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A brief introduction to car loans
Consider how you will pay for your new vehicle before buying will save you some money. The end result will still be you driving a new car but the same cannot be said about finance options.
Whether you borrow the funds from a bank or building society or borrow the money from family or the dealership from which you purchase the car can effect how soon the car is paid off by a matter of months, hundreds of pounds and in extreme case, may add as much as £1000 to the cost of your motoring experience.
For hassle free borrowing with great rates and reasonable repayment periods, it is probably best to go to a lending company rather than risking ruining relationships with friends or family.
Interestingly, a recent study discovered that there is a huge gap in the age difference between people financing loans through the dealership and through banks loans. Younger customers greatly favour the better deals provided by the latter while older customers tend to fool for the dealership loans trap.
We compared a number of examples from well known high street banks and found that Alliance & Leicester currently offers the most competitive car loans at 6.9% APR Typical for personal loans between £7,500 and £20,000 (as of 20/09.2007). Applying Online is also simple and takes 10 minutes and you could have a decision within the hour so can be as quick as using the dealership. However, unlike the car dealership loan, such personal loans are usually a simple interest loan with no hidden charges.
Car Loans Compared*
New customers taking £7,500 over 60 months
|
APR Typical |
Monthly Cost |
Total Payable |
Savings |
Alliance & Leicester |
6.9% |
£147.55 |
£8,853.00 |
- |
Lloyds TSB |
7.4% |
£149.23 |
£8,953.80 |
£100.80 |
Abbey |
7.9% |
£150.74 |
£9,044.40 |
£191.40 |
Egg |
9.9% |
£157.57 |
£9,454.20 |
£601.20 |
Black Horse |
11.9% |
£164.57 |
£9,874.20 |
£1,021.20 |
Source of competitor data: Moneyfacts.co.uk - the money search engine 23.07.07
Things do change quite quickly in the world of loans though so make sure you use a comparison engine such that that on MoneySupermarket.com in order to compare loans for the best current rates at the time. You will be amazed as the determination of the banks to come up with better and better deals!
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