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23 February 2006
Motorists are being warned to sort out their car finance before purchasing a new car.
Moneyexpert said that despite the excitement of having a new 06-registered vehicle, consumers should still shop around for loans to help make their acquisition. The cheapest personal loans could save drivers as much as £1,000 in repayments.
Sean Gardener, chief executive, said that those who want to pay off their loan early should also avoid lenders who charge hefty early redemption fees.
"Buying a car is one of the biggest financial decisions you'll make. It's important to be aware of the many pitfalls and get it right as the cost of getting it wrong can run into thousands of pounds," he said.
"Sort your finance out before you head for the showroom or the car or your dreams could come with a financial nightmare. Decide how you're going to finance the vehicle, and if you're borrowing - know in advance how much you can afford in monthly payments."
Choosing the wrong motor insurance provider can also weight down heavily on drivers, with some insurers charging interest on direct debits.
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