Although many people appear to be comfortable haggling over the price of some retail goods, fewer are confident in their ability to negotiate a better deal when it comes to loans, it has been claimed.

CreditExpert.co.uk reports that 57 per cent of adults in the UK said they were more likely to negotiate a discount now than they were a year ago.

However, while almost half said they would seek a better deal from retailers, the company's research found just 16 per cent would try to haggle over a loan or other financial product.

Jim Hodgkins, managing director of CreditExpert.co.uk, said as the credit crunch places pressure on household finances, people are more inclined to seek a better deal.

"As many people don't understand financial products in the same way they do consumer goods, they lack the confidence and know-how to be able to get a better deal," Mr Hodgkins remarked.

However, having a better understanding of their credit status may help consumers to get better rates and deals from lenders, he added.

In June, CreditExpert.co.uk reported that only one in four people are able to accurately state how much remains outstanding on their loans.