Car buyers 'should shop around for loans'

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People who are planning on using a loan to buy a car should shop around to find the best deals available, according to the head of Sainsbury's Loans division.

Steven Bailie also said that motorists should not be afraid to haggle over the price of a new vehicle with representatives at their local dealership.

The comments have been released after research by Sainsbury's Bank found that drivers could save up to £1,500 on a brand new car by negotiating a better deal with the retailer.

Mr Bailie said: "We would advise people to make sure they secure the best possible deal by being prepared to haggle over the price of their new vehicle.

"Furthermore, if you're looking to finance your new car purchase through a loan, you also need to make sure that you shop around to find the right scheme for you."

Sainsbury's Bank's latest advice for customers follows its release of research that revealed the cost of running and maintaining a car has risen by 2.7 per cent in the past year.

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