Shop around for the best personal loan

Monday, November 28, 2005

People are being urged by Sainsbury's Bank, the financial arm of the supermarket chain, to shop around for the best personal loan.

The financial services provider has said that an estimated £9.4 billion of loans will be taken out between last month and next March to buy cars, and that people often will pay over the odds for their personal loan.

"Loans can be a useful way to spread the cost of a major purchase like a car, but millions of people could still be throwing money away by not comparing interest rates when taking out a loan," said Steven Baillie, loans manager at Sainsbury's Bank.

The bank also said that a stunning 37.8 per cent of people interviewed for the survey said that when taking out a loan in the last five years they only got one quote.

Of the people interviewed, 21 per cent said they would take out a personal loan to finance between three quarters and the whole cost of a new car, which means that Sainsbury's Bank's point is particularly relevant to ensure that this group does not overpay on their purchase.

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http://www.europinions-finance.co.uk/loans/loans/
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