Britons turning to second-hand wheels, personal loans company claims

Wed, 06 Sep 2006

The demand for new cars is falling in the UK, according to a personal loans company.

Britons are turning to second-hand vehicles, in a bid to find the best deals, AA Personal Loans reveals.

Lloyd East, of AA Personal Loans, remarks that many UK motorists are looking to find the cheapest method of getting themselves on the road.

"For many people, their car is second only to their home as the most expensive purchase they will make," he states.

"During a summer when millions of Brits have materially felt the pinch from the real, everyday costs of running a home, it is not at all surprising that people want to get the most of their money when it comes to car purchase."

Mr East also claims that relying on forecourt finance could be a more costly than other methods of car purchase.

"In addition to being savvy in finding a car, people also need to think about how they finance their car. It’s a false economy to get a car for a good price only to then buy it with expensive car finance."

Alliance & Leicester recently claimed that personal loans could be a cheaper alternative than purchasing car HP.


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