Car Loan News

It seems that the government’s car scrappage scheme was not only a success regarding sales, but also for employees of the motoring industry. It has been reported that the scheme “saved 4,000 jobs”. Paul Everitt, chief executive of the Society of Motor Manufacturers and Traders, stated it gave “a much-needed stimulus for the UK motor industry”.

According to new figures from Sainsbury’s Finance, there has been a huge increase in the number of people who are considering buying a new car, and interestingly, a quarter of them are planning on using loans and car finance to acquire a deal.

Car loans and car finance are on the up – at least, they are in the US. Car dealers, finance companies and credit-market analysts have all noticed an increase in car finance applicants. It has been reported that applicants with a good credit rating haven’t needed to put down payments, and even people with poor credit are still securing car loans.

The news just keeps getting worse and worse for Britain’s motorists, first the recession hits and millions of us put buying a new car or securing a car loan on hold. Then, the government car scrappage scheme comes to an end, and now it has been revealed that the annual cost of running a car has risen in just five months.