With drivers looking to purchase a new car due to the introduction of the new 57 registration, UK motorists have been advised to take care when choosing the right financial products to go with it.
Figures released by Halifax indicate that Britain is in the middle of a loan-applying frenzy as drivers look to purchase a new 57 registration car.
August and January are usually the most popular times for drivers to buy a new car, but the chance to get one with the new registration in September might push many buyers to that month.
England is undergoing a boom in car buying, aided by loans, as there were close to 2 million new registrations last year.
But Halifax also warned drivers to take care when purchasing the car through a loan, as high interest rates might lead to extra costs further down the road.
"Purchasing a new car takes a lot of time and thought as it is a big financial commitment. It is important to choose a financial deal which suits you best leaving you free to sit back and enjoy your new car," said Neil Chandler, head of Halifax unsecured personal loans.
As well as getting the right loan, make sure to purchase the right
car insurance, call or check online for great value deals from
InsureandGo.