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Car loans 'in high demand'

An increasing number of motorists will this year look to car finance to secure a new vehicle, according to new research.

An increasing number of motorists will this year look to car finance to secure a new vehicle, according to new research.

A recent survey by the AA showed that despite interest rate rises, around 22 per cent more drivers will look at options such as guaranteed car finance and secured car loans - to get their hands on a new motor.

Lloyd East, head of personal loans at the AA, said that ahead of the new registration date customer demand for a new car loan was as strong as ever.

"As interest rates rise, UK consumers are beginning to tighten their purse strings. But our research shows strong consumer demand for new registration cars ahead of September 1st," he said

"Approximately one in three people buying a car in the next year will take out a loan or finance to fund their purchase."

The study also showed that 33 per cent of people envisaged buying a new car within the next 12 months and 52 per cent of over 55s were considering car finance.

Earlier this week the Telegraph picked out Citroen and Hyundai as two manufacturers who represented a good purchase due to their competitive warranty packages.


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