Demand for consumer credit will impact on car finance

Mon, 30 Oct 2006



A new report about the projected future of the finance industry in the UK indicates that lenders of all types are in for a quiet spell. This will include the auto financing industry, apparently.

The findings came from the 19th UK Financial Activity Bulletin created by the John Gilbert Financial Research group. According to them, suppliers of car finance will experience a weak demand over the course of the next six months. The concerns are apparently down to decreasing numbers of financially active people and a gradually improving debt situation.

Apparently, just 16 per cent of UK adults will borrow in the next 6-month period. The survey also pointed out that debt repayment intentions were falling, in line with a slump in savings and investment activity.

John Gilbert concluded that competition between lenders to attract borrowers in the next six month would be intense, with lenders having to work hard to secure business . Furthermore, the demand for car finance plans will tail off significantly.
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