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New car finance deals 'see drivers waste millions'

Wed, 13 Aug 2008
Motorists in the UK waste millions of pounds on taking out car finance deals for vehicles with new registration plates, according to new research.

Price comparison website has stated that around £168 million is to be spent by drivers on 58-platyed cars this September.

It added that taking out a personal loan instead can see drivers save around £826 in interest payments over three years - something which may help them pay expensive car insurance bills.

According to head of personal finance Simeon Linstead, shopping around the market for a good deal can be helpful.

"Trusting consumers may think that purchasing a vehicle from a reputable dealer also means they will be offered the most competitive finance deal - but this is certainly not the case," he said.

Research from earlier this year found that UK drivers are paying more for petrol than those on the continent.

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Total repayment £8,930.17

Total cost of credit £1,430.17


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Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

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