Taking the time to seek out best-buy car loans deals can result in significant savings, a financial site has claimed.

Analysis of a number of products by Moneyfacts.co.uk found huge differences in the rates being offered by providers, with some buyers paying nearly £3,000 more than they might otherwise have to.

This is borne out by examining the repayments on a £15,000 loan for car purchase with Money back bank and Ocean Money.

Consumers opting for Money back bank would pay just £17,262 over the loan repayment period.

However, with Ocean Money, the amount to be repaid stands at £20,503.80.

Michelle Slade, an analyst at the site, said: "It may seem easier to opt for the forecourt finance that’s offered at the garage, but checking out what’s on offer on the rest of the market could see you making significant savings."

"Motorists everywhere are now searching garages all across the country to find the best deal for the new 08 plate cars. Unfortunately the same effort is rarely put into sorting out the best finance for the car and getting this wrong can be an extremely costly mistake."

Sources:- http://financialadvice.co.uk/news