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Same day loan 'could help you negotiate a better new car deal'

By Sarah Engle, Mon 1 Sep 2008 - Published in Loans

Motorists looking to buy a new car could negotiate a better deal by taking out a same day loan, according to Alliance & Leicester.

The group claims that having a virtual wad of notes will allow drivers to seal the deal there and then, which could lead to a bigger discount or additional extras like an extended warranty or cruise control being thrown in.

Mark Boyle, personal loans manager at Alliance & Leicester, said buying a new vehicle involves a battle of wills with the salesman.

He stated dealers "want to sell at the highest possible price and motorists need all the tools available to side-step the patter and make sure they do not pay over the odds."

As well as ensuring finance is in place before setting foot in a dealership, Alliance & Leicester also recommends knowing exactly what kind of car you are after and being realistic about the amount you will get in part exchange for your current vehicle.

In related news, Moneyfacts has claimed that a loan can be more cost-effective than forecourt finance.