Taking out a car loan from your bank may appear to be the best option when it comes to financing your much needed new vehicle. Whether you are using your car for work purposes or for socialising on a Saturday, saving money will be your priority and so it should be. The question is however will your bank or any other high street lender prove to be the most viable financial option for you?

In order to answer this question fully you need to take the time out to research the market fully, investigate whether Halifax will offer you a better rate than Nationwide or whether the dealership’s various finance options prove to be the most beneficial for both you and your pocket.

On your journey to source the best car loan you may be surprised to find that the likes of Alliance and Leicester could offer you a competitive APR of 6.4%, a mere 1.4% over the current base rate. With the credit crunch in full swing that comes as a breath of fresh air, that said an even more impressive rate comes from the likes of Renault and their dealership deals. They offer a sweet 5.9% APR which will not only lower your monthly payments but will also drastically reduce the total amount payable.