Cheap Loan Deals

With all the advertisements and information available on the Internet and television regarding personal finance there is an implication that great savings can be found by shopping around for credit cards, cheap personal loans, insurance and mortgage deals. The amount of information on this subject can be confusing and since it’s the companies themselves advocating these savings consumers may be reticent about trusting the savings actually exist.

So how real are these savings? Would they make such a difference to our pocket and consumers personal finance? More importantly, would we still be getting a great deal especially regarding products such as car insurance where the quality of the product as well as the cost are of great importance? Sainsbury’s Bank seem to think its possible to make great savings in areas of insurance and loans without losing quality of service.

Shopping around for the best products available at the cheapest prices can seem very time consuming for people especially in an age when our personal finance comprises of so many different products. However it would seem that we’re willing to put the effort in with 88% of consumers planning to switch credit cards this year. With a 0% balance transfer over a year this can lead to savings of up to £230 and there are plenty of competitive credit card deals out there.

Additionally with savings available of up to £419 on a 3 year £5,000 personal loan the 84% of people planning to take out a personal loan should also be able to save money by shopping around for a personal loan with the best rate. The figures are even more astonishing for mortgage holders. Switching to a better rate mortgage can save £31,932 over the course of a 25-year mortgage. Again there is a lot of choice available in the mortgage market nowadays.

Car insurance deals also seem to genuinely offer the chance to get great deals by shopping around rather than simply a tired attempt by companies to promote their product. Wily consumers who shop around can save £180 a year on their car insurance and still get great levels of cover.

So rather than just heavy handed advertising perhaps the deals we regularly hear about are a sign of a competitive personal finance market that can benefit the consumer. Those that are willing to put in the time to search for a great deal and regularly review their finances to see if a different product might benefit them could save money and still get great service from their personal loans, insurance, credit cards and mortgages.

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