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Car Buyers Should Make Sure They Do Their Financial Homework

Aug 23, 2008
With the new vehicle registration plates set for launch at the beginning of next month, it is important that those looking to buy a car take the time to do their research when making such a purchase.

Such is the assertion of esure car insurance which reveals that as the 58 registration plates go live on September 1st, a significant number of Britons could be putting themselves under more financial pressure at the forecourt than is necessary. Research from the firm showed that 68 per cent of drivers claim to never take the time to research the various financial options available to them - including personal loans and credit cards - when on the lookout for a new set of wheels. In particular it seems that women do not bother to ensure they are getting the most for their money, with some 72 per cent of females stating that they never investigate the finance options on offer. Among men, however, such a proportion drops to 64 per cent of men.

The firm went on to point out that just over one in ten (13 per cent) people spend more than a couple of hours getting the finance deal that is right for them when buying a car. However, esure states that not checking the annual percentage rate or the flexibility provided with such a product "can cost motorists dear".

Figures from the insurance provider come despite many consumers holding concerns about the recent downturn in the financial markets. It pointed out that with "the words 'credit crunch' on everyone's lips" it is of little surprise that just under two-thirds (64 per cent) of drivers are looking to purchase a used car rather than a new one.

However, by taking the time to do their homework when buying a car it may be possible motorists can find that they can select a cheap loan to help them with their purchase.

At present it was revealed that nine per cent of people purchased their last car using a personal loan, with 14 per cent selecting the finance deal offered by a motor trader.

It was also indicated that a significant number of people do not take motor insurance into account when buying a car, with some 24 per cent of people reporting to not look for a quote for cover before getting a new set of wheels.

Commenting on the figures, Mike Pickard, head of risk and underwriting for esure car insurance, said: "With the cost of motoring on the up, it's more important than ever for drivers looking to change their car to make sure they get the best deal. Whether it's bargaining on the forecourt or shopping around for the right finance package or insurance cover, an hour or two of researching at home can make a real difference to your wallet."

People wanting an effective way in which to purchase a new vehicle might wish to consider taking out a motor loan. In doing so, it may be possible that consumers can get the vehicle of their dreams quickly and be left with an affordable rate of repayments to make. The additional monetary assistance which a loan provides could also help borrowers to purchase a comprehensive car insurance policy. A car loan might also help motorists to pay for repairs after a recent study by Zurich showed that bird lime - the technical term for droppings - causes 57 million pounds in damage for British drivers each year.
About the Author
Mark Dawson writes for Loan-Arrangers .co.uk where visitors can compare loans online. With online application for everything from cheap car loans to debt consolidation loans.
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