Car insurance customers warned over forecourt finance

Thu, 16 Aug 2007

Car insurance customers across the UK have been urged to think carefully about how they fund their next vehicle purchase.

According to consumer switching and advice firm uSwitch, motorists in the UK are likely to waste £175 million collectively on poor finance deals available on the forecourt in the month of September.

Paying extra costs such as this could be an extra burden to motorists who already need to find the cash for tax, car insurance and other associated costs.

The firm's data reveals that some 180,000 new cars will be bought with forecourt finance next month. However, this could be more, as September 2006 saw 400,000 new cars purchased.

This made up just under a fifth of the total number of cars sold throughout the year.

In addition, the company advised that many motorists will be able to find more competitive deals if they look for a low interest personal loan , rather than applying for forecourt finance.

Drivers in London with satnav devices were recently advised "move it or lose it" by the Metropolitan police - a theft of this nature could well result in a car insurance claim.

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