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Motorists 'waste millions on car finance' for new plates

People in the UK are set to waste around £168 million on car finance deals for new 58 registration cars, it has been claimed.

People in the UK are set to waste around £168 million on car finance deals for new 58 registration cars, it has been claimed.

The vehicles, launched in September, do not warrant taking out car finance options, according to price comparison website uSwitch.com.

It added that people should instead pursue a personal loan with a low rate of interest, as this could save consumers £826 each in interest payments over a three-year period.

Shopping around the market is to best way to approach such a deal, commented Simeon Linstead, uSwitch.com head of personal finance.

He said: "Trusting consumers may think that purchasing a vehicle from a reputable dealer also means they will be offered the most competitive finance deal - but this is certainly not the case."

Earlier this month, uSwitch.com found that British motorists are paying more for their petrol than drivers in Europe.

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