Scrappage scheme impacts on personal loans

Mon, 30 Nov 2009



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."
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