When nearly 60 new registered cars are released at the beginning of next month, it is expected that more personal loans will be taken out to help customers afford the vehicles .
Andrew Hagger, from Moneynet.co.uk, wrote in the Independent that many personal loan providers have upped the competition this week in order to cope with demand for the products.
Nationwide is offering its market-leading 7.7 per cent personal loan for amounts between £5,000 and £14,999, while Tesco Personal Finance are close behind with a 7.9 per cent deal, according to Mr Hagger.
He added: "Another new option is the personal loan with cashback from M&S Money. The standard interest rate is 8.7 per cent on loans ... but if you apply by September 7th for a loan of £7,500 or more, and for a term of at least 36 months, you'll receive ten per cent of your interest back."
Credit Action recently warned that the lack of financial advice to students receiving interest free subsidies may encourage them to think that taking out a personal loan is just as inexpensive.
Car launches could lead to personal loan boom, expert says
Car launches could lead to personal loan boom, expert says
Mon, 24 Aug 2009
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