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Motorists may be able to secure a better deal on a new car if they take out a same day loan, according to Alliance & Leicester.

The group claims personal loans can be agreed within minutes and customers can collect the money the same day.

It states this virtual wad of notes could lead to a bigger discount as customers will be able to seal the deal on the spot. Alternatively, it claims buyers could negotiate important extras like cruise control, an MP3 player or an extended warranty.

Personal loans manager at Alliance & Leicester Mark Boyle said: "Having the money to hand means motorists can concentrate on buying at the best price, without being enticed into taking out pricey car dealer finance."

Comparing personal loan rates before setting off to buy a new car rather than just going to one bank could also save drivers money.