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Best Deal On Cars – It is estimated that two million Brits deplore “plunge inward” to the first car financing deal offered without shopping around, research has revealed.
Less than a fifth of drivers who used car financing (18%) to buy their vehicle actually compared offers to make sure the deal they selected was the best available to them, an AA-Populus poll of 16,000 has been shown.
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With 12% more admitted that they can not be bothered or do not have time to shop.
Most drivers (60% overall) agree that they are happy with their chosen finances.
AA Cars chief executive James Fairclough said: “While it’s good to hear that 6 out of 10 people are happy with their deal, many of them can pay less if they shop first.
“My advice is to take the time to compare the options available both online and at your dealer before making any commitments.
“There are some very competitive financial offerings available in the market and small differences can add up to thousands of pounds over several years.”
The poll highlighted a satisfaction age separator which revealed that nearly three quarters of the 65+ (72%) happy with their car finance deal, compared with less than half (47%) of 18-24 – may reflect greater experience, and choice for wider, older drivers.
“Our research shows that perhaps up to two million Brits have opted for the first offer available to secure the car they really want and probably do not know if they’ve got the best deal,” Fairclough said.
“It is important to take the time to consider what is available – and not to let your heart over your head so that you end up making an impulse decision that you can later regret.
“Whatever financing options you choose, you should always make sure you fully understand what you’re getting in before signing the dashed line – and do not just take the first deal that comes up regardless of other options.
“You should also read the small print, to understand all the requirements. For example, if you think you may want to pay off the loan early, you should make sure that this will not trigger an early payment penalty. “