Consumers looking to purchase a motor vehicle using a car loan have been urged to shop around, for both the loan itself and the car they are thinking of buying.
Sainsbury's Bank has said that between March and August this year, some 386,000 people purchasing a new vehicle will not haggle over the price, meaning they may not get the most from their car loan.
"Once you have decided which new car you want, you then need to be prepared to haggle over the price you pay and if you are financing the purchase with a loan, you also need to make sure that you shop around to find the right option for you," said Steven Baillie, loans manager, Sainsbury's Bank.
Sainsbury's Bank also recommended is looking out for cars just before the introduction of new registration plates, as the present plate will now be less attractive. Also, when a new model is introduced, the old one can often be bought cheaper, the bank advises.
The AA yesterday noted that car insurance premiums dropped slightly in the first quarter of this year, suggesting now could be a good time to buy a new car.
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