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Borrowing advice for car loans customers

Car loans customers have been advised on how much they may need to borrow if they are to secure the used car they desire.

Car loans customers have been advised on how much they may need to borrow if they are to secure the used car they desire.

In an article for the Telegraph last week, Mike Rutherford states those looking for their first used car should be able to get a "perfectly usable hatchback" for around £2,500 and from there it is a pretty steady car finance incline.

He said the next step up from this would be an extra £5,000, which would allow drivers to consider a new car of the likes of Ford's popular Ka - noted by Mr Rutherford as a "fine runabout".

"For £10,000 you can get good quality, mid-sized hatchbacks such as the Citroen C4 and Ford Focus. And, consistent with £2,500 steps, I've always worked on the basis that £12,500 is needed to secure a quality family saloon or hatchback," he adds.

However, he notes that there are some exceptions to this rule as the emergence of cars such as Vauxhall's Vectra 1.8 VVTi Exclusiv and Citroen's Grand C4 Picasso are driving down the cost of buying new.

Auto Express reported last week that more drivers were looking for more economical vehicles and as such sales of diesel cars were on the rise.


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