Car loan customers tempted by free petrol

Building society Nationwide has announced a headline-grabbing offer to give a years worth of free petrol to customers who take out a car loan with them. It hasnt taken long for the experts to issue words of warning, however. Sean Gardner, of finance site MoneyExpert.com, warned there could be better deals on the table elsewhere. "With petrol prices soaring this is clearly an eye-catcher," he said. "But borrowers need to bear in mind that there may well be better rates available." Nor is the petrol deal available to all car loan customers: instead, drivers taking out a loan will be entered into a weekly draw which runs until the end of September. The winners will be decided at random. Fuel prices have now risen above £1.20 a litre for petrol and £1.30 a litre for diesel, so its no surprise car loan customers are keen to cut costs where possible. Even so, when money is tight its crucial to look for the best all-round deal, which includes factors such the loans interest rate and the length of time over which it must be repaid.

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