One of the largest building societies in the world, Nationwide, is offering the lowest loan rate in the market.

Keeping in mind the new car registration this month, the loan scheme is the cheapest and is suited for those who would want to upgrade their vehicles.

Whether car shoppers are looking for a trade in for their old cars under the scrappage scheme, or upgrading to the latest model, buyers are being urged to look not only for the right car to suit their needs but also for the right car loan scheme.

As the tight noose of recession continues to affect many house hold budgets, Nationwide is emphasising the importance of finding the cheapest loan available. In fact it is also allowing its FlexAccount customers a subsidised rate of 7.7 percent, which according to the lender, is the lowest rate on the market beating each and every high street bank and supermarket.

Nationwide also warns against those attractive loan schemes offered on the spot by car dealers for buying a car at 0 percent rate of interest.

According to the building society, these loans turn out to be a lot more expensive in the long run as the rate of interest could shoot up after a year of completion.