Loans -
Car loans 'on the up' among vehicle purchasers - 14/02/2008
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Hard-up drivers are using personal loans to fund their car purchases, research from AA Personal Loans has shown.
According to the personal loans provider, around one -third of buyers fund their purchase with a loan.
In the wake of the credit crunch and with the economy apparently slowing, motorists are planning to spend an average of £976 less on their motors than they were six months ago.
These economic pressures, as well as boosting personal loan applications, have also pushed motorists to buy used vehicles rather than new, the AA said.
Head of AA Personal Loans Mark Huggins said: "Buyers seem to be shopping around for a more economical way of buying a reliable car.
"It's important they shop around for the best loan rate, too."
Overall, the AA found that five per cent fewer people are planning to buy a car in the year to come.
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