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Credit the way for a car

People tend to opt for convenient credit deals when looking for things like car finance, a new report suggests.

According to Alliance & Leicester, 62 per cent of people admit to being reluctant borrowers, but find themselves opting for credit deals when they are convenient.

For example 42 per cent of the people questioned said they went for their current car finance deal simply because it was offered to them at the time and was easier to arrange than searching for more competitive options.

Similarly, half of Briton's shoppers have expensive store cards because they were readily available when out shopping.

"The research highlights how, despite good intentions, many people don't give careful thought to how they borrow," explained Richard Al-Dabbagh, Alliance & Leicester's senior personal loans manager.

"Anyone who is paying over the odds for large purchases on costly store cards or expensive dealer finance should look at how much they could save by moving to a low-rate personal loan."

A recent survey showed that people were increasingly choosing cheaper old cars to purchase as interest rate increases made car finance deals more expansive.