Drivers 'not clued up on car finance deals'


Drivers are not doing enough to secure the best deals on their car finance and insurance, a new report has warned.

According to esure, only 65 per cent of consumers would attempt to negotiate on the price of a new car and 2.3 million drivers would not bother to check the current market value of their existing motor when planning a part-exchange deal.

What's more, the insurer noted that 30 per cent of motorists said that they would spend less than an hour, if any time at all, researching how to actually pay for their new car.

Worryingly, 92 per cent of people were unable to correctly explain the meaning of the phrase 'lease purchase' - a popular term used in car finance deals.

Equally, 54 per cent said they would buy a new vehicle without getting a quote for the insurance.

Mike Pickard, head of risk and underwriting for esure, commented: "We're known for being a nation of bargain hunters and are always out to get the best deal - but when it comes to buying a new car so many motorists are failing to put the theory into practice.

"It's crucial for all motorists looking to buy a new 08 plate to do their homework, shop around for the best deals and be both confident and clued up in front of a salesperson - or else pay the price."

Source : http://www.moneyhighstreet.com/news/18475645+Drivers+'not+clued+up+on+car+finance+deals'/