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Motorists wasting millions on car finance

19 August 2004
The AA says that car buyers waste millions each month because they simply fail to shop around when purchasing a car.

Currently, three-quarters of car buyers go no further than their bank (51 per cent) or the car dealer (27 per cent) to arrange funding for a car.

"These are some of the most costly places to arrange car finance," Lloyd East, director of AA Personal Finance, warned.

"Nearly two-thirds of all car buyers (63 per cent) take up to a month shopping around for their ideal motor, yet half of those using finance take less than a week to research and arrange it."

It is estimated that motorists waste a total of up to £1.3 billion.

Mr East concluded by saying: "Other deals, particularly those offered at point of sale such as hire purchase, can sting you for even more."
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