Despite the pressure which the credit crunch has had on the borrowing market, a spokesman for the Society of Motor Manufacturers has said in an interview that the car loans market is still buoyant.

Although the motoring world has been plagued by increases in costs, the amount of new cars purchased, usually using a car loan, has remained stable. Experts were worried that rising expenses such as car tax and petrol prices would put a significant number of potential buyers off purchasing a car at this time.

Luckily, that has not been the case. In some areas, the number of new cars purchased has gone up as the current economic climate has resulted in lower prices on new cars.

Speaking on behalf of the Society of Motor Manufacturers, chief executive Paul Everitt had this to say:

“More people are moving to small cars and cleaner diesel models, but overall the market is riding the storm.”

The fact that more consumers are opting for smaller cars which are cheaper to run is probably a reflection of the current economic climate as those wanting a new car are choosing models which will beat the high costs associated with running a car at the moment.

Diesel models are becoming ever more popular as the government imposes gentler taxes on more efficient diesel models in an attempt to reduce pollution and combat global warming. Many consumers are also becoming more concerned with green issues and opting for more efficient cars as a matter of principal.

Parker’s car price guide agreed with the comments Paul Everitt made, suggesting that now is a good time to purchase a new car loan as the car market has fared well throughout warnings of a credit crunch.

There are many options out there for car loans customers, many of them extremely good value in the face of tightening credit markets.

Parker’s car price guide found that certain models which come with car loan options are offering a rather good deal to their customers.

Parker’s car price guide, along with easier motoring, recommended pre-registered Fiat Grande Puntos as the way forward in terms of bagging a car loan bargain this year.

The car is available at around £2,000 under list price for new customers opting for a car loan on this model.

Other models recommended in the popular motoring magazine included the new Megane from Renault, which can be purchased with a good value car loan with minimal costs.

The Jeep patriot and Jaguar’s XJ were both highly praised by the magazine for the good value they represented with their low rate car loans.

The magazine recommended checking out the deals available on these models to consumers interested in bagging a spectacular deal on their car loan today.

Despite the increased running costs and the effects of the credit crunch, a new car can still be yours for great value, urged the article.

Choosing your car carefully and shopping around for good deals can mean that car you thought you could not afford could still be yours today.