Unsecured personal loans advice from Halifax

Mon, 27 Feb 2006

Family members are the people most car shoppers consult for advice when they plan to buy a new vehicle, according to a study by Halifax Unsecured Personal Loans.

More than half of those planning to buy a new car would consult family before asking the opinion of friends, mechanics, car dealers or motoring organisations, research reveals.

Some 18 per cent of those shopping for a new car would not ask anybody's advice before purchasing their vehicle, the personal loans provider found.

Buying a car is one of the most expensive purchases a person would make in their lifetime, comments Ian Corfield, the head of Halifax Unsecured Personal Loans.

"It's important to get the right advice – both about the car you're intending to buy and how you're going to finance the purchase," he states.

Mr Corfield says it is "worrying" that so many people fail to seek advice when buying a new car.

Some 21 per cent of unsecured personal loans are for buying a car, Halifax Unsecured Personal Loans says.

Before committing to an unsecured personal loan from a car dealer, bank or building society, Halifax Unsecured Personal Loans says shoppers need to carefully consider how much they can afford to repay a month as well as find out what special features their loan has.

In order to help new car owners to pay for car tax, insurance and other motoring costs in the first few months, Halifax Unsecured Personal Loans requires no loan repayments for the first three months of the loan, the provider states.

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