MoneyExpert ‘Time Pressure’ Makes Car Loans Higher
11 May 2006
Consumer comparison website MoneyExpert.com has warned that due to “time pressures”, many consumers are paying over the odds for low interest car loans.
Car dealer financing is typically much more expensive than a loan from an independent supplier but is not as convenient for the consumer because of the time it takes to shop around for the best deal.
Although people are now beginning to realise the benefits, shopping around is sometimes impossible due to the “time pressured” ways of modern life.
“People are keen to shop around, but some haven’t got the time,” PR and communications manager for MoneyExpert.com, Alexander Cowen-Wright, said.
“There are still a lot of people out there who could save money [but] people are time pressured and surfing the internet looking at rates from different companies takes time.”
Mr Cowen-Wright added that despite the ease of comparison that the internet offers, the process still took longer than some people were willing to spend in order to save money when taking out a loan to buy a car.