Car finance market may change

Tue, 25 Sep 2007



A senior executive of a car importer in the UK claimed that vehicle buyers could find it harder to fund car purchase due to a tightening up of lender criteria. Furthermore, he foresees a larger divide between the young and old, who finance their vehicle purchases in very different ways.

The son of the IM Group founder, Sir Bob Edmiston, reportedly commented: "As a distributor with our own finance company we do not have problems but anyone who is using their own lending facility may find it much more difficult to finance a car . I don’t think the effects of the current financial situation will be felt immediately and car sales this year will largely be as predicted by the SMMT, but possibly in a few months and into early next year we could see the effects."

The change is likely to be longer term, making an impact on the UK market about the same time as the 08 number plate makes an appearance. The entry-level sector of the market is expected to be the most affected.
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