CAR owners in the UK have borrowed more than pounds 26billion to buy their vehicles, a new survey reveals.
Research by financial website MoneyExpert.com reveals around 3.3million people have car loans totalling nearly pounds 26.7billion. Of this, pounds 12.8billion is to buy new cars and pounds 13.8billion for second-hand motors.
But MoneyExpert.com chief executive Sean Gardner says many buyers pay too much for car finance as they do not shop around.
Mr Gardner said: "There are great deals. Unfortunately there are also some pretty bad deals too."
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Bibliography for "pounds 26bn in car loans"
View more issues: Jul 31, 2005, Aug 7, 2005, Aug 21, 2005
"pounds 26bn in car loans". Sunday Mirror. Aug 14, 2005. FindArticles.com. 16 Jun. 2008. http://findarticles.com/p/articles/mi_qn4161/is_20050814/ai_n14884540
You have the option of not making a down payment, you pay sales tax only on your monthly payments (in most states), and you pay a financial rate, called money factor, that is similar to the interest on a loan when you lease.
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