Car finance website launches in time for new registration sales

Consumer group Which? found car hire prices are an average of 77% above 2019 levels (Alamy/PA)

With only a few weeks before the latest new car registration plate is released, potential buyers have a new way to find the best car finance option.

Financeacar.co.uk launched last week, offering a comprehensive run-down of all car finance options – not just personal loans. The website allows users to scan the market for all types of car finance from dealer financed loans and bank loans to hire purchase and lease agreements.

"The idea of the site is simple," said financeacar.co.uk founder Mark Peatey. "You can put in how much you want to spend each month on your pride and joy and it will find the cheapest options for you, giving you access to the best car for your money. It's the first time that all the different types of car finance have been brought together in one place."

Many traditional price comparison sites offer information on the best buy personal loans. But, according to Mr Peatey, this accounts for only about one in five car purchases made in Britain with many more consumers choosing either cash or dealer-offered finance. August is a busy time for car consumers, with the imminent launch of a new registration plate. Despite the recession, about two million new cars are bought in the UK each year.