UK motorists missing out with finance loans

Research shows that motorists in the UK could be paying over 3% more for finance loans

[ClickPress, Tue Feb 19 2008] Research shows that motorists in the UK could be paying over 3% more for finance loans on motor vehicles, rather than shopping for an unsecured loan.

The consumer research company estimates that motorists will waste £174 million this March as a result of not shopping around for a low-rate personal loan – choosing a loan carefully could save individual borrowers over a £1000.

Stephanie Rogers of Loan Genie commented:

“The ideal solution would be for motorists to save the money to buy a new car outright, thus avoiding interest altogether. Unfortunately this is not always possible, so choosing a competitive personal loan, instead of plumping for the finance deal, can sometimes even give motorists more bargaining power.”
Notes to editors

Loan Genie allows users to compare UK loans online, and is part of Genie Group.

Genie Group Ltd is a leading independent provider of internet comparison shopping services in the UK, and was set up in 2004 by Philip Wilkinson (co-founder of Kelkoo UK). Genie Group's unique selling point is 'the Genie', which makes personal recommendations to internet shoppers based on ground-breaking, intelligent technology. This gives Genie Group the ability to provide an enjoyable and satisfying internet shopping experience, and deliver an unmatched quality of sales leads to our affiliate merchants. Genie Group launched its flagship broadband comparison service Broadband Genie in January 2005.

More information can be found at http://www.loangenie.co.uk . Please direct all media enquiries to Stephanie Rogers. Interviews with Philip Wilkinson can be arranged on request.

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