According to recent news, the government
car scrappage scheme has increased the number
of personal loans taken out. Consumers are thought to be using
personal loans as
car finance to pay for their
vehicles bought with the
scrappage scheme .
The last month has seen over 60 million pounds worth of
car loans . This represents a significant upswing in the value
of personal
loans since the first three months of the scrappage scheme. The
average
vehicle finance
loan is slightly over 7,500 pounds.
Car expert Steven Baillie was reported as saying: Since
the Government’s scheme has been introduced we have seen a
sharp spike in the number
of loans people are taking out in order to buy
a car, which is hopefully a good sign that the
motor vehicle market is coming back to life. People considering
buying a car, however, must remember to shop around for the
best value loan they can find if this is how they decide to
fund
their vehicle – it can make a big difference to their
repayments.
