Currently, the average interest rate charged for people taking finance packages from showrooms is 11.3 per cent APR, which is more than twice as much as some of the cheaper personal loans available elsewhere, uSwitch a leading web portal points out.
"I can’t deny that looking for a new car is far more exciting than searching for the best finance package," said Nick White, head of personal finance at uSwitch.
"Dull as this part of the process may seem, a rushed decision or just taking the finance deal offered by the car dealer could turn out to be a long term financial burden."
The average saving available by moving to a cheap personal loan provider is £1,171, but figures from uSwitch show that someone buying Ford Focus 1.6 TDCi could save £3,126.49 by using an independent car loans or personal loan deal.
And with more than 179,000 new cars set to be purchased on dealer finance programmes in September alone, UK's car buyers can save as much as £210 million with a little preparation.
"Paying too much for car finance is really easy to avoid. Search online and you would find fair and cheaper options easily.
For more information on how car loans can help you save more; contact the webmaster or visit http: www.bad-credit-auto-loans.co.uk.
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