check out Moneyfacts.co.uk personal loan best buys
to make sure you get the best deal.
Read our top tips for getting the best car loan:
- Use the total repayment figure to compare deals, especially as expensive payment protection cover can wipe out a competitive interest rate. 91% of loan rates are either typical pricing or personal pricing, so don’t assume that the rate advertised is the rate you will receive, as this will depend on your credit rating.
- Don't be fooled by specialist car loan deals - freebies, discounts or perks don't make economical sense if you have to pay a higher interest rate.
- Be realistic about the term of the loan you choose - cars suffer rapid depreciation, so make sure that you don’t find yourself still paying for your car long after it has reached the scrap yard.
- Be aware of the cost of repayment holidays - taking a 3-month repayment holiday at the beginning of a £10k loan over 5-years at 6.5%APR will cost you an extra £124.74 interest.
