According to The Independent, the budget given over to the car scrappage scheme could expire by October, four months ahead of schedule. The scheme has been successful in prompting consumers to trade in bangers for new vehicles using either cash or car finance .

The Government allocated some 300 million pounds to the scheme, but at this stage it looks likely to run out fast. Many vehicle industry experts are calling for an extension to the scheme, with a shortfall likely to further damage the ailing car industry .

An expert at Think Money was reported in motor finance news as commenting: This news means that motorists may have to act fast if they do wish to take advantage of the car scrappage scheme. Of course, there are other considerations too - such as where to find the best car insurance and car finance deals . We advise any motorists looking to buy a car on finance to speak with a professional car loans adviser, who can help them to find the best deal for their circumstances.