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New car buyers could avoid high loan charges through research

Frequently, people make a personal loan claim so they can purchase a new car.

Figures from Nationwide Building Society reveal this is the reason 37 per cent of consumers apply for a loan.

However, the lender suggested that people are incurring high loan charges unnecessarily because they apply for credit from their current account provider.

A person who purchases a £10,000 Ford Fiesta with Nationwide's annual percentage rate (APR) of 6.3 per cent over five years will pay £11,634.60, but this figure would be £12,727.80 when a Barclays Bank loan claim is applied for, as this lender offers an APR of 9.9 per cent.

As a result, buying a new car with a Nationwide loan rather than a bank claim from Barclays could save a customer £1,093.20.

"People will often put the time and effort into shopping around to find a new car, but when it comes to securing the finance they opt for the first deal they are offered," Nationwide head of personal loans Paul Wootton said.

M&S Money head of personal loans John Harnett recently recommended that people research the market for a few minutes when buying a car, with M&S offering a representative APR of six per cent.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801438757-ADNFCR

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