As more and more people take out finance from showrooms when purchasing new cars without researching the alternatives, many are turning to consolidating their debts to correct their error.
A spokesman for AA Personal Loans commented: "With cars losing up to a third of their value when they leave the showroom, consumers should look to make sure they get a competitively-priced motor loan."
A leading financial comparison website has also found that British consumers are losing out on £228 million by signing up for showroom finance deals instead of competitive personal loans when purchasing a new ‘07 reg car.