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Car loans news: A fifth plan to use finance

A fifth of current buyers plan to use car finance options to obtain their next vehicle, new research has found.

A fifth of current buyers plan to use car finance options to obtain their next vehicle, new research has found.

HPI conducted a survey in association with Car Dealer magazine and discovered that while 47 per cent of consumers are thinking about using their savings, 20 per cent will choose a motor loan.

When asked what factors would encourage them to purchase a vehicle in the current economic climate, 31 per cent said a cheap car finance deal and 32 per cent said a buy-one-get-one-free offer.

In addition, two-thirds of the respondents are more likely to buy a used car instead of a new one.

"This is despite a focus on the new and nearly new car market by the government with its Act on CO2 campaign and the introduction of a used car scrappage scheme," remarked HPI's automotive director Daniel Burgess.

The scrappage scheme is set to give £2,000 to certain motor owners who swap their old and inefficient cars for greener new ones.


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