Insurance company launches loan deal

Tue, 28 Feb 2006

The cost of owning a car has risen by 56 per cent over the last two decades, a leading insurance company revealed.

Direct Line also found that a quarter of customers who take out car insurance from a dealer, costing them an average of £1,735.

These findings led the insurance company to launch a new car loan package, called Driving for Less, to help motorists fund car purchases.

A personal loan rate of 5.6 per cent applies to car loans of between £5,000 and £25,000, while the loan holders also qualify for discounts.

In the first year of the car loan's term, a discount of ten per cent applies, while five per cent discount is valid for the second year.

What is more, those taking out the Driving for Less car loan package will receive two years' worth of breakdown insurance cover – valued at a minimum of £72 – at no extra charge.

The Driving for Less deal is described as a "fantastic value-for-money package" by the insurance company's commercial director, David Allan.

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