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Loan claims: New car buyers 'should examine finances'

Motorists might be able to save money by making a loan claim instead of using finance options in car dealerships when buying a new vehicle.

M&S Money has recommended that people look at borrowing costs, loan charges and rates when applying to purchase a new '62-plate' car on September 1st.

Data from The Society of Motor Manufacturers and Traders forecast that approximately 330,000 new motors will be registered over the month, with around £4.95 billion set to be spent by British drivers on the latest models.

Personal contract plans acquired in car dealerships were used to pay for 63 per cent of new vehicles in the last 12 months, the Finance and Leasing Association revealed.

Head of personal loans at M&S Money John Hartnett suggested that people spend "just a few minutes looking at some of the best finance options available" before buying a car.

This will give them with enough information to be able to determine whether the car salesman's deal is worth using, he pointed out.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801434811-ADNFCR

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