Thursday, May 11, 2006
Category:
Personal Finance Tips
Taking the time to look for a low APR personal loan instead of agreeing to dealer finance on a large purchase could save you a substantial sum, according to a new report.
A study by MoneyExpert.com claims that consumers should seriously consider shopping around for a loan to finance a hefty purchase such as a car.
The firm states that despite the incentives that dealer finance packages offer customers, they often present poor deals.
The PR & communications manager at MoneyExpert.com, Alexander Cowen Wright, said that many firms offer poor value deals because the majority of consumers are ignorant of their disadvantages.
"People pay it so they can continue to offer it," he explained. "If people are taking those products they are paying over the odds."
"We want to point out to a wider field of people the savings they can make if they shop around," Mr Cowen added.
Loans offering a tailored deal that take repayments and credit history into account in addition to competitive rates can be found if consumers are prepared to spend the time searching for them.
